Comparing All Electric Cars Priced Under $40,000

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Here’s a point-by-point look at the most affordable new EVs on the market.

HERE’S A POINT-BY-POINT LOOK AT THE MOST AFFORDABLE NEW EVS ON THE MARKET.

One of the most prevalent myths about electric cars is that they are too expensive for the average car buyer. While it’s true that the Tesla Model S and Model X can break the bank with pricing that runs into six figures, there are many out there that are well within the reach of a wide range of motorists.

In fact, there are 11 full-electric cars from the 2019 model year that start at less than $40,000. With the average cost of a new vehicle now at just over $37,000, according to Kelley Blue Book, that places them in the sweet spot of the new-vehicle market in terms of pricing. We’re featuring a point-by-point comparison of each model in the above slideshow.

What’s more, most of them become even more affordable when the one-time $7,500 federal tax credit for electric-car buyers is factored into the deal. That drops the effective cost of a $30,885 Nissan Leaf to $23,385. There is a catch, however, and it is twofold. First, a buyer won’t receive the credit until the following year when he or she files an income tax form. Second, you’ll only receive the full credit if you pay $7,500 or more in taxes that particular year. Unused amounts do not carry over to the next tax year. On the other hand, those leasing an electric car will generally have the full amount of the credit applied directly to the deal up front, passed along by the leasing company as the vehicle’s official owner.

The notable exception among the most affordable battery-driven models is the Chevrolet Bolt, which is limited to a $3,750 credit through September 30. It will then drop to $1,850 on October 1 and be eliminated on March 31, 2020. That’s because the tax credits are set by law to phase out in two stages during the calendar year after an automaker sells 200,000 battery-dependent vehicles, including EVs and plug-in hybrids. General Motors reached this threshold in 2018.

What’s more, if you live in any of the 10 states that offer their own incentives to electric car buyers and lessees, either a tax credit or a cash rebate, you can slash the sticker price even further. For example, EV tax credits in Colorado are currently $5,000 for buyers and $2,500 for lessees. Plus, automakers sometimes offer cash rebates, cut-rate financing, and/or discounted lease deals on EVs to help spur sales.

If you’re on a particularly tight budget, consider buying a used electric vehicle from a recent model year, like any of those featured for sale here on MyEV.com. There’s a wide selection of capable models going for $20,000 or less, with some older models (though with limited operating ranges) listed for less than $10,000.

All prices noted in the slideshow are for base models without options, and include the destination charge. Prices and specs are current as of this writing, but are subject to change at any time. Absent from this list is the Kia Soul EV, which is being replaced in 2020 by an all new model, with 2019 models having been sold out. Note that the Fiat 500e and the Smart EQ ForTwo EVs are being discontinued in the U.S. at the end of the 2019 model year.

1. Chevrolet Bolt EV

1. CHEVROLET BOLT EV

BASE PRICE: $37,495

Range: 238 miles

Body Style: Subcompact four-door hatchback

MPGe city/highway: 128/110

Horsepower: 200

0-60 mph time: 6.5 seconds

Level 2 charging time: 9.5 hours

Battery warranty: 8 years/100,000 miles

Availability: Nationwide

2. Fiat 500e

2. FIAT 500E

BASE PRICE: $34,705

Body Style: Subcompact two-door hatchback

Range: 84 miles

MPGe city/highway: 121/103

Horsepower: 111

0-60 mph time: 9.0 seconds

Level 2 charging time: 4 hours

Battery warranty: 8 years/100,000 miles

Availability: California and Oregon

3. Honda Clarity Electric

3. HONDA CLARITY ELECTRIC

BASE PRICE: $37,540

Body Style: Midsize sedan

Range: 89 miles

MPGe city/highway: 126/103

Horsepower: 161

0-60 mph time: 8.0 seconds

Level 2 charging time: 3 hours

Battery warranty: 8 years/100,000 miles

Availability: California and Oregon

4. Hyundai Ioniq Electric

4. HYUNDAI IONIQ ELECTRIC

BASE PRICE: $31,235

Body Style: Subcompact crossover SUV

Range: 124 miles

MPGe city/highway: 150/122

Horsepower: 118

0-60 mph time: 9.7 seconds

Level 2 charging time: 4 hours, 25 minutes

Battery warranty: Unlimited

Availability: California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont

5. Hyundai Kona Electric

5. HYUNDAI KONA ELECTRIC

BASE PRICE: $37,995

Body Style: Subcompact crossover SUV

Range: 258 miles

MPGe city/highway: 132/108

Horsepower: 201

0-60 mph time: 7.4 seconds

Level 2 charging time: 9 hours, 35 minutes

Battery warranty: Unlimited

Availability: California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont

6. Kia Niro EV

6. KIA NIRO EV

BASE PRICE: $39,495

Body Style: Subcompact crossover SUV

Range: 239 miles

MPGe city/highway: 123/102

Horsepower: 201

0-60 mph time: 7.4 seconds

Level 2 charging time: 9.5 hours

Battery warranty: 10 years/100,000 miles

Availability: California, Connecticut, Georgia, Hawaii, Maryland, Massachusetts, Rhode Island, New Jersey, New York, Oregon, Texas, and Washington

7. Nissan Leaf

7. NISSAN LEAF

BASE PRICE: $30,885

Body Style: Compact four-door hatchback

Range: 150 miles

MPGe city/highway: 124/99

Horsepower: 147

0-60 mph time: 7.7 seconds

Level 2 charging time: 8 hours

Battery warranty: 8 years/100,000 miles

Availability: Nationwide

8. Nissan Leaf Plus

8. NISSAN LEAF PLUS

BASE PRICE: $37,445

Bodystyle: Compact four-door hatchback

Range: 226 miles

MPGe city/highway: 118/99

Horsepower: 214

0-60 mph time: 7.0 seconds

Level 2 charging time: 11.5 hours

Battery warranty: 8 years/100,000 miles

Availability: Nationwide

9. Smart EQ ForTwo

9. SMART EQ FORTWO

BASE PRICE: $24,650

Body Style: subcompact two-seat coupe/convertible

Range: 58 miles

MPGe city/highway: 124/94

Horsepower: 80

0-60 mph time: 11.4 seconds

Level 2 charging time: 3 hours

Battery warranty: 8 years/100,000 miles

Availability: Nationwide

10. Tesla Model 3

10. TESLA MODEL 3

BASE PRICE: $38,990

Body Style: Compact sedan

Range: 240-310 Miles

MPGe city/highway: 138/124-120/112

Horsepower: 258-450

0-60 mph time: 5.3-3.2 seconds

Level 2 charging time: 30 miles of range per hour

Battery warranty: 8 years/100,000 miles-8 years 120,000 miles

Availability: Nationwide

11. Volkswagen eGolf

11. VOLKSWAGEN EGOLF

BASE PRICE: $32,790

Body Style: Compact four-door hatchback

Range: 125 Miles

MPGe city/highway: 126/111

Horsepower: 134

0-60 mph time: 9.6 seconds

Level 2 charging time: 6 hours

Battery warranty: 8 years/100,000 miles

Availability: California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Vermont, and Washington D.C.BYJIM GORZELANY, EDITOR

ABOUT THIS ARTICLE:Category:Buyer’s and Seller’s AdviceTags:TeslaTesla Model 3BEV