What’s the Most Affordable EV?

By cutting the price of the 2023 Chevrolet Bolt EV by as much as $6,300, GM makes this car the most affordable EV in the market. The starting price of the Bolt EV is $26,595 for the 1LT model. With the expiration of the Federal EV Tax Credit for GM, this price cut allows the little Chevy to be an electric car everyone can afford.

Bolt EV or Nissan Leaf? Which is the most affordable EV

The 2023 Chevrolet Bolt EV is the most affordable EV in the market
2023 Chevrolet Bolt EV | Chevrolet

The Car Connection presents this query to give us something to ponder. The Bolt EV now undercuts the Leaf, with a starting price of $28,375. The Nissan EV qualifies for the full Federal EV Tax Credit, which should drop the cost below the Bolt EV. Some consumers don’t think about is the tax credit only applies to your tax liability. If you don’t owe taxes at the end of the year, this credit doesn’t do you any good. The Bolt EV is the more affordable model for those without at least a $3,000 tax liability.

The Bolt outperforms the Leaf in every important category

This wasn’t to be a vehicle comparison but looking at two similar EVs does give us a glimpse into the value of each car. The 2022 Nissan Leaf offers 149 miles of driving range in the regular model, with the Plus versions delivering 215 miles of range. These numbers don’t come close to the Bolt. The Chevy EV is not only the most affordable EV you can drive; but also offers 259 miles of driving range.

If you’re considering the Bolt or the Leaf, you should choose the Bolt EV.

What if you don’t want to drive the Bolt?

A red Kia EV6 GT shows off its unique styling as a performance electric SUV.
2022 Kia EV6 GT Exterior | Kia

If you’re looking for one of the cheapest electric cars to drive, but you aren’t sure the Bolt EV is right for you, consider this list of the most affordable EVs in the market from Autoblog.com:

  • Chevrolet Bolt EUV – $29,190
  • Mazda MX-30 – $34,695
  • Mini Cooper SE – $35,075
  • Hyundai Kona Electric – $35,295
  • Hyundai Ioniq 5 – $41,245
  • Kia Niro EV – $41,285
  • Ford F-150 Lightning – $41,769
  • Kia EV6 – $42,195
  • Volkswagen ID.4 – $42,525
  • Toyota bZ4X – $43,215
  • Ford Mustang Mach-E – $44,995
  • Subaru Solterra – $46,220
  • Tesla Model 3 – $46,990
  • Polestar 2 – $49,800

That’s a wide price range and a big leap from the prices of the Bolt and Leaf to the Polestar 2.

Which affordable electric car has the longest range?

A white 2022 Ford Mustang Mach-E electric SUV is parked.
The 2022 Ford Mustang Mach-E | Ford

The Ford Mustang Mach-E is the electric car with the longest range. This could make it one of the most affordable EV models in the market. According to Green Cars, you have to step up to the Premium model to receive 300 miles of driving, but that will bring you a price that remains under $50,000.

Do EV cars hold their value?

Electric vehicles depreciate much faster than their gasoline counterparts. Endurance Warranty tells us EVs typically lose more than $5,700 in value each year. This translates to a depreciation of $28,500 over five years compared to $16,000 during the same time for a gasoline vehicle.

Because of this depreciation factor, some consumers search for used EVs when shopping for the electric cars they want to drive.

RELATED: 2023 Chevy Bolt Drops $5,900 off MSRP, Now the Cheapest EV in the U.S.