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

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

Looking For a No-Haggle Car Dealership? Here’s a Better Option.

Looking For a No-Haggle Car Dealership? Here’s a Better Option.

Drivers despise haggling with salespeople. From bait-and-switch pricing to misleading online prices, there’s a lot to dislike about the whole experience. It’s no surprise that just 26% of car buyers think that the car buying process is transparent. In the age of online shopping, wouldn’t it make sense to buy your next car online? Today, there’s a better way to find the perfect vehicle at the right price. Here’s how CarEdge is taking no-haggle car buying to the next level.

No-Haggle Pricing + Home Delivery? It’s Here.

Price transparency is a real problem in car buying. We hear horror stories from car shoppers all the time. It’s about time that someone did something about it. Here at CarEdge, our team set out to find a lasting solution to car buying woes. The result was the launch of a new way to buy a car: pre-negotiated, no-haggle car pricing through a network of vetted car dealers. 

By choosing to only work with honest car dealers with stellar reputations, CarEdge is changing the way Americans buy cars. Imagine this: you browse for cars online, find the vehicle you want at a price you’re happy with, and then connect with your personal Concierge who will take it from there. Days later, your car is delivered to your driveway.

How does CarEdge work? Is there a catch? Next, we’ll lay out the entire process, from start to finish.

How CarEdge Works

CarEdge How It Works

Buying a car through CarEdge involves a stress-free process that’s managed entirely from the comfort of your home. Here’s an overview of how it works:

  1. Initial Consultation: Find a car, or reach out to our team for help. When you’re ready, we’ll start with a phone call to discuss your preferences and budget. Zero pressure, no gimmicks. Best of all, no-haggling.
  2. Vehicle Selection: CarEdge will locate the best vehicle that fits your needs. Want options? No problem. You have the final say on everything.
  3. Dealer Communication: CarEdge handles all interactions with the dealership, including negotiations. Never deal with a salesperson, period!
  4. Transparent Pricing: Your CarEdge Concierge ensures that the price is fair without hidden fees or unnecessary add-ons. 
  5. Home Delivery: The car is delivered directly to your door. Congratulations! You just bought a car without stepping foot in a dealership.

👉 For more information, visit CarEdge’s How It Works page.

CarEdge Reviews

CarEdge Google ratings

On average, drivers who buy with CarEdge save a few thousand dollars on their new car. In many cases, CarEdge is able to source the exact vehicle a customer wants (make, model, year, trim, and even color), for thousands of dollars less than you’ll find elsewhere. CarEdge even has  below-invoice deals (that’s far below MSRP!). 

We welcome you to browse hundreds of real, unfiltered CarEdge reviews at the CarEdge Community Forum. See how much you could save in time, money, and hassle!

👉 See CarEdge Reviews

Have Questions? Reach out!

Got questions or want more information about  no-haggle car buying with CarEdge? Simply want to talk to our team of experts? We’re here to help! We’re real people here to save you real money. Feel free to reach out to us at concierge@caredge.com with any inquiries or for further assistance. 

Browse listings near you with CarEdge Car Search

See this month’s exclusive CarEdge Deals

Is It Better to Buy Or Lease a Car in 2024?

Is It Better to Buy Or Lease a Car in 2024?

The decision between buying and leasing a car is a tricky one. In 2024, this choice is even more pertinent due to shifting market dynamics and attractive manufacturer incentives. Drawing insights from CarEdge Co-Founder Ray Shefska, we delve into the nuances of buying versus leasing to help you make an informed decision.

Understanding Leasing in 2024

CarEdge buying or leasing in 2024

Leasing has traditionally been a popular option for drivers seeking lower monthly payments and the flexibility to change cars every few years. However, leasing fell out of favor during the pandemic era. In 2024, leasing is once again growing in popularity as drivers look to avoid the high interest rates that come with buying. There are also reasons why the dealers and car manufacturers themselves are fans of leasing. 

Leasing keeps customers coming back to the dealership, more so than selling does. It’s also seen as a proven method of increasing brand loyalty. Ray highlights that many manufacturers are trying to increase the number of vehicles that are being leased due to the benefits it offers both dealerships and customers. Leasing ensures customers return at the end of their term, potentially increasing brand loyalty and dealership traffic.

