If you want an electric vehicle, you have to grapple with the costs. After all, EVs tend to start at higher prices than their conventional cousins for now. However, just like car shopping for a gas-powered vehicle, you can choose wisely and save money. So if you want the cheapest EVs possible, consider one of these electric cars with the lowest cost to own over five years, like the MINI Hardtop EV.
- MINI Hardtop EV
- Nissan LEAF
- Hyundai Kona Electric
- Hyundai Ioniq Electric
How much do electric MINIs cost?
The MINI Hardtop EV has a fair market list price of $27,539. While that may seem like a lot, the MINI is one of the cheapest EVs to own. According to Kelley Blue Book (KBB), the MINI has the least overall depreciation and out-of-pocket expenses of the cheapest EVs on this list. Furthermore, with a total five-year cost to own of just $25,399, it is also the most affordable to keep.
How much should I pay for a Nissan LEAF?
The Nissan LEAF has its sights set on conquering the cheapest EVs on the market, but it still starts at around $500 more than the MINI. Also, with depreciation averaging $20,605 and the overall cost to own at $29,641, it’s also a lot more expensive than the MINI over time.
Is the Hyundai Kona Electric one of the cheapest EVs?
The Hyundai Kona Electric is one of the cheapest EVs on the market, if not as affordable as the MINI or Nissan LEAF. However, the Kona Electric boasts fewer out-of-pocket expenses than the Nissan LEAF. Still, buying and owning a Kona Electric over five years will cost approximately $34,523, nearly $10,000 more than the MINI. Also, the Hyundai Kona Electric has a lower average maintenance cost than the Nissan LEAF, so you would save money choosing it over the LEAF in that aspect.
The Hyundai Ioniq Electric barely makes the list of cheapest EVs
With the highest five-year cost to own and depreciation, the Hyundai Ioniq Electric comes in at the bottom of the list of the cheapest EVs. According to KBB, the Hyundai Ioniq Electric depreciates a total of $28,023, more than $10,000 over the MINI. Furthermore, the Ioniq Electric’s five-year cost to own is approximately $36,353. While that may seem like a lot, it still constitutes an EV bargain and earns the Ioniq Electric a spot on the list.
Should you buy one of these EVs with the lowest cost to own?
Depending on your priorities, you should consider the MINI Hardtop EV before you buy the other three EVs on this list. The little electric retro machine costs less than the others to purchase, insure, run, and own. Also, the MINI sports an (arguably) better-looking aesthetic, nodding to its round-lamped legacy. Still, you would save money buying any one of these EVs over other electric options on the market.
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