The Cheapest EVs of 2024

You are finally ready to cut the gas pump hose and go shopping for one of the cheapest EVs of 2024. The trouble is, you are afraid this could mean years of eating nothing but spaghetti and meatballs. 

While research has shown that the cost of EV ownership is nearly the same as a comparable gas-powered car over the lifetime of the vehicle, upfront costs have been a leading impediment to widespread EV adoption. 

But wait – don’t throw out those gourmet cookbooks yet. The cost of EVs continues to drop, with many now selling for the same price as gas-powered vehicles. 

Five out of the eight cheapest EVs of 2024, from compact cars to crossovers, boast starting prices below $40,000.  

As of April 2023, EV buyers could be eligible for as much as $7,500 in tax credits. 

What’s the Cheapest Electric Vehicle?

Chevrolet Bolt EV/EUV

MOST AFFORDABLE

Starting Price: $27,495

Starting at $27,495, the 2023 Chevrolet Bolt remains an affordable option in 2024, as a new model is not expected until 2025. The Bolt has 200 horsepower (150 kW). The compact car features include a 10.2-inch touchscreen, comfortable front seats, Apple CarPlay and Android Auto wireless compatibility, and a suite of standard safety features. The Bolt EV’s 259-mile driving range is especially impressive.

The Bolt electric utility vehicle (EUV) is a new Chevy offering. Longer in length than its sister model, it boasts more interior space than most other affordable EVs. This includes a roomier back seat, ideal for families. Despite its larger size, the Bolt EUV has nearly the same range as the EV. 

More of the Cheapest EVs

Nissan Leaf

WELL EQUIPPED AND WELL PRICED

Starting Price: $29,255

Don’t be fooled by the Nissan Leaf’s price tag – the four-door hatchback offers quite a bang for the buck. Even at the lowest trim level, the Leaf comes equipped with 150 miles of driving range, Apple CarPlay and Android Auto compatibility, an iPad-size center-console touchscreen, remote keyless entry and cabin preconditioning. The Nissan model also provides motorists with a suite of driver assistance and safety features, including automatic emergency braking, pedestrian detection, blind-spot monitoring and lane-keeping assist.

There are, of course, some concessions that come with being one of the cheapest electric cars. Most notable is the lack of cargo space and rear legroom. But in the grand scheme of things, you’ll be hard pressed to find a better value among EVs than the Nissan Leaf. 

Mini Cooper SE

SPORTY AND SPRIGHTLY

Starting Price: $31,895

If you’re looking for a sporty commuter car that won’t break the bank, the Mini Cooper SE is the vehicle for you. The EV can zip around town with a motor capable of accelerating from zero to 60 mph in fewer than 7 seconds. The two-door EV also comes with standard features such as an 8.8-inch touchscreen with built-in navigation, heated front seats, a heated steering wheel and lane-departure warning. 

On the flip side, the hatchback has a paltry 114-mile range, as well as limited cargo and cabin space. You may want to skip the cross-country treks and stick to short trips. 

There are, of course, some concessions that come with being one of the cheapest electric cars. Most notable is the lack of cargo space and rear legroom. But in the grand scheme of things, you’ll be hard pressed to find a better value among EVs than the Nissan Leaf. 

Chevy Equinox Compact SUV

FOR THE OPEN ROAD

Starting Price: $34,995

Available in early 2024, this SUV boasts a range of 319 miles on its front-wheel drive models. To keep the energy flowing, when engaged, the Regen on Demand and One Pedal Driving systems help convert the vehicle’s kinetic energy into energy stored in the battery. It can tow up to 1,500 pounds. Besides safety assistance, the car comes with reverse automatic braking. Inside, it has a 17.7-inch diagonal display touch screen. 

Hyundai Kona EV

STYLISH AND AFFORDABLE

Starting Price: $35,000

The Hyundai Kona received styling and mechanical upgrades in 2021. The aesthetic changes include alloy wheels, improved LED headlights and a more streamlined design. Inside, drivers will find a new 8-inch touchscreen, ambient cabin lighting and a redesigned center console capable of wireless charging. A recalibrated suspension on the mechanical side makes for better handling and a smoother ride. Add in nearly 260 miles of driving range and you have an all-around impressive EV. 

The electrified version of the Kona is available in only about two dozen states, including New York, Connecticut, Massachusetts, New Jersey and Rhode Island. 

Tesla Model 3

GET UP AND GO

Starting Price: $39,000

With an estimated range of 272 miles for the base model and 333 for the dual motor all-wheel drive version, the Tesla Model 3 has a lot to offer. Cabin upgrades for the 2024 model have made the interior quieter. The steering wheel has been redesigned and the front seats have perforated upholstery to improve ventilation. Rear-seat passengers now have access to an 8-inch display they can use to adjust climate controls or even watch movies. All Model 3s include heated and ventilated front seats, navigation and Tesla’s Autopilot semi-autonomous driving system. 

Kia Niro

ROOMY HATCHBACK

Starting Price: $39,600

An all-electric crossover with front-wheel drive, the Kia Niro boasts 253 miles of estimated range and almost instant acceleration, going from zero-60 mph in 7.1 seconds. The heat pump helps preserve the driving range in cold weather. Its onboard power generator can charge or power laptops, electric bikes, camping equipment and more. The Niro comes standard with 20 collision–avoidance and driver–assist features, auto emergency braking technology and a 10.25-inch touchscreen display with navigation, Kia Connect and SiriusXM Satellite Radio.  

Volkswagen ID.4

STYLE AND SPACE

Starting Price: $40,290

Spacious with a simple interface and handling like a traditional crossover, the ID.4 may check all the boxes for those looking for an EV that doesn’t skimp on utility or user experience. For 2024, VW made some improvements with the intention of raising performance and range on models with the larger, 77.0-kWh battery pack. That model comes with an upgraded electric motor that increases power to 282 horsepower in rear-wheel drive models and up to 330 horsepower with all-wheel drive. Other upgrades include a 12.9-inch infotainment display, backlit controls for volume and climate control and additional wheel designs, according to VW. The driving range may have increased, but VW has not specified a figure. 

Thinking about buying an EV? Before you do, it’s important to know that the real cost of ownership is more than just the monthly payment. Try our EV Cost Calculator.  

AAA’s Recommendation: Whether you own an electric vehicle or a gas-powered car is up to you – and you should consider lots of factors in making that choice. No matter what type of vehicle you’re choosing, we recommend visiting a dealership, test driving one, and asking as many questions as possible to make an informed decision.

Visit AAA’s Electric Vehicle platform for more information on these cars of the future.