Demand for electric vehicles is steadily rising globally. Although new internal combustion engines have significantly reduced their emissions and improved on energy efficiency, fossil fuels still play a big part in global environmental degradation. New car buyers are looking for greener and cleaner alternatives to transportation, and this demand is forcing automakers to invest more in electric mobility. Federal and state governments also actively incentivize car buyers to opt for electric vehicles by giving tax credits and rebates. The government has also promised to invest 7.5 billion dollars to build a national network of 500,000 electric vehicle charging stations. This is good news for EV buyers because eventually the research and development that goes into electric vehicles will make them become cheaper, and with improved battery technology, they will be able to have a better range. Please note that there are several factors that the government considers before calculating the actual amount of tax credit or rebate an EV buyer can receive. Some of these factors include; the final purchasing price of the vehicle, state laws, and level of income. Federal tax credits are only for vehicles manufactured in the United States. Seek advice from your local car dealer for accurate incentive information. Here is a list of 10 budget-friendly electric vehicles that are already on the market.
1 Chevy Bolt EV - $26,500
Chevrolet calls the Bolt ‘America’s most affordable EV’ and it is for good reason. Price for the base model Bolt starts at $26,500. The vehicle also qualifies for federal tax credits of up to $7,500. If a base model buyer manages to qualify for the whole amount, then they will only pay about $19,000 for the vehicle. According to Energy Sage, the state of California and Colorado offer the best rebates for US-manufactured electric vehicles. California offers between $1,000 and $7,000 and Colorado offers between $2,000 and $8,000 in rebates. Successful application of these state rebates can push the price of the Chevy Bolt to as low as $12,000. To add to this, Chevrolet will also install for you a Level 2 (240 volts) charging system in your home – for free. Chevrolet also produces a mini-SUV called the Bolt EUV, and it starts at $27,800. It also receives the same tax credits and rebates as the Bolt EV.
2 Nissan Leaf - $28,040
The Nissan Leaf is Kelly Blue Book’s winner of the 5-Year Cost to Own award for five years in a row. The base model has a 40-kilowatt-hour lithium-ion battery that delivers a maximum of 149 miles while the SV model has a 60-kilowatt-hour battery with a maximum range of 212 miles. The base model starts at $28,040 and the SV model starts at $36,040. The Leaf also eligible for up to $7500 of federal tax credit. Additionally, new Nissan Leaf buyers will get a 30-percent tax credit for buying and installing an electric charger at home. $100 of credit will be given to all new Nissan Leaf buyers who use the EVgo network of chargers to charge their vehicles. The cheapest base model you can buy will be of course in the states of California and Colorado which offer the highest rebates for new electric vehicles. You can get the base Nissan Leaf for as low as $13,000 and the SV model starting from $21,000 considering you qualify for the full amount of tax credits and state rebates.
3 Hyundai Kona Electric - $33,550
The manufacturer suggested retail price (MSRP) for the base model SE starts at $33,550. It can produce 201 horsepower and 291 pound-feet of torque. The EPA's estimated range is 258 miles. The mid-trim model starts at $37,300 and the top-spec model starts at $41,550. Prices for the Kona Electric might seem a little higher than the Chevy Bolt or the Nissan Leaf, but Hyundai has some perks that make the Kona cost-efficient. For example, Hyundai has partnered with Electrify America to give 2023 Kona Electric owners 250 kilowatt-hours of charging or about 1,000 miles of power. Also, every new 2023 Hyundai, including the Kona Electric, gets complimentary factory-scheduled maintenance at normal intervals for three years or 36,000 miles (whichever comes first). This is probably the reason the Kona Electric received the 2021 Best Buy Award from Kelly Blue Book.
4 Mazda MX-30 - $34,110
Mazda has an impressive line of reliable internal combustion vehicles, and its new line of SUVs are steadily gaining the interest of the North American market. The MX-30 is its all-new electric crossover. It received a 5-star overall rating from the National Highway Traffic and Safety Administration in 2022. The MX-30 is manufactured and assembled in Japan, so the vehicles are not eligible for federal tax credits. Mazda has partnered with ChargePoint, a leading electric vehicle charging network, with numerous locations nationwide and MX-30 owners will receive a $500 credit towards public charging or purchasing a ChargePoint home charger. The electric vehicle can cover about 100 miles on a single charge. Prices for the MX-30 start at $34,110.
