Best Electric Cars Under $40k for 2023

Characteristics of Electric Vehicles Under $40k

There may be a wider variety of EV models under $40k, but these are still largely considered mainstream and affordable cars, which is why they share many characteristics:

Available in various body styles
Favor efficiency and comfort over performance
They don’t rely too heavily on premium materials
Equipped with generous feature lists
Impressive driving ranges

What to Consider When Buying an EV Under $40k

Those looking to buy an electric car under $40k are most often looking to find the best value, and this is what most automakers work to offer. However, to ensure that their vehicles remain affordable, they have to cut a few corners.

Pros

Reasonable prices
Cabins are generally spacious and comfortable
Trunk space is generous
High safety and reliability ratings ensure value
Long list of standard features

Cons

Not many are actually fun to drive
Cabin materials can be low-grade
Some have smaller, cheaper batteries with less range

FAQs

What are the best electric cars for under $40k?

While there are some really great choices, most people will know of the Tesla Model 3, which was one of the earliest EV success stories. It still has bragging rights to some of the best overall range figures and benefits from the extensive Tesla charging network across the country.

What electric car under $40k gets the best mileage?

Actual fuel economy figures aren’t as important in an EV as the total distance it can travel on a charge. In both cases, the Tesla Model 3 comes out on top with 138/126 MPGe city/highway and a range of 272-315 miles. By comparison, the Chevrolet Bolt EUV, with 125/104 MPGe, can only travel for 247 miles, while the Hyundai Kona EV, with 134/106 MPGe, gets 258 miles to a charge.

What are the upcoming electric vehicles under $40k?

While we can’t be sure that they will enter the market at under $40k, the Chevrolet Blazer and Equinox EVs, as well as the Honda Prologue, Ford Explorer EV, and Hyundai Ioniq 7 are all planned to debut in the near future.

What are the most affordable new electric cars under $40k?

You can find a cheap EV for under $28k, like the Chevrolet Bolt EV, but between $30k and $40k, the most affordable option is the Mazda MX-30 EV or the Chevrolet Equinox EV set to release later this year.

Best Electric Cars Under 40k of 2023