What the cheapest electric cars cost today
The least expensive new electric car you can buy in the United States is the Nissan Leaf, which starts around $27,000 to $28,000 before any incentives. The Chevrolet Bolt EV begins around $26,500, making it competitive for the lowest price. The Hyundai Kona Electric starts near $34,000, and the Tesla Model 3 (the cheapest Tesla) begins around $38,000. Prices shift based on the model year, trim level, and where you buy, so these figures change throughout the year.
If you are looking at used electric cars, you can find models from five to ten years ago for $10,000 to $15,000, though the battery will have lost some capacity and the range will be shorter than when the car was new. A used Nissan Leaf from 2015 to 2017, for example, might cost $8,000 to $12,000 but will have a range of 80 to 100 miles per charge instead of the 150 miles a new one offers.
Federal tax credits can reduce the price of a new electric car by up to $7,500 if you meet income and vehicle assembly requirements, though not all models and buyers may have access to. Some states offer additional rebates on top of the federal credit. After incentives, a Nissan Leaf or Chevrolet Bolt can cost significantly less than the sticker price suggests.
Key Takeaways
- The Nissan Leaf and Chevrolet Bolt EV are the two cheapest new electric cars, both starting under $28,000 before incentives.
- A federal tax credit of up to $7,500 applies to many new electric cars if you meet income limits and the vehicle is assembled in North America.
- Used electric cars from five to ten years ago can be found for $10,000 to $15,000, though they will have reduced battery capacity and shorter driving range.
- The actual price you pay depends on your state, the dealer, the trim level, and current inventory, so prices vary month to month.
- Charging costs and maintenance savings over time can offset the higher upfront cost compared to a gas car.
How range and battery size affect the price
The cheapest electric cars have smaller batteries and shorter driving ranges. The Nissan Leaf's base model has a 40 kWh battery and goes about 150 miles on a full charge. The Chevrolet Bolt EV's base model has a 65 kWh battery and goes about 259 miles. If you need to drive 200 miles or more between charges, you will need to spend more money or choose a used car with a larger battery.
A longer-range version of the same car costs more because the battery is larger. The Nissan Leaf Plus, for example, has a 62 kWh battery and costs about $5,000 more than the base model, but it goes about 226 miles instead of 150. Before you buy, think about how far you actually drive on most days. If your commute is 30 miles round trip and you charge at home, the cheapest model with 150 miles of range will work fine. If you take long road trips regularly, you may need a longer-range car or a different vehicle type.
Where the federal tax credit applies and where it doesn't
The federal tax credit of up to $7,500 is available when you buy a new electric car, but it has rules. The car must be assembled in North America — this includes Mexico and Canada, not just the United States. The Nissan Leaf qualifies because it is assembled in Tennessee. The Chevrolet Bolt EV qualifies because it is made in Michigan. The Tesla Model 3 qualifies when it is built at the Fremont, California factory.
Your household income must be below a certain threshold to claim the credit. For 2024, the limit is $300,000 for joint filers, $150,000 for single filers, and $240,000 for heads of household. The car's final assembly price (the manufacturer's suggested retail price before any dealer markups) also has a cap: $55,000 for vans, SUVs, and pickup trucks, and $45,000 for other cars. The Nissan Leaf and Chevrolet Bolt both fall under these caps.
Not all dealers participate in the point-of-sale credit program, which lets you subtract the $7,500 from the price at the dealership instead of waiting to claim it on your taxes. Ask the dealer whether they offer this option before you buy.
State and local incentives that lower the cost further
Beyond the federal credit, some states offer their own rebates or tax credits for electric car purchases. California offers a rebate of up to $2,000 for used electric cars and up to $2,500 for new ones through its Clean Cars 4 All program, though the program has income limits. New York offers a rebate of up to $2,000 for new electric cars. Colorado, Connecticut, and Massachusetts also have state-level incentives, though the amounts and rules differ.
A few cities and utilities offer additional discounts. Some electric utilities in California and the Pacific Northwest offer $500 to $1,500 rebates if you buy an electric car and install a home charger. Check your state's energy office website or search "[your state] electric vehicle incentives" to see what is available where you live.
