The best EVs under $50,000 are more capable than ever before. But that doesn’t mean that they’re equally suited for the diverse needs of today’s drivers. Whether you’re hauling a family or looking for your next ridesharing car, these are the best EVs under $50k that are available now.
2023 Volkswagen ID.4
To qualify for federal EV incentives, ensure you purchase a Tennessee-built VIN.
Price: $37,495 – $53,995
Range: 208 – 274 miles
Charging Speed: 130 kilowatts (standard) to 170 kilowatts (Pro); Add 200 miles of range in 28 minutes
Tax Credit: The U.S.-built ID.4 qualifies for at least half of the new EV tax credit. Make sure yours is built at the Chattanooga, Tennessee factory! See full details here.
Did You Know? The 2023 VW ID.4 includes three years of free 30-minute charging sessions at Electrify America. For those who travel often, this incentive could be worth hundreds of dollars.
Build and price your own ID.4 at vw.com
Tesla Model 3
After a price drop, the cheapest Tesla is available for thousands less. No dealers, no markups!
Price (rear-wheel drive): $44,380 (including destination charges)
Range: 272 miles
Charging Speed: 170 kilowatt max (adds 200 miles in 30 minutes of charging)
Federal Tax Credit: In 2023, the Model 3 again qualifies for federal EV incentives (if under $55k). See full details here.
Did You Know? Used Tesla prices have fallen dramatically since price cuts for new Tesla models were announced. See the latest used Tesla price forecast here.
Build and price the Model 3 at Tesla.com
2023 Chevrolet Bolt EV and EUV
As long as your Bolt has the new battery post-recall, the Bolt is by far the most affordable electric option available. But it’s not for road trips with the family.
Price: $26,595 – $38,995
Range: 247 to 259 miles
Charging Speed: 55 kilowatt max (adds 200 miles in one hour of charging)
Federal Tax Credit: In 2023, the Bolt again qualifies for federal EV incentives. See full details here.
Did You Know? The Bolt has great range, but charges slowly. We think this is a great budget option for around town, but not for cross-country road trips.
Build and price your own Bolt EV or EUV at chevrolet.com
2023 Hyundai Kona EV
The new IONIQ 5 may have stolen the show, but the Kona EV is thousands of dollars cheaper. It’s one of the best EV values well under $50k.
Price: $33,550 – $41,550
Range: 258 miles
Charging Speed: 100 kilowatt max (180 miles added in 47 minutes)
Federal Tax Credit: In 2022, the new revisions to the EV tax credit took away this incentive from the Kona EV. See full details here. State incentives may apply.
Did You Know? The all-new Hyundai IONIQ 5 has stolen the show with more range, MUCH faster charging, and better looks. Although MSRP starts closer to $45,000, dealer markups make it hard to find one under $50,000. More on that below.
Build and price your own Kona EV at hyundaiusa.com
2023 Kia Niro EV
Don’t like the looks of the Kona EV? The Niro is the same vehicle on the inside.
Price: From $40,875 with destination fees
Range: 253 miles
Charging Speed: 100 kilowatt max at a DC fast charger (adds 177 miles of range in about 45 minutes)
Federal Tax Credit: The new revisions to the EV tax credit took away this incentive from the Niro EV. See full details here. State incentives may apply.
Did You Know? The 2023 model year introduces a plug-in hybrid version with 33 miles of all-electric range. This is a great option for frequent travelers, rural drivers, and those without a place to charge at home.
Build and price your own Niro EV or plug-in hybrid
Polestar 2
Polestar is the fully-electric brand backed by Volvo. This car looks unmistakably Nordic, yet not as minimalist as a Tesla. Pricing is right under $50k, but direct-to-consumer sales means no dealer markups.
Price (front-wheel drive): $49,800 with destination fees, but there’s no haggling with Polestar’s pricing
Range: 270 miles
Charging speed: 150 kilowatt max charging (adds 160 miles of range in 25 minutes)
Federal Tax Credit: In 2022, the new revisions to the EV tax credit took away this incentive from the Polestar 2. See full details here. State incentives may apply. The upcoming Polestar 3 electric SUV will be produced in the United States beginning in mid-2024, but price caps may prevent most buyers from qualifying for federal EV tax credits.
