Like most emerging technologies, electric vehicles hit the market with high price tags, and were initially viewed as playthings for those who had $100,000+ to throw around on a car. But that’s no longer the case, as drivers look to save on gas and take steps to address the climate crisis. Several EVs in the $30,000 to $40,000 range are already out there now, and they will all be able to power up at select Tesla Superchargers starting later this year.Though none of the EVs on this list qualify for the $7,500 tax credit anymore due to stricter battery requirements, you can still take advantage of those funds through a curious leasing loophole. State incentives also apply to most EVs, and can also help reduce the cost of installing a home charger.Maintenance costs on battery-powered cars are also generally lower than their gas-powered counterparts because they have no engine (no oil changes) or transmission, and fewer parts overall. One study found EVs require 31% less maintenance, and when they do the bill is 22% less.
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Here are the most noteworthy affordable EVs that are available now or hitting the market in the next year and what you need to know to cash in on tax credits. Starting prices shown.
The Nissan Leaf was one of the first electric vehicles to hit the market more than a decade ago, and it has a respectable performance track record. It’s a fantastic car for around town, especially as a secondary vehicle.The Leaf’s disadvantage is a slightly low range, at 149 miles for the Leaf S trim and 212 miles for the Leaf SV Plus ($36,190). Nissan also failed to modernize the Leaf’s outdated CHAdeMO charging port for the 2024 model year as other charging ports (CCS, NACS) have become more common. Drivers will have no problem charging at home, and at level 2 chargers found in grocery stores and parking lots, but will have more limited fast-charging options for road trips. The newer, more expensive Nissan Ariya, however, has a CCS port.
The Mini Cooper EV is high on design and fun, though it lost points in our review for its low 114-mile range. It charges quickly, getting to an 80% charge on a public fast charger in just 36 minutes, but it’s likely better suited for zipping around town than extended road trips. It offers safety alerts, chic interior lighting, and a 8.5-inch touch screen with a striking circular design around the perimeter, and goes from zero to 60mph in seven seconds. In 2025, a new version of the Mini Electric will debut with a larger battery, which we expect to get around 200 miles of range.
2023 Mini Cooper SE Review
The 2024 Kona Electric SUV has a sporty look and next-gen dash screen that can receive over-the-air (OTA) updates, meaning the software will continually improve over time. The entry-level Kona Electric SE Trim ($32,675) gets up to 200 miles on a full charge, putting it on the low end for this list and largely relegating it to a commuter car or secondary vehicle. The pricier trims—the SEL ($36,675) and Limited ($41,045)—have 261-mile ranges. They also come with more premium interior features, such as a Bose sound system and more automation for the Limited.
This classic Italian brand is bringing the tiny Fiat 500e to the US for the first time in 2024 after debuting in Milan in 2020. It will also be the first battery-powered vehicle on US soil from Stellantis, which also owns Jeep, Ram, and Chrysler (Jeep’s first EV comes later this year.)The 500e costs $32,500, plus a $1,595 destination fee, for a total cost of $34,095. It comes in three colors—white, black, and red. The relatively low, 162-mile range will keep you mostly around town, but it’s a step up from its similarly stylish, pint-sized competitor, the electric Mini Cooper, which has a 114-mile range.Fiat is also including a free level 2 home charger, which will power up the vehicle in under 6 hours, though be prepared to pay a few thousand dollars for home installation. The vehicle can also fast charge on public level 3 stations, which usually takes about 30 minutes for a vehicle of this size, though Fiat has not yet confirmed the level 3 charge time.Tech-wise, the 500e comes with keyless entry, and a 10.25-inch dash screen with navigation and a 360-degree camera view. A wireless charging pad helps keep your devices powered up and there’s support for Apple CarPlay and Android Auto. Automated driver assists include emergency braking, drowsy driver detection, and lane keeping assist.You can reserve one now with a $500 deposit (ignore the banner about the tax credit; it appears they haven’t updated for 2024 yet). Deliveries begin in early 2024.
