Best Affordable Electric Cars For Under $40,000

There is an increase in the demand for electric vehicles because customers have more varieties at better prices. However, there are still electric cars that are beyond the budget of many people. Still, the average electric vehicle is almost equal to the cost of an average combustion engine car. 

You must think that low-priced electric cars must have below-average tech and other features. In contrast, affordable electric vehicles have those exceptional specs that were once out of people’s reach. Many of the best cheap electric cars are available in the car market today, which we will discuss in this article. We will describe the best inexpensive cars with excellent specs and tech features.

List of the Best Affordable Electric Cars

All electric cars discussed below have an MSRP or manufacturer’s recommended retail price of $40,000 or less. Also, they all have ranges above 200 miles, making them more capable of taking long routes with fewer charging breaks. Many other additional features are worth discussing. Therefore, list the best affordable electric cars with high-end specs and tech features.

1- Tesla Model 3

After multiple price cuts in 2023, the most affordable model of Tesla, the Model 3 Sedan, is now $38,990. However, the 2024 Tesla Model 3 is around $40,380 with RWD and $47,380 for the long-range AWD variant. Besides, Tesla launched an upgraded version in January 2023 after first debuting in China. The most prominent upgrade is a screen on the centre console for backseat passengers, a larger trunk, and cushier seats. 

Tesla Model 3 has a 272-mile range with a nationwide supercharging network. Moreover, it has a full-featured mobile application; these features make the Tesla Model 3 an ideal choice for the first-time electric vehicle owner. If we look at the self-driving features, the model has a basic autopilot, including automatic steering and cruise control within a highway lane. 

Besides, the drawback is that Tesla does not include level 1 charging anymore with the purchase like other best affordable electric cars. The owner will have to buy a mobile connector, which costs around $230, to charge at a regular wall outlet. However, you can upgrade to a level 2 Wall Connector Charge, which costs around $425. You can use many alternative charging solutions, but they will be costly. 

2- 2025 Volvo EX30

The 2025 Volvo EX30 is a classy and sophisticated new electric vehicle with a meagre starting price of $34,950. It is too low for this high-end car brand. This electric vehicle has a respectable 275-mile range, equal to the base model Tesla Model Y, for over $10,000 or less. 

However, the body of the EX30 is smaller than that of the Model Y and is suitable for driving around city streets. It goes from 0-60 in around 3.4 seconds, making it the fastest model of any Volvo. Also, it charges at outstanding speed, going from 10-80% in 26.5 minutes. 

3- Hyundai Kona Electric

As we all know, each Hyundai electric car has the best performance and features. Another exceptional masterpiece of Hyundai is here: the Hyundai Kona Electric. It has been revamped for 2024 with a whole lot of room space and much bolder styling. The surprising thing is that even though it is newer, bigger, and better in every way, the Hyundai Kona Electric 2024 model is one of the best affordable electric cars. 

Kona Electric has two battery packs that offer two levels of performance and range. The pricing of the base model Hyundai Kona Electric 2024 starts from $32,675 with a 48.6 battery pack and a 133hp electric motor. Moreover, the charging speed of Kona Electric is fast but slower than that of the more expensive models of Hyundai. 

4-2024 Fiat 500e

This classic Italian company is bringing the 2024 Fiat 500e to the US in 2024. It is the company’s first doing so after debuting in Milan in 2020. Also, it will be the first battery-powered car in the US from Stellians, which also owns Ram, Chrysler, and Jeep. The price of the 2024 Fiat 500e is around $32,500 with a $1,595 destination fee, which makes a total cost of $32,095. 

This car comes in three colours, red, black, and white, and has a comparatively low range, 162 miles. With this range, you will usually be around the city. However, it is an upgrade of its similar, pint-sized, and stylish competitor, the electric Mini Cooper, which has a range of 114 miles.

5- Volkswagen ID.4

The price for the 2024 Volkswagen ID4 has not yet been officially announced, but it is anticipated to have a starting price of just below $40,000. ID.4 is also included in the list of electric cars under $40,000. The new 2024 model is going to have multiple updates with a variety of improvements. The ID.4 will have a modern, sleek design and a spacious interior. 

Plus, it also has a stunning 10-inch touchscreen infotainment system. Moreover, this Volkswagen electric car has a 62 kWh battery pack, 209 miles of driving range, and an RWD layout. It also has a spacious interior and affordable pricing, making it a compelling choice.

 

6- 2024 Ford Mustang Mach-E

For the time, the Ford Mustang Mach-E has gone below $40,000 after a price cut in February 2024. However, the base-level models are available with a low 225-mile range. But, the costlier increased range trims get 290 miles, around $42,805, and 312 miles, around $48,895. 

The Mach-E offers plenty of tech and a much sportier look. The tech Mach-E offers includes a wireless charging pad, which allows you to use your phone as a key and access the Tesla Supercharging Network. There are plenty of unique features to discuss, but this Ford electric car is the best choice for those looking for a typical electric vehicle experience with modern tech.

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7- 2024 Chevrolet Equinox EV

The 2024 Chevrolet Equinox EV price starts from $34,995. This car claims to be the cheapest electric vehicle with more than 300 miles of range when it hits dealers this year. This range makes this car an attractive alternative to the Tesla Model Y, whose price starts from $42,990 and has a range of 260 miles. Moreover, Equinox gets power from General Motors’s new Ultium battery platform. Let’s talk about the charging speed of this Chevrolet, which takes 45 minutes to charge at a fast charger. 

Equinox has many unique features, including a 17.7-inch touchscreen that beautifies the dash with another 11-inch screen for the driver. The car also has spacious storage and a big, roomy interior, making it a perfect practical choice. You can change your Equinox into a more premium vehicle with heated seats, wireless charging pads, and extra self-driving safety features by spending additional cash.

Conclusion

In the past, most emerging electric cars hit the market with expensive price tags and were initially viewed as a thing for rich people. However, this is no longer the case; many of the best affordable electric cars are available on the market. 

People are moving towards electric cars for multiple reasons, two of them are affordability and to address climate crises. Now, electric cars with the best tech and specs are not pricey anymore, and drivers are looking to save on gas by making a one-time investment in affordable electric cars. Above, we have listed affordable electric cars with features that any other pricey electric vehicle would have.

For more blogs related to electric vehicles, like a list of the best and safest EVs and why electric cars are faster than gas cars, visit our blog.