The 10 Cheapest New Electric Cars You Can Buy in 2023

Saying goodbye to gas doesn’t mean having to break the bank.

Published September 19, 2023

Updated January 17, 2024

Electric cars have become a byword for expensive vehicles. There’s some merit to that. Battery technology isn’t cheap. Electric cars — not building on a century of combustion engine development — require more research and development. An electric car will likely be significantly more expensive than its combustion counterpart. But that’s not the whole story.

The average price Americans pay for a new car is around $47,000. And you can buy several electric vehicles for much less than that. Not all of them will offer spectacular range or the amenities one would find in a similarly priced ICE vehicle. But all of them allow you to avoid paying crazy high costs at the pump if (okay, when) the price of gas should skyrocket once again.

The Cheapest Electric Cars You Can Buy in 2023

Chevrolet Bolt EV

Chevrolet

Starting MSRP: $26,500
Top EPA Range: 259 miles
Federal Tax Credit: Yes

The Bolt doesn’t provide many frills or thrills. But it offers the range buyers want at a seriously affordable price point. Chevy is getting rid of it after the 2023 model year. But it’s still available now, so if you’re interested, snap one up while the getting is good.

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Chevrolet Bolt EUV

Starting MSRP: $27,800
Top EPA Range: 247 miles
Federal Tax Credit: Yes

Like the Bolt but don’t think it has enough space? Meet the Bolt EUV. It’s about six inches longer than the Bolt, with some added leg room. The looks are a tad more SUV-like. However, it’s also more expensive and offers a bit less range. The Bolt EUV was the first Chevy vehicle to receive Super Cruise hands-free driving.

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Nissan Leaf

Starting MSRP: $28,140
Top EPA Range: 226 miles
Federal Tax Credit: No

The Nissan Leaf was the first mass-market EV to hit the market back in 2010. It set a paradigm for what people thought electric vehicles would be: small, dorky, underwhelming and range-constricted. Fast forward to 2023, and you can score a Leaf with more than double the horsepower and triple the range of the original.

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Mini Electric Hadrtop

Starting MSRP: $30,900
Top EPA Range: 114 miles
Federal Tax Credit: No

The Mini Electric — aka the Mini Cooper SE — is a battery-electric version of the third-gen Mini Hardtop. It borrows some componentry from the BMW i3. It delivers the style the brand has become known for. But its range limits it to being a city car — and probably a warm-weather one at that.

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Hyundai Kona Electric

Hyundai

Starting MSRP: $33,550
Top EPA Range: 258 miles
Federal Tax Credit: No

The Kona Electric is a battery-electric version of Hyundai’s excellent Kona subcompact crossover. It was a reviewer favorite when it came out, with excellent balance and nearly 300 lb-ft of torque. It’s cheaper than the Ioniq cars. And there may be deals to be had with the new 2024 model on the horizon.

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Volkswagen ID.4

Starting MSRP: $38,995
Top EPA Range: 275 miles
Federal Tax Credit: Yes

Other manufacturers looked to the future with their first EVs. VW kept it rather conventional with the ID.4 crossover, which looks like a VW crossover that happens to be electric. The ID.4 is not the flashiest EV, but it handles well with a low center of gravity and — unlike a lot of EVs — offers about 64 cubic feet of cargo space. The base model is the long-range model with 275 miles of range.

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Kia Niro EV

Starting MSRP: $39,500
Top EPA Range: 253 miles
Federal Tax Credit: No

Kia launched the second-generation Niro compact crossover for 2023, which includes an all-electric version. It gets a more handsome and more upscale appearance than the previous model. And the new version receives a bump to 253 miles of EV range.

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Tesla Model 3

Tesla

Starting MSRP: $40,240
Top EPA Range: 333 miles
Federal Tax Credit: Yes

The Model 3 sedan is the most affordable Tesla model. With recent price decreases, it now starts just above $40,000 in RWD form and is also eligible for the full $7,500 federal tax credit.

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Hyundai Ioniq 5

Starting MSRP: $41,450
Top EPA Range: 303 miles
Federal Tax Credit: No

Hyundai released the Ioniq 5, which is striking to look at, lovely to drive and more spacious than you would presume by looking at it. And it swept awards for World Car, World Electric Car and World Car Design of the Year.

READ THE REVIEW

Hyundai Ioniq 6

Starting MSRP: $41,600
Top EPA Range: 361 miles
Federal Tax Credit: No

Hyundai followed up the Ioniq 6 with the Ioniq 6, which earned the automaker a second-straight World Car of the Year award. It offers efficiency and range on par with some of the biggest name electric cars on the market — for about half the price.

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Kia EV6

Kia calls the EV6 a sport crossover. It’s technically classified as a wagon. But whatever the market segment, the EV6 is brilliant — and was an easy choice for our Best Cars You Can Buy in 2022 list. Like the Ioniq 5 it shares powertrain components with, the base model Light RWD EV6 has a detuned 168-hp motor with 232 miles of range.

Starting MSRP: $42,600
EPA Range: up to 310 mi
Federal Tax Credit: No

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What to watch out for when buying an electric car

Real-World Range: Lower-range EVs are workable … in theory. Most drivers — even in the suburbs — don’t drive even 100 miles every day. But you typically only charge an EV to 80–90 percent except in rare circumstances, and cold weather can sharply reduce the range.

Tax Credits: Some (but not all) EVs are eligible for a $7,500 federal tax credit. That tax credit is non-refundable. So, you must owe $7,500 on your taxes to get back the total credit. (Note, however, that many automakers will give you the credit towards a lease regardless of your tax status.) On the other hand, some states offer additional tax credits on top of the federal incentives that can make the price even cheaper.

What State You Live In: Not all EVs are sold in every state. Manufacturers may prioritize California and states that follow the California Air Resources Board (CARB) that require manufacturers to sell them over other states.