Buying a new car right now isn’t ideal, but it has to be done. There are a lot of new electric vehicles on the market, many of which are still eligible for a variety of rebates. Looking for the cheapest electric vehicles available for 2022? The list grows every day, but Volkswagen, Hyundai, Chevy, and Kia have some cheap electric cars that will fit into many budgets.
Check out the Volkswagen ID.4 Pro, one of the cheapest electric vehicles for 2022
By taking the Manufacturer’s Suggested Retail Price (MSRP) and dividing it by the Environmental Protection Agency’s (EPA) range numbers, buyers can determine how much it will cost. Auto Evolution did the math and found that the Volkswagen ID.4 Pro is one of the cheapest electric vehicles based on this creative math.
For the ID.4 Pro, the starting MSRP of $41,230 is relatively reasonable. The Pro trim has a range of 280 miles. That works out to $147 per mile! Volkswagen says the electric SUV charges pretty fast at DC Fast Charging stations, adding 70 miles of range in 10 minutes. Plus, the ID.4 is still eligible for the full $7,500 federal tax credit at the time of publication. That makes it only $33,260, bringing the cost down to $118 per mile. That tax credit might not be around for much longer, though.
Starting MSRP: $41,230
After federal tax credit: $33,260
The Hyundai Kona EV qualifies as one of the cheapest electric vehicles
The 2022 Hyundai Kona EV is another one of the most affordable electric vehicles. Dividing the MSRP ($34,00) by the range (258 miles), you get $131 per mile. Taking the $7,500 federal tax credit off brings that down to a very reasonable $26,500. With the credit factored in, the 2022 Kona EV is only around $102 per mile of range. Hyundai has been stepping up its game lately, and the all-electric Kona is proof.
Starting MSRP: $34,000
After federal tax credit: $26,500
Don’t overlook the Hyundai Ioniq 5 electric SUV
The Hyundai Ioniq 5 SE has a starting price of $44,000, making it one of the cheapest electric vehicles for 2022. This new electric SUV has a 303-mile range and is capable of DC Fast Charging on its 168 kW battery. With 225 hp and room for five passengers, the Ioniq 5 brings a lot to the table. Hyundai also includes two years of 30-minute charging sessions at Electrify America charging stations. Doing this math, the Ioniq 5 SE works out to about $145 a mile. Buyers can still take advantage of the federal tax credit, bringing this down to $36,500 or $120 per mile.
Starting MSRP: $44,000
After federal tax credit: $36,500
The Chevrolet Bolt EV is the king of cheap cars
The Chevrolet Bolt EV was one of the first electric vehicles to hit the market that people loved to drive. After some of the battery problems, that took a turn for the worse, but the Bolt EV is back and better than ever. The 2022 Bolt starts at $31,500 and has a range of 259 miles on a full charge. The Chevy Bolt has cool tech like wireless connectivity and charging and one-pedal driving to maximize electricity. Chevrolet will also cover the standard installation of a Level 2 charging outlet at home for new buyers. That sets it at $121 per mile, making it a cheap electric car that comes with a home charger.
Starting MSRP: $31,500
One of the cheapest electric vehicles per mile, the Kia EV6 RWD
The Kia EV6 RWD is priced at $40,900 but is still eligible for the federal tax credit, bringing that down to $33,400. With its 310 miles of range, it is $131 per mile with the regular price and only $107 per mile of range with the federal tax rebate. That is, by far, the cheapest option using this math that doesn’t actually mean much. Not a bad choice for a cheap electric car, though.
Starting MSRP: $40,900
After federal tax credit: $33,400
The tax credit is a huge benefit that makes some of these electric cars super affordable. Unfortunately, these won’t last forever. The more popular an electric vehicle is, the quicker the rebate runs out. This math isn’t exact and will fluctuate a lot depending on range changes, location, timing, and trim levels. Check out the warranty on any new electric vehicle to be sure you know what you are getting into.