Historically, leasing deals accounted for about 30% of all new car sales. However, this figure has recently dipped to around 17-18%. In response, manufacturers are rolling out aggressive leasing deals to climb out of the leasing slump. In early 2024, there’s an abundance of attractive lease offers for popular models. 

First, let’s talk about whether buying or leasing makes sense for you.

The Benefits of Leasing a Car

Leasing in 2024 offers several advantages over buying:

  • Lower Monthly Payments: Aggressive leasing deals can significantly reduce monthly payments, making it feasible for customers to opt for higher trim levels without stretching their budgets.
  • Quality Used Inventory: The end of lease terms brings a wave of desirable used vehicles back to dealerships, benefiting the used car market with a supply of attractive options.
  • Flexibility: Leasing allows consumers to enjoy the latest models every few years, along with the latest technology and safety features, without the long-term commitment of buying.

👉 See the Best Lease Offers This Month

The Benefits of Buying a Car in 2024

Purchasing a vehicle outright continues to be a viable option for those looking for long-term value and ownership. These are the main advantages of buying instead of leasing:

  • No Mileage Restrictions: Unlike leasing, buying a car frees you from mileage limits, making it ideal for those with high commute demands.
  • Ownership Equity: Every payment made towards buying a car builds equity, eventually leading to outright ownership, which can be financially beneficial in the long run. Keep in mind that it’s never a smart idea to buy if you plan to sell within a few years. Depreciation hit’s hard, as car owners are finding out today.
  • Freedom to Customize: Owning a car allows for personalization and modifications without the restrictions typically imposed by a lease agreement.

👉 If you’re looking for a complete, in-depth breakdown of leasing see the CarEdge Consumer’s Guide to Leasing in 2024.

Making the Right Choice

The decision to buy or lease in 2024 hinges on personal preferences, driving habits, and financial considerations. Ray advises, “Customers should check the manufacturer website and see what kind of sales and lease offers are available in their area before heading to the dealership.” Additionally, it’s crucial to check insurance costs before falling head over heels for any new car.

👉 See this month’s best leasing and financing offers

Conclusion

In 2024, whether to buy or lease a car depends on your individual needs and lifestyle. With manufacturers pushing more attractive lease deals, leasing may become a more appealing option for many. Leasing is a great way to avoid the worst effects of today’s high interest rates. 

However, the long-term benefits of ownership and the freedom that comes with buying a car remain compelling factors. By carefully weighing the pros and cons and staying informed about current offers, you can make a decision that best suits your circumstances and ensures your satisfaction in the ever-changing automotive landscape.

Free Car Buying Help Is Here!

Car buying cheat sheet

Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!

These Are the Most Negotiable Car Brands in Your Region

These Are the Most Negotiable Car Brands in Your Region

When searching for the best new car deals, a powerful tool is the latest local inventory data. Equipped with behind-the-scenes market insights, you’re setting out with negotiation leverage on your side. The best way to compare apples to apples in new car inventory is with a little-known metric: market day supply. Market Day Supply (MDS) refers to the number of days it would take to sell all current inventory at the current rate of sales, without any new supply being added. MDS isn’t perfect, but it’s one of the best tools we have for gauging supply and demand in the new car market.

With a mix of leftover 2023 models and newly arrived 2024s piling up on dealer lots, now is the perfect time to put your car buying toolkit to work to hunt down some deals. 

We’ve used CarEdge Data to identify the new car brands with the most and least inventory in every region in America. Skip ahead to your region using the table of contents below.

New England

Dodge Hornet

These are the most and least negotiable new cars in Maine, Massachusetts, Connecticut, Rhode Island, New Hampshire, and Vermont in early 2024.

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge3141754
Chrysler260838
Ram2584448
Jeep24912836
Buick1311036

Least Negotiable

MakeMarket Day SupplyTotal For Sale
Toyota4813930
Lexus481956
BMW493000
Honda578134
Cadillac64636

As is the trend in recent times, Stellantis brands dominate the list of most negotiable new cars in New England. Asian automakers like Toyota, Lexus, and Honda have the least inventory.

See local market inventory for specific models with CarEdge Data.

