Only 1 New Electric SUV Costs Less Than $30,000 — and It’s Even Cheaper This Year

There is an influx of new EVs, including many new electric SUV models. Electric SUVs have many things going for them, including zero emissions and better performance than most gas-powered SUVs. One drawback of EV SUVs, though, is that they tend to be expensive. There is one affordable electric SUV, though: the 2023 Chevy Bolt EUV. It’s the only new electric SUV that costs less than $30,000. 

The 2023 Chevy Bolt EUV is the only electric SUV that costs less than $30,000

Front angle view of black 2023 Chevy Bolt EUV, the only electric SUV that costs less than $30,000
2023 Chevy Bolt EUV | Chevrolet

With a starting price of just $28,195 MSRP, the 2023 Chevy Bolt EUV is the only new electric SUV that costs less than $30,000 in the United States. This low of a cost is not something that one would expect to find for an electric SUV. Most EV SUVs cost over $40,000. Also, in the case of premium electric SUVs like the Rivian R1S, Tesla Model X, and BMW iX, the prices are tens of thousands of dollars higher. 

While Fisker claims that the 2024 PEAR electric SUV will have a starting price of $29,900, it won’t be available until 2024. Also, with inflation, there’s no guarantee that the PEAR’s price will remain this low two years from now.

Dashboard and front seats in 2023 Chevy Bolt EUV, the only electric SUV that costs less than $30,000
2023 Chevy Bolt EUV | Chevrolet

There are several things to keep in mind about the price of the 2023 Chevy Bolt EUV, though. The $28,195 MSRP is the starting price, which doesn’t include the cost of options, delivery fee, and taxes. Also, the $28,195 price is for the base-level LT trim. The Premier trim ($32,695 MSRP) costs a little more. Plus, a Chevrolet dealership might charge a higher price for the Bolt EUV.

However, these prices are still very affordable. The Bolt EUV costs considerably less than other electric SUVs that are currently available.

Why does the 2023 Chevy Bolt EUV have such an affordable price?

The prices of cars, like many other products, are rapidly increasing with the rising costs of inflation. However, the Chevy Bolt EUV is a rare exception. The 2023 Bolt EUV actually costs less than the previous model year. Compared to the 2022 Bolt EUV, the 2023 Bolt EUV has a $6,300 price reduction for all models.

One of the biggest reasons for the affordable price is that Chevrolet might have reduced the cost of the Bolt EUV in the wake of the fires of the electric SUV and the hatchback version, the Bolt EV. Along with addressing the fire issue with a temporary halt in production, the automaker might be trying to earn back some goodwill for EV customers with the lower price.

Another reason for the reduced cost could be the expiration of the federal EV tax credit for Chevrolet’s electric vehicles. With the federal EV tax credit no longer helping to reduce the cost of the Bolt EUV, Chevrolet might have reduced its starting price to make it more affordable. 

What are the cheapest electric SUVs available to buy?

Black 2023 Chevy Bolt EUV, the cheapest electric SUV available, plugged into a charging station
2023 Chevy Bolt EUV | Chevrolet

RELATED: 2023 Chevy Bolt EV: Release Date, Price, and Specs — the Cheapest EV in the US!

Following the 2023 Chevy Bolt EUV, the cheapest new electric SUVs available to buy in the U.S. are the 2022 Mazda MX-30 EV ($33,430 MSRP) and the 2022 Hyundai Kona Electric ($34,000).

Here are the 10 most affordable new electric SUVs. Please note: Many automakers are increasing the price of cars with the high inflation costs, so these prices and the ordering of this list are subject to change. Also, for some of these EV SUVs, the pricing information is not yet available for the 2023 model year.

  1. 2023 Chevy Bolt EUV: $28,195 MSRP
  2. 2022 Mazda MX-30 EV: $33,430 MSRP
  3. 2022 Hyundai Kona Electric: $34,000 MSRP
  4. 2022 Kia Niro EV: $39,090 MSRP
  5. 2022 Kia EV6: $40,900 MSRP
  6. 2022 Hyundai IONIQ 5: $39,950 MSRP
  7. 2022 Volkswagen ID.4: $41,230 MSRP
  8. 2023 Toyota bZ4X: $42,000
  9. 2022 Ford Mustang Mach-E: $43,895 MSRP
  10. 2023 Subaru Solterra: $44,995 MSRP

As you can see, the 2023 Chevy Bolt EUV is the cheapest new electric SUV available to buy — and the only one that costs under $30,000. While the recent fires might dampen some enthusiasm for the Bolt EUV, it’s hard to overlook its affordable price.

RELATED: The Many Advantages of EVs Will Make You Never Want to Buy a Gas-Powered Car Again