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So you’ve been wondering if an EV would be a good choice for you. But all of the cool ones seem to cost $100k or more. Well luckily prices have been coming down and there are five EVs you can buy in the U.S. for $40k. They are:

ModelAverage Sale Price Average Listed Price
Nissan Leaf$27,956$34,706
Nissan Ariaya$35,556$51,438
Hyundai Ioniq 6$36,506$46,917
Tesla Model 3$40,547$43,649
Toyota bZ4X$40,646$48,087

Why two columns? That “average listed price” is before any automaker discounts, federal tax credits, or local tax breaks. One big difference for the federal EV tax credit in 2024 is that it is applied at the point of sale, so you don’t need to wait until you file your taxes to see the cash.

Nissan is one of the oldest names in EVs. The Nissan Leaf, introduced in 2009, is the longest running model on this list. It looks like Nissan is cashing in on this reputation and some dealerships are marking up Leafs. The average Leaf is currently going for 6% above MSRP, so you’ll want to shop around.

The face of the 2024 Hyundai Ioniq 6
2024 Hyundai Ioniq 6 | Allison Barfield | MotorBiscuit

Experts worry that these EV prices won’t stay so low. But Tesla’s recent stock woes have driven it to slash prices. And other automakers are doing the same to compete. The Model 3 is by far its cheapest model. While it is a little outdated by the quick charging speeds of competitors, the Model 3 still benefits from Tesla’s comprehensive “Supercharger” network.

While Toyota’s bZ4X (and its Subaru Solterra twin, MSRP $44,995) are getting mixed reviews, the Hyundai Ioniq 6 is getting rave reviews. With this first generation of EVs, everything is about the numbers and Hyundai is leading its segment with 800-volt charging speeds. Because you can charge the Ioniq 6 for 20-30 minutes, then drive for several hours, it is one of the only EVs you can roadtrip indefinitely.

Next, find out the best used EV deals you can get for under $25k in the video below:

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Staff Writer

Henry Cesari

Henry Cesari joined MotorBiscuit in 2021 and brings his deep interest in vintage cars, trucks, and motorcycles to the site. Having restored his first classic car at just 16 years old, Henry has wrenched on everything from overland campers to Japanese motorcycles and even pre-war Bugattis. Henry is also an avid attendee at local car shows and genuinely enjoys connecting with fellow auto enthusiasts.

Henry earned a Bachelor’s in Anthropology and English from the University of Vermont. He has since incorporated his love of the written word with his admiration of classic cars. While Henry is interested in vintage cars, he believes the golden age of cars is yet to come. He is confident journalists will play an important role in this revolution by exposing the industry as it is now and envisioning its possible future.