Used electric cars: what to check before you buy
When you buy a used electric car, the battery's health matters more than the mileage. An electric car with 80,000 miles might have a battery that is still at 90 percent capacity, or it might be at 75 percent — it depends on how the previous owner charged and drove it. Ask the seller for the battery health report or have a mechanic who specializes in electric cars run a diagnostic test. A battery at 75 percent capacity will have noticeably shorter range than when the car was new.
Check the warranty on the battery. Most manufacturers cover the battery for 8 years or 100,000 miles, whichever comes first. If the car is older than that, a battery replacement can cost $5,000 to $15,000 depending on the model. Nissan Leaf batteries are on the lower end of that range; Tesla batteries are on the higher end.
Look at the charging history. If the car was charged to 100 percent every day and fast-charged frequently, the battery will have degraded faster. If it was mostly charged to 80 percent and charged slowly at home, the battery will be in better shape. Ask the seller or check the car's onboard computer if it shows charging records.
Charging costs compared to gas
Charging an electric car at home costs less than buying gas. The average cost to charge an electric car is about $0.03 to $0.05 per mile, depending on your local electricity rate. A gas car costs about $0.10 to $0.12 per mile at current gas prices. Over 100,000 miles, the difference adds up to thousands of dollars in fuel savings.
If you charge at a public fast-charging station, the cost is higher — usually $0.10 to $0.30 per mile — because the station operator charges a premium for the convenience. Most owners charge at home overnight, where electricity is cheapest, and use public chargers only for long trips.
Maintenance costs are also lower for electric cars. There is no oil to change, no transmission fluid, no spark plugs, and brake pads last much longer because the car uses regenerative braking. Over the life of the car, maintenance savings can be $4,000 to $10,000 compared to a gas car.
Comparing the cheapest models side by side
| Model | Starting Price | Base Range | Battery Size | Seats |
|---|---|---|---|---|
| Nissan Leaf | ~$27,000 | 150 miles | 40 kWh | 5 |
| Chevrolet Bolt EV | ~$26,500 | 259 miles | 65 kWh | 5 |
| Hyundai Kona Electric | ~$34,000 | 254 miles | 64 kWh | 5 |
| Tesla Model 3 | ~$38,000 | 272 miles | 60 kWh | 5 |
The Chevrolet Bolt EV offers the best value for the money: it is the cheapest and has the longest range of any car in this price range. The Nissan Leaf is slightly more expensive but is well-established, has a large network of dealers, and parts are straightforward to find. The Hyundai Kona Electric costs more upfront but comes with a longer warranty and has a reputation for reliability. The Tesla Model 3 is the most expensive but has the largest charging network and the most advanced technology.
Frequently Asked Questions
Can I get the federal tax credit if I lease instead of buy?
No, the federal tax credit applies only to purchases. However, some lease deals factor in the credit, so your monthly payment may be lower than it would be without the credit. Ask the dealer how the credit affects your lease terms.
What if I don't have a driveway to install a home charger?
You can still own an electric car, but charging will be slower and more expensive. You will rely on public chargers, which are available at shopping centers, parking garages, and along highways. Apps like PlugShare and ChargePoint show you where chargers are located. Apartment buildings and condos are increasingly required by law to allow residents to install chargers, so ask your landlord or building management.
Do electric cars lose value faster than gas cars?
Electric cars have historically lost value faster because battery technology improves quickly and buyers worry about battery degradation. However, this gap is narrowing as batteries become more reliable and the used market for electric cars grows. A three-year-old Nissan Leaf or Chevrolet Bolt will hold its value better today than it would have five years ago.
Is it cheaper to buy used or new with the federal tax credit?
If you may have access to for the federal tax credit, buying new is usually cheaper. A new Nissan Leaf at $27,000 minus a $7,500 credit costs $19,500. A used Leaf from 2019 costs $12,000 to $15,000 but has a smaller battery and shorter range. The new car is more expensive upfront but will last longer and have better battery health.
What happens to the battery after the warranty ends?
Most batteries degrade slowly and continue to work well beyond the warranty period. A battery at 70 to 80 percent capacity will still drive the car, just with shorter range. You only need to replace the battery if it fails or if the reduced range makes the car unusable for your needs. Many owners keep their electric cars for 10 to 15 years without replacing the battery.