East Coast (Mid-Atlantic)

Jeep negotiability

This region includes the states of New York, New Jersey, Pennsylvania, Delaware, Maryland, and Washington DC this month. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge3119182
Chrysler2183028
Jeep19835721
Ram19212880
Mazda12024950

Least Negotiable

MakeMarket Day SupplyTotal For Sale
BMW469378
Honda4824661
Lexus498008
Toyota5036908
Cadillac553254

Stellantis brands take the top spot yet again. These are the same brands we saw on this list over most of the past year. However, it is interesting to see Mazda inventory so high on the East Coast.

See local market inventory for specific models with CarEdge Data.

Southeast

Ram truck negotiability

This region includes Virginia, North Carolina, South Carolina, Florida, Georgia, Tennessee, West Virginia, Kentucky, Alabama, Mississippi, Louisiana, and Arkansas in early 2024. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge36529398
Ram21133461
Jeep18437196
Chrysler1663694
Buick12511446

Least Negotiable

MakeMarket Day SupplyTotal For Sale
Toyota3875528
Honda4333148
Kia4621222
Lexus4614694
BMW5313157

There’s a whole year of inventory for new Ram trucks in the Southeast right now. Toyota, Kia, Honda, and BMW are far less negotiable with slim supply.

See local market inventory for specific models with CarEdge Data.

Midwest

Jeep negotiability

This region includes Ohio, Indiana, Michigan, Illinois, Wisconsin, Iowa, Missouri, Minnesota, Kansas, Nebraska, South Dakota, and North Dakota right now. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge35413671
Ram17828066
Jeep16435543
Chrysler1424302
Buick12918753

Least Negotiable

MakeMarket Day SupplyTotal For Sale
Lexus384786
Toyota4130521
Honda4323579
Cadillac534754
BMW627074

As expected, Stellantis brands like Dodge, Ram, and Jeep have the highest inventory and therefore the most negotiability in the Midwest.

See local market inventory for specific models with CarEdge Data.

Southwest

Nissan Titan deals

In the Southwest region, we’ve included the states of Texas, Oklahoma, New Mexico, Arizona, and Nevada in early 2024. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge36116824
Chrysler2292190
Ram18821176
Jeep17820976
Nissan12330298

Least Negotiable

MakeMarket Day SupplyTotal For Sale
Toyota3928338
Lexus477636
Kia5010604
Cadillac504032
Honda5117611

This month, Nissan joins Stellantis brands in the ranks of most negotiable new cars based on inventory.

See local market inventory for specific models with CarEdge Data.

West Coast

Dodge Charger negotiability

In this region, we have California, Oregon, Washington, Alaska, and Hawaii this month. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge39610698
Ram26513031
Jeep22017964
Chrysler2122496
Nissan13419606

Least Negotiable

MakeMarket Day SupplyTotal For Sale
Toyota3941813
Honda4926063
BMW5011087
Kia5611823
Cadillac582190

Looking for car deals on the west coast? Follow the inventory! Stellantis brands like Dodge, Ram, Jeep, and Chrysler are the most negotiable car brands in states like California and Oregon.

See local market inventory for specific models with CarEdge Data.

Mountain West

Ram truck deals 2024

In the Mountain West region, we have Colorado, Utah, Wyoming, Montana, and Idaho in early 2024. 

Most Negotiable

MakeMarket Day SupplyTotal For Sale
Dodge3521682
Chrysler210369
Jeep1996543
Ram1806723
Nissan1514845

Least Negotiable

MakeMarket Day SupplyTotal For Sale
BMW40987
Toyota479400
Honda573283
Lexus571125
GMC653221

Nissan joins Dodge, Ram, Jeep, and Chrysler on the list of most negotiable car brands in 2024. BMW, Toyota, Honda, and GMC have the least inventory in the Mountain West.

See local market inventory for specific models with CarEdge Data.

The Takeaway

Did you notice a trend in the data? It’s abundantly clear that Stellantis brands (Chrysler, Dodge, Jeep, and Ram), are having a VERY tough time selling cars in 2024. Everywhere you look, Stellantis’ vehicles are sitting on the dealership lots for longer than any other cars today. Does that make them more negotiable? Yes, but not always. The dealer has to be reasonable and motivated to sell. By you arriving with this powerful market data in hand, you’re setting off on the right foot. Negotiation know-how is worth a lot in today’s car market!

