10 Most Affordable Electric Cars Under $50,000 You Can Buy in 2024

David Nadelle

The U.S. is finally seeing new vehicle transaction prices fall as the market slowly starts to favor buyers. The average price of a new car in February was $47,244, down 2.2% from February 2023 and 5.4% lower than in December 2022, per Cox Automotive.

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There’s even some relief on the electric vehicle (EV) lots. The price of EVs is slowly beginning to rival their traditional gas-powered counterparts. There’s only about a $5,000 price gap between the two now, according to Kelley Blue Book data.

Higher inventory levels, increased competition and expanded brand incentives continue to drive down the price of EVs — but they are still 19% more expensive than “mainstream non-luxury vehicles,” Cox Automotive indicated.

Leading the cost charge is Tesla, which, despite increasing prices 4.7% from January to February, had decreased transaction prices 16.1% year-over-year by February, per KBB. In January, Reuters reported that the world’s most valuable automaker slashed its popular Model Y by as much as 26.5% in the U.S. over the past year.

Still, EVs are generally costly and consumer income hasn’t grown to match stickers prices accordingly over the past five years. But the market is gradually improving. There are more models that can be bought for under $50,000 than ever, but make sure to comparison shop — incentives are hot on EVs right now.

Here are 10 EVs you can purchase right now for under $50,000, from most expensive to least.

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10 Electric Cars That You Can Buy for Under $50,000 in 2024

10. Volkswagen ID.4

  • 2024 MSRP: $41,160

VW’s cheapest electric car for the American market has a lot of impressive cabin and handing features, but its true strength is an improvement in power — up to 282 hp for rear-drive versions and 330 hp for all-wheel-drives, per MotorTrend.

9. Kia Niro EV

  • 2024 MSRP: $40,975

As MotorTrend pointed out, $40,000 for a compact hatchback EV seems a little steep. While the Niro outpaces its earlier models, there might be better, cheaper choices out there.

8. Tesla Model 3

  • 2024 MSRP: $38,990

Tesla’s cheapest model isn’t self-driving yet, but it still has a slew of driver assistance features. If you wait, you might catch a lower price, depending on the frequent cost-slashing whims of its CEO.

7. Hyundai Ioniq 6

  • 2024 MSRP: $37,500

Although the base model has a less-than-impressive EPA standard-range rating of 240 miles, higher trims get up to 361 miles. Hyundai’s “other” EV has a sleek look and impressive handling.

6. Volvo EX30

  • 2024 MSRP: $36,245

Stylish and solid, Volvo’s EX30 is a small but powerful SUV that comes with a 64.0-kWh battery pack that is said to offer up to 275 miles of driving per charge.

5. Chevrolet Equinox EV

  • 2024 MSRP: $34,995

Chevy has said that its entire electric range will be available this year, but Car and Driver hinted that the more expensive Equinox EV trims might come quicker than the base 1LT model, which starts at an attractive $34,995.

4. Hyundai Kona Electric

  • 2024 MSRP: $32,675

Quick and fun to drive, the Kona has a good range and a generous list of standard equipment. Check with your Hyundai dealer for availability details as the Kona will be available in limited quantities in select states only.

3. Fiat 500e

  • 2024 MSRP: $32,500

Taking its design inspiration from the original 500, Fiat’s e-version is delightfully small in size and price, perfect for city driving. Going for longer trips might be a hassle, however, as the 500e has an unimpressive 149 miles of estimated driving range.

2. Mini Cooper Electric

  • 2024 MSRP: $30,900

Mini’s cheapest model available is the 2-door hardtop, which has an average MSRP of $30,900. A joy to drive around town, the Mini isn’t a long-distance traveler (it gets only 114 miles of range between charges). The price and handling can’t be beat, however, and it’s a great first-time-driver car for 2024.

1. Nissan Leaf

  • 2024 MSRP: $28,140

Another lower-range vehicle, the world’s first mass-market EV is still an inexpensive and efficient EV great deal and still a great, if a tad outdated, car. After a period of uncertainty, Nissan has announced that Leaf vehicles manufactured in 2024 and sold on or after March 6 may be eligible for a partial $3,750 federal EV tax credit.

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