Electric vehicles have come a long way in recent years. Once considered a niche product for the eco-conscious and wealthy, EVs are now becoming a practical and affordable option for everyday drivers thanks to advances in technology and growing selection.
With more automakers committing to electrification and releasing new EV models, there are many compelling choices for buyers on a budget today. To help you find the best value, we‘ve rounded up the five cheapest electric cars you‘ll actually want to own based on pricing, range, features and more.
1. 2022 Hyundai Kona Electric: Best Overall Value
Base MSRP: $35,295
Max Range: 258 miles
The Hyundai Kona Electric is one of the most affordable EVs on the market without sacrificing performance or features. The 2022 Kona Electric offers a 201-hp electric motor, 258 miles of range on a charge, and a modern tech-filled interior with a 10.3-inch touchscreen and digital gauge cluster.
Standard safety equipment includes forward collision avoidance with pedestrian detection, lane keeping assist, blind spot monitoring and rear cross traffic alerts. With a practical compact crossover body style, lots of passenger space, zippy acceleration and all the latest tech features, the Kona Electric is the best all-around value electric car.
2. 2022 Chevrolet Bolt EV: Best Range
Base MSRP: $31,500
Max Range: 259 miles
While the Chevy Bolt EV has been around since 2016, it still beats many newer competitors when it comes to maximum driving range. Thanks to its 65 kWh battery pack, the 2022 Bolt EV can travel up to a GM-estimated 259 miles on a full charge. That‘s the highest range of any EV under $40,000.
With 200 horsepower and sporty handling from its front-wheel drive electric motor, the Bolt EV is fun to drive too. Regenerative braking helps recapture energy and extend driving range. Available active safety features include automatic emergency braking, lane keep assist with lane departure warning and front pedestrian braking.
3. 2022 Ford F-150 Lightning: Best Performance
Starting MSRP: $41,769
Max Range: 300 miles
Think electric vehicles are boring economy cars? The 2022 Ford F-150 Lightning says otherwise. This groundbreaking EV pickup truck combines instant torque and sports car-like acceleration with the capability to tow up to 10,000 pounds when properly equipped. Even the base Lightning Pro model makes a Ford-estimated 452 horsepower and 775 lb-ft of torque from its dual electric motors!
With up to 300 miles of range possible from the extended range battery, the Lightning eliminates range anxiety. It also provides the most torque and towing capacity of any EV truck. The Lightning brings all the functionality of America‘s best-selling pickup with zero emissions and lower operating costs compared to gas-powered trucks. Pretty appealing for under $42,000!
4. 2022 Volvo XC40 Recharge: Best Luxury Features
Base MSRP: $55,300
Max Range: 223 miles
Volvo hits a home run with its first modern electric vehicle, the XC40 Recharge. Based on the gas-powered XC40 small luxury SUV, the Recharge swaps the engine for a 402-hp electric motor powertrain with all-wheel drive. Despite having less range than rivals, the XC40 Recharge compensates with quick-charging capabilities and elegant Scandinavian interior design.
Wireless phone charging, power folding rear seats, panoramic sunroof and a Harman Kardon premium sound system give the XC40 Recharge a very upscale ambiance. Pilot Assist driver assistance technology adds hands-free highway driving capability when activated. For eco-friendly luxury on a (somewhat) reasonable budget, the XC40 Recharge is a great pick.
5. 2022 Mazda MX-30: Most Affordable Luxury EV
Base MSRP: $34,695
Max Range: 100 miles
The Mazda MX-30 has the lowest base price in this roundup while still providing a surprisingly refined driving experience. As Mazda‘s first EV, the MX-30 stands out with its artsy styling, quality cabin materials, responsive handling and zippy acceleration. The elegant interior with maple wood accents and available light-colored fabric upholstery give the MX-30 a Scandinavian vibe.
Now for the caveats: the MX-30 has only 100 miles of electric driving range, much lower than rivals. It also lacks availability of advanced driver assistance features like adaptive cruise control or automated emergency braking. Yet for urban commuters who value eco-conscious luxury with less range anxiety, the MX-30 EV could be the perfect fit.
Purchasing an affordable electric vehicle comes with some unique considerations compared to gas-powered cars. Follow this guide when deciding which inexpensive EV is right for your needs and budget.
