Think EVs are too expensive? Here are 11 for under $40K.

New cars have gotten pretty expensive, and it feels like electric cars are especially pricey. The average sale price of a new car has dropped a couple of thousand dollars since it peaked in early 2023, but at more than $47,400 in April, sticker shock is understandable, particularly as interest rates have doubled over the course of the past two years. Based on reader feedback, that impression is particularly pronounced when it comes to new electric vehicles. But EV prices have actually been falling, and inventory is growing. So we put together a list of all the new EVs on sale today for less than the average transaction price of a new car. You can buy 17 different EVs for less than the average price of a new car, and 11 are available for less than $40,000.

Nissan Leaf

The Leaf is the cheapest new EV on sale today.

Credit: Jonathan Gitlin

First on the list is the Nissan Leaf, which starts at just $28,140 for the version with a 40 kWh battery pack. Nissan was an early EV pioneer, and the current Leaf is the second generation to wear the name. But it hasn't always been on the cutting edge, and some of the Leaf's specs that felt a little outdated in 2017 may feel more so in 2024. The Leaf is eligible for a $3,750 IRS clean vehicle tax credit.

Mini SE

There's an old joke where I come from. "How do you get to Wales in a Mini," it asks, except instead of "to Wales" the country, the joke is "two whales," and the answer is "one in the front, one in the back." Such jokes are unlikely to be repeated about the new battery electric Mini Cooper SE, but if they are, the answer will probably be "slowly, because you have to stop and charge it a lot."

Credit: Jonathan Gitlin

With new tariffs on Chinese-made EVs, no one is entirely sure when the next electric Mini Cooper will go on sale in the US. But right now, you can buy the current Mini Cooper SE for a starting price of $30,900. Although the suspension can feel stiffer than a supercar's, if you live in a city and don't need mega-miles of range, the Mini fits the bill quite effectively and is much more of a hoot to drive (and much cheaper) than the John Cooper Works GP mini.

Fiat 500e

Fiat thinks the 500e makes the perfect second car.

Credit: Stephen Edelstein

The $32,500 electric Fiat 500e is one of the newest cars on our list; we only drove it for the first time in early April. It has more range than a Mini, and it charges faster, too.

Hyundai Kona Electric

You don't have to get your Kona Electric in this bright hue, but it helps.

Credit: Hyundai

We still haven't reviewed a second-generation Kona Electric yet, an oversight we'll seek to correct soon, as we were thoroughly impressed by the first Kona EV. The new Kona Electric, which starts at $32,675, was introduced last September and is very slightly larger than the car it replaces. There's also new infotainment, and this might be the cheapest new EV with an exterior "vehicle to load" feature so you can use it to power 120 V devices.

Volvo EX30

The cheapest version of Volvo's affordable EX30 is rear-wheel drive, but there's no reason to be afraid of that.

Credit: Tim Stevens

Volvo went minimalist with the EX30, stripping out any and everything non-essential in an effort to reduce the cost and the carbon footprint of its smallest EV. And it made a pretty great little car in the process. An affordable one, too—here in the US, the EX30 starts at $34,950. Volvo might wince every time it sells an EX30 here, however. Tariffs on Chinese-made cars imported into the US were 27.5 percent when Volvo set pricing for the car, but they've now leaped to 102.5 percent as Washington bows to pressure from the US auto industry. Volvo is also planning on building EX30s in Belgium, so it ought not to be a problem for too long.

Hyundai Ioniq 6

From this angle, there's a hint of the 1994 Lagonda Vignale concept to the Ioniq 6, and that delights me.

Credit: Jonathan Gitlin

The Hyundai Ioniq 6 is one of the best EVs on sale today. It starts at $37,500 but can be leased for less than $200 a month thanks to the fact that all leased EVs qualify for the full $7,500 tax credit, regardless of where their battery content comes from or where final assembly took place. That's not a lot of cash for one of the best 800 V powertrains in the industry, with ridiculously quick fast-charging capabilities and class-leading efficiency. The looks can be a bit divisive, but I love this four-door sedan and its whale tail rear spoiler.

Tesla Model 3

Opinions are subjective, but I've always felt like Tesla designed 90 percent of its cars, then phoned in the rear lights. Finally, that is no longer the case.

Credit: Tesla

Like the Leaf, the Tesla is now quite long in the tooth, although the US market recently received the facelift "Highland" version. Right now, the Model 3 starts at $38,990.

Nissan Ariya

It's about the same size and shape as the Rogue, but this one is all-electric, with either one or two motors and a choice of 63 kWh or 87 kWh batteries.

Credit: Nissan

The Ariya crossover, which starts at $39,590, is a more modern and larger car than the Leaf. It charges faster, and it has more range and a much nicer interior than the smaller hatchback. Nissan might be open to deals on the Ariya—it's one of the few OEMs not to see significant growth in EV sales between Q1 2023 and Q1 2024.