5 MINI Cooper SE - $34,225
The gas-fueled MINI has achieved some level of success in the European market and has also made inroads in the North American market. In 2020, following in the footsteps of other automakers, MINI decided to electrify the Cooper and dubbed it the Cooper SE. The MINI Cooper SE should not be confused with the MINI-E which had a limited production run in 2010. The MINI Cooper SE can cover a distance of 141 miles on a full charge. Prices start at $34,225. The electric vehicle unfortunately does not receive any federal tax credit because it is manufactured and assembled in the United Kingdom. MINI America states that new owners of the Cooper SE will receive state and local incentives, but has not stated what exactly those incentives are. If you are in the market for the vehicle, be sure to ask your local MINI dealer if there are incentives associated with the EV before purchase.
6 Volkswagen ID.4 - $38,995
Starting in 2023, ID.4s for the North American market will be manufactured and assembled in Chattanooga and this will allow new ID.4 owners to enjoy up to $7,500 of federal tax credits. The ID.4 is Volkswagen’s attempt at making an electric crossover for the masses. It competes with the Nissan Ariya (starts from $43,000), the Mach-E (starts from $47,400), and the KIA Niro EV (starts from $39,000) in its segment. The base model has a top speed of 100 miles per hour and a power rating of 201 horsepower. The base model has an EPA estimated range of 275 miles and the MSRP starts at $38,995. 2023 ID.4 buyers in California and Colorado can have a discounted price of as low as $23,500 if they successfully apply for the federal tax credits and the state rebates.
7 KIA Niro EV - $39,550
This is a relatively new entrant in the North American market, but its features and the reliability of the KIA brand are sure to make it a worthy competitor to other electric crossovers. The Niro EV has an estimated range of 253 miles. For a starting price of $39,550 you get as standard, 20 collision avoidance and safety features, blind-spot monitoring, auto emergency braking, rear collision avoidance assist, standard cruise control, and navigation. KIA partnered with Electrify America to give the KIA Niro a complementary 500 kilowatt-hours of charging on their network. This equals between 1,700 and 2,000 miles of free driving range. Unfortunately, the KIA is manufactured and assembled outside the United States, so there are no federal tax credits for the EV. But, the Niro EV justifies its price with an impressive amount of features for the base model that no other vehicle on this list can match.
8 Honda Ioniq 5 - $41,450
The Ioniq 5 was the winner of the best electric car at numerous awards in 2022. The standard-range, rear-wheel drive has a 58-kilowatt lithium-ion battery that delivers approximately 220 miles of range. This starts at $41,450. The trim above this is the SE with a 77.4-kilowatt-hour battery, and it starts just above $45,000 with 303 miles of combined city and highway range. The top-of-the-range Limited trim starts at $52,600 with the all-wheel-drive version having a combined city and highway estimated range of 266 miles. It is fitted with the same battery as the SE version. The Ioniq 5 does not receive any federal tax credits, but California offers up to $2,000 of potential incentives with every purchase of the electric vehicle. This will put the standard range model at about $39,000.
9 Tesla Model 3 - $43,000
The Model 3 is the most popular and the most-bought electric vehicle on this list. Tesla makes two versions of the Model 3; there is the single-motor rear-wheel drive version which has an estimated range of 272 miles and can accelerate from zero to 60 miles per hour in 5.8 seconds, and the dual-motor all-wheel drive version which can cover 358 miles in a single charge and accelerate from zero o sixty miles per hour in 4.2 seconds. The all-wheel drive version can achieve top speeds of up to 162 miles per hour. These numbers might vary depending on the customer's specifications. The Model 3 has a 5-star safety rating in every category and subcategory from the National Highway Traffic Safety Administration. The single-motor Model 3 starts at $43,000, and it will be the cheapest buying in the states of California and Colorado. If you qualify for the full federal tax credit and state rebates, you are looking at a Model 3 that starts from $27,500.
10 Toyota bZ4X - $42,000
The bZ4X crossover is Toyota’s first zero-emissions model. The ‘bZ’ in the name actually stands for beyond zero. The vehicle is based on the e-TNGA platform which Toyota partnered with Subaru to co-produce. Buyers of the bZ4X will get an option of single-motor front-wheel drive or a dual-motor all-wheel drive setup. The front-wheel drive version has an estimated range of 252 miles on a full battery while the all-wheel drive model has a less range of approximately 242 miles. However, real-world range testing by Car and Driver proved that the all-wheel drive model could only manage 160 miles. As standard, the bZ4X has plenty of driver assist features that make the base model a great value for money. Some of the features include; standard automated emergency braking with pedestrian detection, lane departure warning with lane-keeping assist, and adaptive cruise control. The bZ4X base model XLE has a starting price of $42,000 while the all-wheel dual motor Limited trim starts at $46,700.