The Volvo EX30 is a sophisticated new EV with a surprisingly low $34,950 starting price for this higher-end brand. It also boasts a respectable 275-mile range, which is on par with the base model Tesla Model Y (279 miles) for over $10,000 less.The EX30 has a smaller body than the Model Y, great for zipping around city streets—complete with a warning alert to help prevent you from “dooring” bicyclists. It goes from 0-60 in 3.4 seconds, the fastest of any Volvo to date. It also fast charges with impressive speed, going from 10-80% in 26.5 minutes, which is about as low as we’ve seen on any EV.US customers can preorder at VolvoCars.com; the first deliveries are expected in summer 2024.
The 2024 Chevrolet Equinox EV promises to be the cheapest EV with over 300 miles of range when it hits dealers later this year. That makes it a seriously compelling alternative to the Tesla Model Y, which starts at $42,990 with a 260-mile range as of this writing.GM’s new Ultium battery platform powers the Equinox. It accelerates from 0-60 in just 5.9 seconds, with 288 horsepower. Charging speeds are standard for the budget price point; it takes about 45 minutes to power up at a fast charger. GM offers its standard battery warranty of 8 years or 100,000 miles. A 17.7-inch touch screen adorns the dash, plus another 11-inch screen for the driver. The car has a large, roomy interior with storage space makes it a great practical choice. For a little extra cash, you can turn the Equinox EV into a more premium vehicle, with wireless charging pads, heated seats, and additional autonomous safety features. Pre-orders for the Equinox EV have not opened yet, but Chevrolet will offer it in five trims. 1LT FWD starting at $34,995 (available later in 2024)2LT FWD starting at $43,2952RS FWD starting at $44,7953LT FWD starting at $45,2953RS FWD starting at $46,795
Range: 208 miles (Standard) or 275 miles range (pro)Federal tax credit eligible? No, but VW expects it to regain eligibility in 2024The 2023 Volkswagen ID.4 comes in seven trims, starting at $38,995 for the Standard trim, which has a 208-mile range. The Pro trim follows ($43,995) which gets you a different battery that has a higher, 275-mile range. Both versions come with some automated driving assists, courtesy of VW’s IQ.DRIVE software. They have wireless charging and you can pair your phone to the 12″ touchscreen as you enjoy heated front seats. As for the remaining five trims, each one comes with additional benefits, such as faster acceleration, swankier interior, advanced climate controls, and a trailer hitch. VW’s trim selector provides a nice overview of each one.As an extra perk, Volkswagen includes three years of 30-minute fast charging sessions at Electrify America stations for all ID.4s, which will charge the battery from 10% to 80% in about 35 minutes.Regarding tax credits, the Volkswagen ID.4 is the only EV on this list that has a shot at qualifying in 2024. It made the 2023 list, but fell off for this year after the federal government introduced new, strict battery sourcing requirements. That being said, VW tells PCMag it is re-filing the paperwork and is “optimistic” the ID.4 should qualify for the 2023 and 2024 model year (not yet announced) later this year.VW lovers will also want to keep an eye out for the brand’s next electric vehicle for the US market: the ID.7 sedan. Reservations are expected to open soon for 2024 deliveries.
The Kia Niro comes in three versions with varying levels of electricity: a hybrid, plug-in hybrid, and fully battery-powered. That means a trip to the Kia dealer could be well worth it if you’re not sure about a full EV yet and want to explore some of these options, which are all currently available.The Niro is a more budget-friendly version of Kia’s popular EV6, which starts at $42,600. The Niro has lower range than the EV6 (253 miles compared to 310 on the EV6), and charges more slowly (going from 10-80% in 45 minutes on a fast charger compared with 18 minutes on the EV6). The Niro, however, has the same sophisticated dash experience as the EV6. It boasts 10.25-inch dual touch screens, ambient mood lighting, and the option to add a premium sound system. Plus, it comes standard with a slew of self-driving features, such as forward collision warnings, lane keeping assist, blind-spot warnings, safe exit warnings, and rear occupant alerts. It’s also the only one on this list whose battery can function as a generator to power small devices, which is called “vehicle to load” capability. Kia lovers will also want to pay attention to the EV9, a 7-seat SUV coming later in 2024. It has pretty impressive specs: 300-mile range, 25-minute fast-charging, and it will qualify for the $7,500 federal tax credit. As for pricing, Kia says it’ll have “mass market” appeal, though it hasn’t confirmed the final price.
