Looking for the most affordable electric vehicles in 2023? With consumer prices on the rise, from fuel to groceries to vehicles, more people are considering electric vehicles.
If you want to explore the most affordable electric vehicles to drive, you can visit our vehicle search tool and select ‘Cost to Drive’ and ‘Economy’ to see our recommendations.
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As you look at prices, you may notice that some changes to the clean vehicle tax credits in 2023 could have a major impact on the most affordable electric vehicles in 2023. Two of the most notable changes from last year are: all Hyundai, Kia, and Polestar models as well as many of the 2023 Nissan models are no longer eligible for the federal tax credit. some Chevys and Teslas are now eligible, while
Check out our EV Incentives Tool for comprehensive overview of all incentives available in every state.
In early 2023, there have been some recent price cuts by some manufacturers as competition starts to pick up, and supply has started to catch up more with slowing demand. Many electric vehicles are still priced well over $50,000, with EVs reaching an average price of $66,000 last year, according to Kelley Blue Book. These high prices make it difficult for most people to afford a new EV, especially in tougher economic times.
If car shoppers are looking to save money by purchasing an electric vehicle, one option is to buy used. But for those looking to buy new, it’s still hard to justify spending over $50,000 on a car to save money. In general, EVs will cost more than gas-powered cars upfront, but the perk is you save throughout the life of the vehicle on maintenance and gas. Luckily, there are still many EV options for cars and SUVs under $40k, especially when factoring in tax incentives and rebates. Below is our list of the cheapest electric vehicles in 2023.
Vehicle prices and tax rebate eligibility are rapidly changing and are both subject to many factors. The estimated prices in this article are subject to change at any time and are an approximation. For a more up to date price, visit our website by following the links within the article. For the most up to date info on tax rebate eligibility for specific vehicles, visit the IRS website and consult with your tax specialist to verify your eligibility.
Chevy Bolt Car and SUV (Starting at $26,500)
Chevrolet Bolt | Image Courtesy of Chevrolet
The 2023 Chevy Bolt tops our list of most affordable EVs. The Bolt is offered as a car (EV) or SUV (EUV), with prices starting at $25,600 for the EV 1LT. Aside from the slight difference in range and acceleration, both versions are very similar. Each vehicle seats five and has the same cargo capacity. The SUV can tow a bit more, weighs in at about 100 pounds heavier, and offers more premium features. Many Chevy EVs may be eligible for the federal tax credit in 2023, making the effective prices even cheaper and one of the cheapest electric vehicles in 2023.
Chevrolet EVs are not eligible for a federal tax credit
Nissan Leaf (Starting at $27,400)*
Nissan Leaf | Image courtesy of Nissan North America
The 2023 Nissan Leaf starts at an affordable $27,400. The 2023 Nissan Leaf comes in two different trim levels with ranging features, batteries, and performance, all available for under $40k. Some Nissan EVs are also eligible for the $7,500 federal tax credit, making it even more affordable among all of the cheapest electric vehicles. All Nissan Leaf EV trims are Front Wheel Drive.
*These vehicles may be eligible for the $7,500 federal tax credit
Mini Electric Hardtop (Starting at $29,900)
Mini Electric Hardtop | Image courtesy of BMW
The 2023 model year Mini Electric Hardtops come in three trim levels, Signature, Signature Plus, and Iconic. Each promises an estimated battery range of 114 miles with 181HP and 0-60 in 6.9 seconds. The primary difference in trims comes down to features and cosmetic upgrades such as paint color, moonroof, or upholstery. If you include the tax credit, the Mini Electric Hardtop is one of the most affordable electric vehicles on the market today.
*Mini EVs are not currently eligible for federal tax credits
Hyundai Kona Electric SUV (Starting at $34,000)
Hyundai Kona Electric | Image courtesy of Hyundai Motors
The Hyundai Kona Electric is the cheapest electric SUV on our list, with the base trim (SE) starting at $33,500. Unfortunately, the 2023 models are no longer eligible for federal tax rebates.
All vehicle options offer all of the same battery and performance capabilities (range, charge time, acceleration, etc.) Other than some minor exterior differences like LED headlights, the biggest difference between the SEL and Limited is the Limited comes standard with more premium infotainment and interior features. This makes the Kona Electric SEL a great all-around electric SUV option at under $37k, without sacrificing performance or battery capabilities.
*Hyundai vehicles are currently not eligible for the federal tax credit
Mazda MX-30 (Starting at $34,110)
The 2023 Mazda MX-30 is new to the EV scene and makes our list of cheapest electric vehicles in 2023. Starting at $34,110, the Mazda MX-30 is cheaper than almost all other EVs due in large part to its limited range of only 100 miles. Mazda makes the claim that the typical American drives about 30 miles per day, so this car was specifically designed to meet their needs at an affordable price. The MX-30 comes in two trims, the base and Premium Plus, which is about $3,000 more. They both offer the same range and performance, with biggest differences being mostly cosmetic and in some of the tech and features.
Volkswagen ID.4 Standard SUV (Starting at $38,995)*
Volkswagen ID.4 | Image courtesy of Volkswagen AG
The 2023 Volkswagen ID.4 is offered in Standard, Pro, and Pro S trims, with each available in RWD or AWD. As with most other EVs under $50k, you’ll get better performance with AWD but slightly less range. The Volkswagen EVs are still eligible for the federal tax credit, so the ID.4 Pro will cost only $33,250 if you include the rebate.