👉 Try our 100% FREE car buying course: Deal School from CarEdge

Free Car Buying Help Is Here

Car buying cheat sheet

Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!

The Most Reliable EVs According to Consumer Reports: 2024 Rankings

The Most Reliable EVs According to Consumer Reports: 2024 Rankings

Choosing the right electric vehicle is about more than just reducing your carbon footprint. Reliability is a crucial factor, particularly as the cost of repairing an electric vehicle outside of warranty becomes a frequent headline. Here, we present the top 10 most reliable EVs for 2024, according to Consumer Reports.

👉 Looking for the most reliable car brands overall? Check it out here. 

The Most Reliable EVs Overall – 2024

2024 Lexus RZ - Most reliable EVs
MakeModelReliability ScoreOverall CR ScoreBase MSRP
LexusRZ7975$58,500 - $64,000
HyundaiIONIQ 67083$37,500 - $53,650
PorscheTaycan6676$90,900 - $197,500
NissanAriya6270$43,190 - $60,190
BMWi46083$52,200 - $69,700
BMWiX5984$87,100 - $111,500
KiaNiro EV5171$39,600 - $44,600
KiaEV64877$42,600 - $61,600
AudiQ4 e-tron4869$49,800 - $58,200
TeslaModel 34771$40,240 - $53,240

👉 These are the best EV warranties

The Complete List: Consumer Reports EV Reliability Ratings

Tesla Consumer Reports reliability
MakeModelConsumer Reports Reliability Score
LexusRZ79
HyundaiIONIQ 670
PorscheTaycan66
NissanAriya62
BMWi460
BMWiX59
KiaNiro EV51
KiaEV648
AudiQ4 e-tron48
ToyotabZ4X47
SubaruSolterra47
TeslaModel 347
GenesisGV6046
ChevroletBolt EUV46
FordMME45
GenesisGV7044
TeslaModel Y41
AudiQ8 e-tron41
FordF-150 Lightning39
ChevroletBolt EV37
HyundaiIONIQ 533
LucidAir31
JaguarI-PACE30
TeslaModel S30
VolkswagenID.429
TeslaModel X27
Mercedes-BenzEQS SUV23
RivianR1S23
Mercedes-BenzEQE SUV23
Mercedes-BenzEQE23
RivianR1T22
Mercedes-BenzEQS20
PolestarPolestar 25

CarEdge’s Take

We have a number of EV enthusiasts on the CarEdge team, from Tesla fans to Hyundai IONIQ 5 owners. In our opinion, Consumer Report’s EV reliability ratings need to be taken with a grain of salt. Several of the best-rated electric vehicles on the list have some of the slowest charging, lowest range, and in some cases, all-around poor reviews.

Take the all-new Lexus RZ for example. Although it’s a Lexus, it shares the same electric powertrain with the Toyota bZ4X and even the Subaru Solterra. In Out of Spec’s test, the RZ went just 176 miles on the interstate at 70 miles per hour on a full charge in warm weather. Most of the competition is good for at least 200 miles on the highway between charging stops.

Much of the same could be said about the Nissan Ariya, Audi Q4 e-tron, and overpriced Kia Niro EV.

The best-equipped EVs on the Consumer Reports reliability list are, in terms of charging speeds and range, the Hyundai IONIQ 6, Tesla Model 3, Kia EV6, and BMW’s electric offerings. These models offer more range, and less time spent at charging stations. 

Is 2024 the right time to buy an EV? 

best evs under 50k

👉 See the best EVs on sale for under $50,000

If you’re planning to keep your next vehicle for years to come, and you’re willing to exchange convenience on road trips for fuel savings and slashing tailpipe emissions, then 2024 is a good time to go electric. If you’re likely to need an upgrade in a few years, we strongly recommend an EV lease. Resale values continue to undergo wild swings in the used EV market. This will continue as better-equipped EVs hit the market in years to come.

👉 See the best EV lease deals this month, or check out the best EV financing offers