Electric Vehicles Under $40,000: Edmunds Lists Most Affordable EVs for 2023

Electric vehicles are on the rise as demand for green energy in automobiles increases due to climate change concerns. However, these vehicles remain elusive because they can be expensive and several countries around the world are still starting to welcome EVs in their automobile sectors.

However, there are EVs out there that are relatively cheaper, and most importantly, they start only start under $40,000!

As reported first by AP, California-based car review company Edmunds listed five of the most affordable EVs for 2023. These cars will also be eligible for federal tax credits that require American assembly and parts sourcing.

Chevy Bolt EV

In 2017, the Chevy Bolt EV helped pave the way for the mass production of EVs by addressing pricing concerns. The updated model, which was released in 2022, improves the interior atmosphere while retaining its competitive range and quick performance.

The Bolt EV's range exceeds the EPA's prediction by 19 miles, going 278 miles on a single charge. Chevy also provides an SUV-like version, the Bolt EUV, with extra interior space.

Bolt models bought before March should be eligible for the $7,500 federal tax credit. The price starts at $27,495.

Nissan Leaf

The first Nissan Leaf was an eccentric vehicle with a limited driving range that drew early adopters and those looking to take advantage of incentives, but the new version is considerably more attractive and boasts a good driving range, according to Edmunds.

The range of the base S trim is also restricted to just 149 miles. Nevertheless, the SV Plus model, which has a larger battery, achieved 237 miles in Edmunds' real-world testing. The price of this EV starts at $29,135.

Mini Cooper SE

The standard Cooper Hardtop 2 Door is available as an all-electric model under the name Mini Cooper SE. But according to AP, the Cooper SE is the least practical EV on the list due to its small trunk and back seat. The price starts at $35,220.

Hyundai Kona Electric

A favorite tiny EV of Edmunds's is the Kona Electric. With a well-appointed interior, agile dynamics, and a smooth ride, the Kona Electric represents a significant value proposition for less than $35K.

The Kona EV's real-world range of 308 miles, which surpasses its EPA rating by around 50 miles, starts at $34,885.

Volkswagen ID.4

Volkswagen recently introduced its first all-electric vehicle ID.4. It features remarkable luggage and passenger room, valuable basic driver assistance systems, and a comfortable ride regardless of the trim or battery size. The price of this EV starts at $40,290.

Edmunds predicts that EV prices will eventually drop in the upcoming years as parts and development costs decrease as well. This may enhance competitiveness in the market and introduce more affordable EVs.