5 Electric Vehicles That Are Now Affordable for Every Driver

Until recently, electric vehicles (EVs) were unattainable for the majority of Americans due to their steep price tags. But finally they’re becoming more affordable — with prices continuing to drop as more players enter the space.

Though EV prices are coming down considerably, can EVs really be affordable for every driver? There’s a case to be made that they can be, though it really depends on your needs, wants and expectations.

Here’s a look at five affordable EVs that you can possibly buy, even if you’re on a frugal budget.

You may be surprised to see Tesla on this list — most of its models are terribly pricey — but the pioneering EV brand now has Model Y options that are priced fairly reasonably.

“Offering Tesla’s signature technology and versatility, the Model Y is a compelling choice for those needing more space without sacrificing performance,” said Rob Dillan, an EV expert and the founder of EVhype.com, who estimates that you can get a used Tesla Model Y for as low as $32,000.

For as low as $28,000, by Dillan’s estimate, you can drive off in a Hyundai Ioniq 5 — an exceptionally sleek and advanced EV.

“With its futuristic design and fast-charging capabilities, the Ioniq 5 is ideal for tech-savvy drivers seeking style and sustainability,” Dillan said.

Dillan said that you can land a Nissan Leaf — a budget-friendly EV favorite — for under $25,000.

“The Nissan Leaf, a quirky little hatchback, is the most commercially successful budget EV offering we’ve seen thus far,” said Chaya Milchtein, an automotive educator, journalist and the author of Mechanic Shop Femme’s Guide to Car Ownership. “Nissan sold nearly half a million of these little electric cars between 2010 and 2020. The 2024 Leaf is available in two trims, with an estimated range between 149 to 212 miles.”

Another EV you can buy for under $25,000, according to Dillan, is the Kia Soul EV.

“With its distinctive design and comfortable cabin, the Soul EV combines personality with efficiency, appealing to drivers looking for something beyond the conventional,” Dillan said.

As with all the cars on this list, the price of the Chevrolet Bolt EV depends on the year, its condition and your location. As such, no exact price tag can be pinned down here, but rough estimates can be made. Dillan said that you can get a used Chevy Bolt EV for as low as $15,000 to $28,000.

“Renowned for its practical range and spacious interior, the Bolt EV stands out as a budget-friendly choice for city commuting and beyond,” Dillan said.

If you’re investigating a used EV — your best bet for savings — you can expect to drop a fair chunk of change, but possibly a lot less than you’d pay for an average new car — and almost certainly less than what you would have paid for an EV in 2023.

“In 2023, the average price of the top 10 EVs sat around $54,000, with an average low of $48,000 and a high of $65,000 for the high-end trim of each model,” said Gregory ‘Greg’ A. Beischer, president and CEO at Alaska Energy Metals Corporation. “At the start of 2024, the price dropped by $2,500-$3,000 and now sits around $51,000. For used EVs, the average price sits closer to $30,000-$35,000.”

“EVs are still expensive because of the price of battery packs,” Beischer said. “Every battery requires 29 kilos of nickel, which the U.S. imports 100% of. America needs to start ramping up domestic nickel mining to help reduce costs.”

Photo Disclaimer: Please note photos are for illustrative purposes only and might not feature exact models, base models or the cars’ specific trim levels. As a result, some of the cars in the photos might have different MSRPs than the ones listed in this article.