Figure Out Your Budget
Lower-priced electric cars often have basic features and specs, while long-range or luxury models get expensive fast. Determine what price range works for you, and what features (range, performance, tech etc.) you absolutely need versus just want. Setting realistic expectations based on your budget makes it easier to choose the best value EV.
Consider Your Daily Driving Needs
Think about your regular daily driving distances, plus any extended trips. Are you mostly a short-range commuter under 50 miles per day? Or frequently driving long distances over 100 miles? Matching your range needs to EV battery capacity helps avoid range anxiety. Commuters may be fine with shorter range EVs, while frequent travelers need maximum range.
Check Inventory Availability
The global chip shortage has constrained auto manufacturing and inventories over the past couple years. Mainstream EVs from major brands typically have better availability than low production niche models. The Hyundai Kona Electric and Chevy Bolt EV are good examples of more obtainable lower-cost EVs today.
Look Into Leasing and Used EVs
While buying new gives you the latest tech and qualifying for tax credits, leasing or purchasing used costs less upfront. Leasing an EV often includes battery replacement provisions down the road too. And used EVs become more common each year, providing big initial savings over new.
Along with being cheaper to "fuel" than gas powered cars, today‘s electric vehicles provide serious performance and advanced features. But there are some unique differences to understand compared to internal combustion cars when shopping.
Pricing and Efficiency
While expensive in the past, recent analysis shows total cost of ownership of an EV over 5+ years is now on par or below most gas-powered vehicles. And you‘ll save nearly $1,000 yearly on fuel costs versus a comparable gas car. As production increases scale and battery costs decrease further, expect EV pricing and efficiency advantages to improve more.
Charging Considerations
There are four main types of EV charging, with power levels and speeds varying significantly:
- Trickle (120V outlet): Very slow charging, ~3 miles of range per hour
- Home (240V): Faster charging, ~20 miles of range per hour
- Public (240V): Fast charging up to ~75 miles of range in an hour
- DC Fast (480V+): 80% charge in ~30 minutes, depending on EV capability
While slow overnight home charging is most convenient, access to DC fast public charging enables long distance EV travel.
Range and Battery Life
Today‘s EVs average 275+ miles per charge. Range depends on battery size, driving style and use patterns. Batteries slowly lose capacity over their lifespan, but can still retain 70-80% after 10 years/100k+ miles. Severe fast charging and extreme hot/cold weather reduce longevity. Smart charging habits help optimize an EV battery‘s usable lifespan.
Driving an EV provides some key experiential differences from gas-powered cars:
Instant Acceleration: Electric motors make full torque instantly. EVs typically feel much quicker accelerating from a stop than gas cars.
Quiet Operation: No engine noise or vibration gives EVs a serene, almost eerie quietness. Most play subtle sounds at low speeds for pedestrian awareness.
Regenerative Braking: When lifting off the throttle, EVs aggressively recapture kinetic energy to recharge the battery through regen braking. It takes some adjustment from coasting in gas vehicles.
Simplified Maintenance: Far fewer mechanical parts and fluids to service drastically reduces maintenance compared to internal combustion engine vehicles. Most of your time spent "fueling" will be just charging at home versus visiting gas stations.
Now that you‘re an EV expert, here are some additional electric car articles on History Computer to continue your education:
Apple Car vs Tesla: Which Do Consumers Prefer?
Fastest Charging Electric Cars
Frequently Asked Questions
How much do the most affordable new electric cars cost?
The cheapest EVs start around $27,000 to $32,000, while well-equipped models with good range and features run from $35,000 to $45,000. Luxury and long-range electric cars cost $55,000+.
What electric car offers the best value today?
The 2022 Hyundai Kona Electric is the best affordable EV providing great range, performance, tech and safety features for just over $35,000 – an incredible value.
Do electric cars really last longer than gas cars?
Yes, EVs have far fewer mechanical parts to wear out and require less maintenance. The batteries last 8-15 years before needing replacement, giving most EVs a longer usable lifespan than internal combustion engine vehicles.
Is fast charging bad for electric car batteries?
Frequent fast charging can degrade batteries quicker over time. But modern battery chemistries and charging technologies minimize damage. Smart charging habits by limiting DC fast charging help maximize battery lifespans. Slow overnight home charging promotes longevity.
