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5 Cheap Electric Vehicles You Won’t Regret Buying in 2024

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Last updated Feb 12, 2024

What makes EV ownership enjoyable? Fast charging, long range, and good reliability. In 2024, there’s a wider selection than ever in the search for affordable electric vehicles that won’t disappoint. Each offers a unique set of strengths, from the Tesla Model 3’s refreshed design and competitive total cost of ownership to the IONIQ 5’s ultra-fast charging. Plus, several cheap electric cars qualify for the revised federal tax credit. Here’s the need-to-know for America’s 5 best cheap electric cars and crossovers on sale in 2024.

Tesla Model 3 Rear-Wheel Drive

2024 Tesla Model 3 cheapest price

Price: Starting at $40,380 with destination fees

Range: 272 miles

Charging Speed: Charging speeds up to 170 kW, adding up to 160 miles in 20 minutes

Federal tax credit: Does not qualify due to new battery sourcing for the Model 3.

In 2024, the Tesla Model 3 was fully refreshed for the first time since its launch in 2017. However, due to battery mineral sourcing, the Model 3 no longer qualifies for the federal EV tax credit. Learn which models do qualify here. However, at this sub-$40,000 price, the Model 3’s fuel savings make it surprisingly competitive with a Toyota Camry when looking at total cost of ownership. 

See pre-owned Tesla Model 3 listings with local market data

Kia EV6

cheapest 2024 Kia EV6

Price: Starting at $43,975 with destination fees

Range: 232 miles (EV6 Light Rear-Wheel Drive)

Charging Speed: Up to 230 kW speeds (adding 160 miles of range in as little as 18 minutes)

Federal tax credit: No, the EV6 does not qualify in 2024. It is currently built in Korea.

Get up to 310 miles of range with the higher-spec Light Long Range RWD, which starts at $45,950. The EV6 has won multiple awards, and is much-loved by owners. It charges VERY fast at public DC fast chargers, which comes in handy on road trips.

See pre-owned Kia EV6 listings with local market data

Tesla Model Y

Cheapest Electric Vehicles 2024: Tesla Model Y

Price: Starting at $45,380 with destination fees

Range: 260 miles

Charging Speed: Up to 170 kW speeds (adding up to 160 miles in 20 minutes)

Federal tax credit: Yes, all Model Ys qualify. The tax credit is subject to household income limits. Learn more.

The Tesla Model Y is the best-selling EV in America in 2024. Prices have fallen by $20,000 over the past two years, and the federal EV tax credit has returned with the passage of 2022’s Inflation Reduction Act. The Model Y’s greatest strength is perhaps the Supercharger network, which takes the hassle out of charging. Along with the Model 3, this Tesla is the perfect choice for newcomers to the EV lifestyle, as long as you don’t mind the minimalist interior. 

See pre-owned Tesla Model Y listings with local market data

Ford Mustang Mach-E

cheapest Ford Mustang Mach-E in 2024

Price: Starting at $44,795 with destination fees

Range: 247 miles

Charging Speed: Up to 115 kW speeds (adding up to 160 miles in 30 minutes)

Federal tax credit: Yes, the Mustang Mach-E qualifies for the federal EV tax credit (income limits apply). Learn more. 

There’s an extreme oversupply of Mustang Mach-Es on Ford dealership lots right now. It’s an amazing EV, though Ford just built too many of them too fast. See the new cars with the most and least inventory.

See Ford Mustang Mach-E listings with local market data

Hyundai IONIQ 5

cheapest IONIQ 5 in 2024: the most affordable EVs

Price: Starting at $44,580 with destination fees

Range: 220 miles (SE Standard Range)

Charging Speed: Up to 230 kW speeds, adding up to 160 miles in 18 minutes

Federal tax credit: Sadly, the IONIQ 5 does not qualify for the federal tax credit. It is built in Korea. However, Hyundai is building an EV production plant in Georgia, which should return eligibility later this decade.

The cheapest IONIQ 5, the SE Standard Range, is rare here in the United States. That’s not such a bad thing when you consider that for just $4,000 more, you can get 303 miles of EPA-rated range. I own an IONIQ 5 Limited AWD, and after two years and 40,000 miles, I still love it. It’s the best car I’ve ever had. If you travel at least a few times a year, I highly recommend upgrading to the longer-range options.

See Hyundai IONIQ 5 listings with local market data

Runner-Up: Volkswagen ID.4

cheapest electric cars 2024: Volkswagen ID.4

Price: Starting at $40,290 with destination fees

Range: 209 miles (ID.4 Standard)

Charging Speed: Up to 140 kW speeds (adding up to 160 miles of range in 40 minutes)

Federal tax credit: Yes, all ID.4s made in America qualify. Verify that your VIN was an American build. Learn more.

There are two reasons why the ID.4 didn’t quite make the top 5: slower charging and less range. If you rarely take long-distance road trips, or you are especially patient, the ID.4 is not a bad choice. The Volkswagen ID.4 is now built in Chattanooga, Tennessee. That’s great for many reasons, but especially because the ID.4 now qualifies for the $7,500 federal tax credit (income limits apply). Need more range? For $43,995, you can get 275 miles of range with the ID.4 Pro.

See Volkswagen ID.4 listings with local market data

What about the Chevy Bolt and Equinox EV?

In 2024, we’re seeing a gap in Bolt production as Chevrolet launches the faster-charging but more expensive Equinox EV, and re-tools a production facility in Kansas to bring the next generation of the Bolt EV to life in 2025. The Bolt was super affordable, starting well under $30,000 before the tax credit. However, it charges painfully slow for frequent travelers. However, there are a few 2023 Bolt EVs left on the market. You can check them out here.

Equinox EV price

The Equinox EV simply hasn’t arrived yet. It’s starting price was just announced at $34,995, but it will be far more capable than the last generation’s Chevy Bolt. Expect a larger, faster-charging EV for about $7,000 – 10,000 more than the Bolt.

Why not the Nissan LEAF? Sadly, Nissan continues to produce the LEAF with outdated hardware. Even in 2024, the LEAF includes a charging standard that the rest of the industry has long since moved on from. It’s called the Chademo plug, and you’re in for some serious inconveniences if you travel at all in a Nissan LEAF. For that reason, we can’t recommend the LEAF until Nissan finally switches over to either CCS or NACS charging standards. 

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