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Cheap Electric Vehicles of 2024

Hyundai Ioniq

What are the Cheapest Electric Vehicles to Consider in 2024?

There are plenty of electric vehicles to look out for in 2024, which is both good and bad for prospective buyers. The good part is the plethora of options to choose from, some of which are at an affordable price point. The bad part is choosing the right one to fit your budget – especially if you’re not looking to spend much.

By Joe Santos

Sat, Mar 30, 2024 09:04 PM PST

All images courtesy the respective manufacturer.

Although there are many different electric vehicles to choose from, we did the dirty work and narrowed down four of the cheapest competitors in the market for 2024. Whether you’re looking to spend less than $30,000 or $40,000, there are some options for you.

The 2024 Hyundai Ioniq 6 adds an affordable touch of class

The 2024 Hyundai Ioniq 6 may look weird with its ducktail spoiler and rounded silhouette, but it’s more beautiful on the inside (see our review here). Sit inside the Ioniq 6, and you’ll be treated to a luxurious environment filled with tech-savvy features, rich textures, and an overall futuristic layout. Some of those features include a 12.3-inch infotainment screen, a 12.3-inch digital dash display, and Apple CarPlay/Android Auto connectivity. Also, with its ample seating for up to five, the Ioniq 6 is pretty practical, too.

hyundai ioniq
The Hyundai Ioniq 6

It’s no wonder that this chic family hauler won the World Car of the Year award for 2023. Once you get past the funky exterior and plush interior design, the details get a little more interesting. The base Hyundai Ioniq 6 can get up to 361 miles of range in rear-drive form (316 for the AWD), and Hyundai says it can charge from 10 to 80% in only 18 minutes. Best of all, if you’re looking to spend less than $50,000 on an EV, the Hyundai Ioniq 6 is a good choice with a starting price of around $42,000.

The Ioniq 6 is also eligible for up to $5,000 in potential tax credits, which can vary by state.

The 2024 Toyota BZ4X offers some utility with its crossover architecture

Die-hard Toyota fans and general EV shoppers can rejoice when checking out the 2024 bZ4X. Yes, it’s a weird name to say, and the car has weird looks to match, but it’s a functional EV (check out our review here). The bZ4X is offered in a couple of different trim levels, but if you’re looking to save some cash, check out the base XLE model.

the Toyota bz4x
The Toyota BZ4X

The entry-level trim comes well-equipped with a power driver’s seat and a power liftgate, as well as a large infotainment screen and a comfortable interior.  Also, for the affordable price of around $44,400, the Toyota bZ4X XLE comes in a single-motor, front-drive configuration. That equates to 201 hp and up to 252 miles of range. An all-wheel-drive variant is also available, but it increases the price and lowers the electric range rating (228 miles).

The 2024 Nissan LEAF is a staple in the EV category

If spending over $40,000 isn’t your thing, then the 2024 Nissan LEAF is a tried-and-true bet. The Nissan LEAF has been a key player in the EV category for well over a decade and it continues to bring plenty of value for its price point.

Nissan Leaf
The Nissan LEAF

We suggest checking out the base-trim LEAF S, which is priced just under $30,000. For that kind of money, the LEAF will come fitted with a 214-hp, single-motor setup that’s good for 149 miles of range. For more miles, we suggest checking out the long-range version. Otherwise, the Nissan LEAF also comes standard with all of the power accessories, cargo space, and comfortable seating you need.

As an added bonus, the 2024 Nissan LEAF qualifies for half of the tax credit ($3,750), if the car is purchased between January 1st and December 31st, 2024.

The Tesla Model 3 is an upscale option

It’s hard to have a list like this and not include at least one Tesla. As such, the Model 3 has been a staple in the EV market for those wanting to go full electric with an upscale touch. The Tesla Model 3 is a small sedan, but it’s big on tech-rich features.

For 2024, the Model 3 not only has a touchscreen infotainment system upfront, but it also has an 8-inch one for the rearseat passengers, allowing them to watch Netflix and YouTube. The cabin itself is also spacious and comfortable and let’s not forget the Model 3’s quick acceleration (0-60 mph in 5.8 seconds), which bests many cars in the market.

Best of all, the Tesla Model 3 costs under just under $40,000 without any incentives, but it can qualify for rebates in your state. The up-level Model 3 Performance even qualifies for the $7,5000 federal rebate.

No other EVs compare to the 2023 Chevrolet Bolt

Since we’re talking about the cheapest EVs in the market, none of them compare to the  2023 Chevrolet Bolt when it comes to pricing. The Chevy Bolt has a starting price of $26,500 (before the destination charge), making it the cheapest electric vehicle on the market. Additionally, the Chevy Bolt qualifies for the federal tax credit of $7,500 when the vehicle is leased, making it even more affordable than the rest.

Chevrolet Bolt
The Chevrolet Bolt

Pricing aside, the Bolt provides plenty of bang for the buck with its 200-hp motor and 259 miles of estimated range. Additionally, its cabin is well-equipped with plenty of soft-touch surfaces, an 8-inch gauge cluster, a 10-inch infotainment screen, Apple CarPlay/Android Auto, and a generous cargo area.

The cheapest electric vehicles in the market for 2024

There are plenty of electric vehicles to choose from, but these four are among the cheapest. Whether you’re looking for a luxurious sedan or a small hatchback to get around in, one of these option should suit you – especially if you’re not looking to spend much.

About The Author

Joe Santos's profile picture

Joe Santos

Joe Santos is an automotive journalist with over 10 years of professional writing and editing experience. His article topics range from full-length car reviews to car-buying advice. He even spent four years selling cars at a few different dealerships, so he may know a thing or two if you’re in the market for a new or used car.

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