The Pro S offers more premium features like a panoramic roof, a power liftgate, interior ambient lighting, power-folding door mirrors, leatherette seating surfaces, and a 2″ larger display. If these features aren’t as important, then the Pro is a well-rounded electric SUV and one of the most affordable electric vehicles available.
*These vehicles may be eligible for the $7,500 federal tax credit
Kia Niro EX SUV (Starting at $39,450)
Kia Nero EV | Image courtesy of Kia
The Kia Niro EX SUV price starts just under $40k but is no longer eligible for the federal tax rebate. The Niro is Kia’s cheapest EV option and sacrifices a bit on performance compared to the EV6 models. One benefit is it gets a respectable 239-mile battery range with a top speed of 96 mph and 0-60mph in 7.8 seconds. The Kia Niro EX is definitely not the fastest or most powerful Electric SUV, but it still receives great all-around ratings for what it offers at a more affordable price range. For the most up-to-date price and specs check out our detail page [Electric Driver Specs: 2023 Kia Niro EX SUV].
Hyundai Ioniq 5 SUV (Starting at $41,450)
Hyundai Ioniq 5 | Image Courtesy of Hyundai Moters
The 2023 Hyundai Ioniq 5 is the beginning of Hyundai’s new EV series. The Ioniq model is available in 3 trim levels: SE, SEL, and Limited. All 3 trims are available as either RWD or AWD. The Ioniq 5 SE is the entry-level trim, with an effective price after a $7,500 federal tax credit of $36,150. You can save more by opting for the RWD option that gets better range but sacrifices performance.
The higher-end trims start to become more expensive and above our ideal affordable price range, but are included for comparisons. The Hyundai Ioniq 5 SE RWD is a great electric SUV option, especially for families, with its ample cargo space, a 300+ mile range, and under $40k after federal tax credit.
*Hyundai EVs are currently not eligible for the federal tax credit
Ford Mustang Mach-E RWD SUV (Starting at $46,895)*
Ford Mustang Mach-E | Image courtesy of Ford Motor Company.
The 2023 Ford Mustang Mach-E price ranges all the way up to nearly $70k for the most premium models. But, if you are on a budget and still want a piece of the brand-new Ford Mustang EV, the entry-level model Mach-E Select – Standard Range – RWD can be purchased for just $46,895 before federal tax credit. The $7,500 federal tax credit would bring the effective price to just under $40k.
Performance is average, with a 0-60 mph acceleration at 5.8 seconds and 266 Horsepower. The battery range is similar to the Polestar 2, with an estimated 247 miles EPA. The effective price tag under $40k allows the Ford Mustang Mach-E to make our list of the most affordable electric vehicles in 2023.
Tesla Model 3 (Starting at $43,990)*
The 2023 Tesla Model 3 has seen a recent price drop, and certain models may now qualify for the federal tax credit depending on their MSRP. The Model 3 is one of the best-selling EVs on the market and is built for safety, with a five-star NHTSA rating in all categories, acceleration of 0 to 60 mph in 3.1 seconds, and long-range capabilities with up to 358-mile estimated range.
Cheapest Electric Vehicles in 2023: Honorable Mentions
Toyota BZ4X (Starting at $42,000)
Toyota BZ4X | Image courtesy of Toyota.
Toyota is back in the electric vehicle segment with the new BZ4X SUV. The BZ4X makes our honorable mentions as the base model is closer to $40,000, but unfortunately, it does not qualify for the federal tax credit now that the new regulations are in effect. The electric SUV is available in front and all-wheel drive, with the front-wheel drive option offering up to 252 miles of range. Two trims are available, XLE [Electric Driver Specs: 2023 Toyota BZ4X XLE] and Limited [Electric Driver Specs: 2023 Toyota BZ4X Limited]. Both trims come in either FWD or AWD and single or dual motors.
Nissan ARIYA (Starting at $43,190)
Nissan ARIYA | Image courtesy of Nissan North America
The 2023 Nissan ARIYA is the first model year for the new highly anticipated electric vehicle crossover from Nissan. Supply is projected to be low in 2023, as dealers are struggling to keep up with demand, but it still makes our list of honorable mentions for the cheapest electric vehicles of 2023. The electric crossover is available in FWD or AWD |Electric Driver Specs: 2023 Nissan ARIYA AWD |, but the cheapest option would be the entry-level Engage trim with the smaller battery and estimated range of 216 miles. Prices start to climb quickly if you want the larger battery options with a longer estimated range of up to 304 miles. The ARIYA [Electric Driver Specs: 2023 Nissan ARIYA] is one of the most exciting new vehicles that Nissan has announced but may be tough to get ahold of in 2023. The 2023 Nissan ARIYA does not qualify for the federal tax credit.
Subaru Solterra (Starting at $44,995)
Subaru Solterra | Image Courtesy of Subaru
The 2023 Subaru Solterra is the brand’s first entry into the EV market. The electric SUV is similar to the Toyota BZ4X in terms of price and features, but it comes standard in all-wheel drive. The Solterra is available in three trims, Premium, Limited, and Touring, with prices starting at $44,995 |Electric Driver Specs: 2023 Subaru Solterra Premium | and ranging up to $51,995 starting MSRP. The Solterra has an estimated driving range of 222-228 miles on a charge.
Conclusion
It is an exciting time in the electric vehicle industry, with more and more models coming out every year. As a result, that means more options for buyers to compare and research. If you are still unsure of where to start in your EV search journey, give our Vehicle Search tool a try, and we’ll offer personalized EV recommendations based on your specific lifestyle needs.
