The 4 Most Affordable Electric Vehicles of 2024

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EVs aren’t cheap, but these vehicles could be the best deal for budget-conscious buyers. Read on to see which EV models made the list. 

Automakers continue to add more models to their growing list of electric vehicles, giving consumers more EV options than ever before.

And while many electric vehicles aren’t exactly budget-friendly, a handful of 2024 models are relatively affordable. Here are four great options that won’t break the bank.

1. Nissan Leaf

MSRP: starts at $28,140

EV enthusiasts are acquainted with the Leaf, considering that Nissan launched the vehicle all the way back in 2010. EV years are like dog years, which makes the Leaf ancient by electric car standards, but don’t let the graying paint fool you; this one is still worth a look.

With a starting price of just over $28,000, the Leaf is one of the cheapest EV options if you want to stay in an affordable price range. Speaking of range, the Leaf’s base model’s 121-mile range won’t shatter any records, but you can always upgrade (for a fee, of course) to the Leaf SV Plus model, which boosts the range to 212 miles.

Safety-minded buyers will love the Leaf’s 5-star overall safety rating from the National Highway Traffic Safety Administration (NHTSA), which could be good for your car insurance premiums.

2. MINI Cooper SE Electric

MSRP: starts at $30,900

Many automakers are making their new EV models look distinct from their gas-powered counterparts, but the all-electric MINI Cooper SE bucks that trend and instead keeps the vehicle’s iconic look.

Stomp the pedal and the MINI Cooper SE will spring from 0-60 mph in just a hair under seven seconds, tapping into 181 horsepower. MINI says the battery will charge to 80% in just 36 minutes, which is good considering that a full charge will only give you 114 miles of range.

It turns out the electric MINI SE is also a fan favorite. The EV ranked No. 1 in ownership experience and ownership cost in a recent J.D. Power electric vehicle ownership study.

3. Hyundai Kona Electric

MSRP: starts at $32,675

The Kona Electric is entirely redesigned for 2024 and is quite the looker. While the updated version will initially have limited availability, the stylish sub-compact EV will likely be more readily available throughout the year.

The base SE version of the Kona Electric boasts a range of 200 miles on a full charge, but if you choose to step up to the next two model trim versions, you’ll get a 261-mile range. The base model also sports a 12.3-inch infotainment display and has six more cubic feet of storage than the 2023 model. And, as per Hyundai’s usual warranty offer, you’ll get a 10-year/100,000-mile powertrain warranty with Kona Electric.

4. Chevrolet Equinox 1LT

MSRP: starts at $34,995

The Equinox will become GM’s cheapest EV after the automaker decided to stop production of its affordable EV — the Chevrolet Bolt — at the end of 2023. You may still be able to find some Bolts in dealerships before they run out of stock, but you can expect the Equinox to be the EV that Chevrolet salespeople will be pitching you.

The Equinox officially goes on sale in early 2024 with a unique (and more expensive) Launch Edition model, but the more affordable 1LT model will make its way to showroom floors in mid-2024. This version will have an EPA-estimated 319 miles on full charge and an AWD option that will propel the Equinox from 0-60 mph in just 5.9 seconds using 288 horsepower. In short, this well-priced EV may be worth the wait.

One thing to consider before buying an EV

While these EVs are the most affordable on the market, you’ll likely want to shop around a little when buying insurance for them. Electric vehicles are generally more expensive to insure than gas-powered ones because they take longer to repair, may require more repair parts, and have costly battery packs.

Spend some time comparing policies to find the best car insurance company for you. You may also want to consider bundling your auto insurance with your renters or homeowners insurance to potentially lower your premiums.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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