Kia Niro EV

The Niro EV keeps its charge port in its nose, which is handy for recharging and also means shorter cable runs to the inverter that lives under the hood.

Credit: Jonathan Gitlin

The $39,600 Kia Niro EV is another Ars favorite. It doesn't have quite the same level of engineering as the Ioniq 6 or other E-GMP-based Korean EVs, but even at 400 V, this is one of the more efficient electric cars on sale today, easily capable of 4 miles/kWh (15.5 kWh/100 km). And it feels more like a hatchback than a crossover, which should help it find friends among those who think new vehicles are way too large.

Volkswagen ID.4

The ID.4 uses a simple styling trick to look smaller—black paint hides the bits the designers want you to ignore.

Credit: Jonathan Gitlin

VW's ID.4 crossover starts at $39,735, and since it's built in Chattanooga, Tennessee, it's eligible for the full $7,500 IRS clean vehicle tax credit, whether it's bought or leased. The entry-level ID.4 makes do with a smaller 62 kWh battery than the pack in the more expensive ID.4 S and S Plus and keeps the original and 12-inch unloved infotainment system. VW's electric sales were down 12.2 percent compared to last year, so buyers may have some leverage.

Ford Mustang Mach-E

Yes, I am aware that photographing an electric car in front of an electricity power station is a cliché. Sorry.

Credit: Jonathan Gitlin

Three years since its launch, the Mustang Mach-E continues to draw divisive comments based on its name. The Mach-E has much more competition than it did back then, as the midsize crossover segment has filled up, but we still like how easy this car is to charge. The interior is also nice, even if it is a little too reliant on the car's touchscreen. The Mach-E is one of the few EVs where I think the more expensive version is actually better, but neither the Mach-E GT nor the new Mach-E Rally qualify for inclusion in this list. But the regular $39,995 Mach-E surely does.

Hyundai Ioniq 5

A slightly grimy Hyundai Ioniq 5 on an unusually wet and gray day in Southern California.

Credit: Jonathan Gitlin

Another Ars favorite, and another 800 V E-GMP EV from Korea. Although it looks like an '80s hatchback, the Ioniq 5 is actually a pretty large car. Otherwise, it has all the same plusses as the Ioniq 6—it charges faster than almost any other EV, and it's extremely efficient on the road. Ioniq 5s start at $41,800, but we're hearing of $200/month lease deals.

Chevrolet Equinox EV

Until the Bolt returns, this is Chevrolet's entry-level electric car, the Equinox EV.

Credit: Michael Teo Van Runkle

The Chevy Equinox EV is an even newer EV than the Fiat 500e—first drives were embargoed until last week. By the end of the year, there should be a $34,995 version of the Equinox on sale. You can find this newest GM EV on sale for $41,900, and it's eligible for the full $7,500 clean vehicle tax credit.

Kia EV6

Kia describes the EV6's design philosophy as "opposites attract." I think it looks quite a lot like the Lamborghini Urus.

Credit: Kia

The $42,600 Ka EV6 is the third Korean E-GMP EV offered for sale in the US for less than $45,000, and pretty much all the plaudits we have applied to the Ioniq EVs can be said about the EV6. Cars like the ID.4, Mach-E, and Model Y have a lot to catch up with when compared to the EV6 and its cousins. You can pay almost $20,000 more for the EV6 GT, which can show a Lamborghini up at the drag strip, but the base model is actually more fun to drive and goes significantly further on a single charge.

Tesla Model Y

Tesla's Model Y became the world's best selling car in the first quarter of 2023.

Credit: Brandon Bell/Getty Images

Tesla's global bestseller is the Model Y crossover, which begins at $42,990.

Toyota bZ4x

Toyota took better photos of the bZ4x than I did, so I'm using its photo in this article.

Credit: Toyota

The world's largest automaker has had a difficult relationship with the electric car. It prefers to build hybrids, supported by questionable math that claims to show a greater CO₂ reduction than can be achieved by building EVs. But it has built a modern EV anyway, the oddly named bZ4x, or bizzyforks, that costs $43,070. Perhaps benefitting from the soft bigotry of low expectations, I was surprised to come away from a week with the bZ4x liking the car a lot more than I expected. As with some other EVs on this list, leasing might be the more sensible option, with deals for less than $200/month being advertised right now.

Subaru Soltera

Subaru did not have the resources to develop an EV on its own.

Credit: Subaru

The $44,995 Subaru Solterra uses the same platform as the slightly cheaper Toyota bizzyforks. Like the second-generation Kona Electric, this is an EV that we've yet to drive, although you'll be able to read an Ars review later this week.

Hopefully, there's something on this list to satisfy most tastes. And if not, remember that no one says you have to buy a new EV to go electric. Buying used can be the way to go, particularly since EVs depreciate faster than gasoline-powered vehicles; according to Bank of America, by March of this year, the average loan amount for a used EV dropped by 20 percent year on year, no doubt driven by companies like Hertz liquidating some of their EV fleets.