Did You Know? The Polestar 2 is the closest competitor in terms of size, price and specs to the Model 3 rear-wheel drive.
2023 Kia EV6 (base trim)
Update: Following a price hike, the 2023 Kia EV6 is no longer available under $50,000 with required destination fees. We have left it on this list due to the exceptional value: over 300 miles of range and ultra fast charging for just a bit over $50k.
Price: $50,025 (Wind Rear-Wheel Drive)
Range: 310 miles
Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 20 minutes)
Federal Tax Credit: The new revisions to the EV tax credit took away this incentive from the EV6. See full details here. State incentives may apply.
Did You Know? The Kia EV6 is based on the same e-GMP electric platform as the Hyundai IONIQ 5. If the looks of the EV6 are too much for you, maybe the IONIQ 5 is up your alley. The EV6 comes with 1,000 kilowatt-hours of free charging at Electrify America. That’s about 15 charging sessions from 10% to 80%.
Build and price your own EV6 at kia.com
2023 Hyundai IONIQ 5 (base trim)
Despite winning so many awards in 2022, Hyundai has struggled to produce enough to meet demand. In 2023, IONIQ 5 inventory is finally climbing in America. See the latest IONIQ 5 inventory in your area.
Price: From $42,785 (SE Standard Range). Gain more range from $45,000+.
Range: 220 miles (Standard Range) to 303 miles
Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 20 minutes)
Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the IONIQ 5. See full details here. State incentives may apply.
Did You Know? The IONIQ 5 and it’s sibling the Kia EV6 are by far the fastest-charging EVs under $50,000. The IONIQ 5 has two years of free charging at Electrify America.
Build and price your own IONIQ 5 and hyundaiusa.com
Ford Mustang Mach-E
Last but certainly not least, the entry-level Mustang Mach-E starts under $50k. Finding one without a dealer markup is a challenge.
Price: Starting at $45,995
Range: 247 miles (Standard Range battery)
Charging Speed: 150 kilowatt max speeds (adds 170 miles of range in 35 minutes)
Federal Tax Credit: The Mustang Mach-E is made in Mexico, so it continues to qualify for at least half of the new EV tax credit. Qualification for the full credit depends on the battery supplier. See the latest from the federal government.
Did You Know? The Mustang Mach-E is one of the top-selling EVs in America, although it remains far behind Tesla.
Build and price your Mustang Mach-E at Ford.com
More Options On the Way
The Equinox EV was recently introduced, and GM still claims that it will start “around $30,000.” Even if the most preferred trim options run closer to $40,000, the Equinox EV looks to be a great deal.
Here are the standout specs GM has released:
- 250 to 300 miles of range
- 150 kilowatt max charging
- 70 miles of range added in 10 minutes
- More spacious than the combustion Equinox
See every detail released so far, from trim options to expected pricing
Don’t forget that both state and federal EV incentives may apply. Here’s our full breakdown of which models are likely to qualify. For the first time, a used EV tax credit is available, but very few models qualify due to the price cap. We’ve got the full details covered here.
Not sure which path is right for you? Head over to the CarEdge community forum to chat with auto experts with years of experience. I’m on the forum daily!
Thank you, Justin, for this article. It gets right to the point on each of these models. it’s an easy and informative read. It is also truthful in suggesting either / or for family and either / or a road trip or only around town, i.e., the Chevrolet Bolt EV. My dos centavos are that any amount of money that I spend on a vehicle must not have any restrictions for my intent on driving it. So, if I purchase a Chevrolet Bolt EV, my intent is for driving it around town, but for a road trip, I will want to buy a Chevrolet Equinox EV. However, on the ICE vehicles, even a small Chevrolet Sonic (and other comparable ICE models), could be driven across country without any fuel anxiety, or without any restrictions that are forewarned on today’s EV’s.