2024 Kia Niro EV Review
Tesla Model 3
After half a dozen price cuts in 2023, Tesla’s cheapest model—the Model 3 sedan with rear wheel drive—is now $38,990. Not too shabby for one of the best EVs around. Plus, Tesla released an updated version in January 2023 after first debuting it in China. The main upgrade is a screen on the center console for backseat passengers, cushier seats, and a larger trunk. With a 272-mile range, a full-featured mobile app, and nationwide Supercharging network, the Model 3 is a popular choice for first-time EV owners. It’s available to reserve online for a $250 deposit. Tesla has no dealerships, and delivers the vehicle to your door in about a month.In terms of self-driving features, the base model has basic Autopilot, which includes smart cruise control and automatic steering within a highway lane. A $6,000 upgrade to Enhanced Autopilot adds on auto lane change, auto-park, summon, and smart summon. The top-shelf, $15,000 Full Self-Driving upgrade offers all the previous features plus traffic light and stop sign control.On the downside, Tesla no longer includes a level 1 charger with purchase like the others on this list. That means drivers will need to purchase a Mobile Connector for $230 to charge at a regular wall outlet, or upgrade to a level 2 Wall Connector charger for $425.Installation of the Wall Connector will cost around $2,000 (see our home charging explainer) or more, if your home requires a panel upgrade or sophisticated wiring. But the Wall Connector will charge much faster than the Mobile Connector (up to 44 miles of range added per hour versus 3 miles, respectively).Finally, drivers in cold climates may want to consider upgrading to the Model 3 Long Range ($45,990) to get closer to the advertised range.
2022 Tesla Model 3 Review
For the first time, the Ford Mustang Mach-E has dipped below $40,000 after a February 2024 price cut. Though the entry-level model offers a low, 226-mile range, the pricier extended range trims get 290 miles ($42,895) and 312 miles ($48,895).The Mach-E may not have the highest price-to-range ratio on the list, but it offers much sportier design and more tech, such as a wireless charging pad, ability to use your phone as a key, and access to the Tesla Supercharging network. Every Mach-E comes with a 90-day trial of Ford’s highly rated BlueCruise autonomous diving system. On certain highways, BlueCruise-enabled vehicles can drive hands-free, which could help ease the burden of a daily commute or road trip.The Mach-E is also one of the only on this list with a frunk, or a front trunk, to store small items such as a duffel bag. Overall, it’s a great choice for those seeking a typical EV experience with the latest tech.
How Do EV Tax Credits Work?Do you like free money? It’s essential to check the state and federal tax credits available for your vehicle before purchasing, both of which can lower the price tag significantly.State credits are relatively straightforward, such as New York’s $2,000 rebate program. The Department of Energy maintains a list of incentives by state. At the same time, many states also require EV drivers to pay an extra fee every year, usually anywhere between $50-$150. That’s because EV drivers do not purchase gas, which is taxed to fund state projects, including road maintenance, which heavy EVs can degrade.
(Credit: Department of Energy)
To find the rebates and fees in your state, click on your state on the map in this link. Filter for EV fuel type and click on relevant rebate information. State credits can be combined with the $7,500 federal credit, which was passed as part of the Inflation Reduction Act.Federal EV Tax Credit EligibilityA federal tax credit, passed as part of the 2022 Inflation Reduction Act, can take as much as $7,500 off the purchase price for EVs. But as of 2024, no vehicles on this list qualify for the credit because they are either manufactured abroad or have batteries that contain minerals and components sourced from abroad.However, Volkswagen says it expects the ID.4 to re-gain tax credit eligibility soon, as does GM for the Chevrolet Equinox. Be sure to double check this list of vehicles that qualify in the next few months.”Volkswagen is in the process of confirming eligibility for a federal EV tax credit for vehicles purchased and placed in service on or after Jan. 1, 2024,” Mark Gilles, VW communications, tells PCMag. “We are optimistic that [2023 and 2024] ID.4s will be eligible under the new rules.”There are a few back-door ways to get some federal EV cash. All EVs qualify for a $7,500 leasing credit, meaning if you lease them, the automaker can give you that credit in the form of a lower monthly payment. This is something Kia advertises for the Niro, for example. Also, all used EVs are eligible for a $4,000 credit or 30% of the sale price, whichever is lower, if they are more than two years old and less than $25,000.
