It seems like a new electric vehicle (EV) is debuting every other week these days, so you’d think now is the time to start factoring it into your search for a new car. However, the new EV landscape is still a mixed bag, as automakers seem to be taking their time rolling out affordable options. To make matters worse, a few bargains from previous years now cost more than before, and the value-laden Chevy Bolt EV and Chevy Bolt EUV have been discontinued. (Do keep an eye on Chevrolet Equinox EV, which promises to be highly affordable once the 1LT trim becomes available!)
Fortunately, there is still a group of affordable EVs available at a starting price of less than $40,000. We’ve compiled all of them here to help you choose which is right for you.
Complicating the situation are the new and seemingly ever-changing EV tax credit rules, which have stripped away the $7,500 federal tax credit from some EVs and added it to others. Leasing is a bit different: Because leased EVs are owned by the lessor, they’re viewed as commercial vehicles and qualify for larger incentives, which could substantially reduce the monthly cost.
Below is a list of every EV with an MSRP of less than $40,000 on sale today, which also happens to include some of the best electric cars on the market. Prices were sourced from manufacturers' websites and include mandatory destination charges.
Every Electric Car Under $40,000 in 2025
- Nissan LEAF: $29,280
- Fiat 500e: $34,095
- Hyundai Kona Electric: $34,425
- Chevrolet Equinox EV: $34,995
- Toyota bZ4X: $38,465
- Ford Mustang Mach-E: $38,490
- Hyundai Ioniq 6: $39,045
- Subaru Solterra: $39,915
- Alternative EVs around $40,000
Nissan LEAF: $29,280
The Nissan LEAF hatchback is an old-timer in the world of electric vehicles, as it was the first mass-market electric car on sale over a decade ago. It's still a strong contender, but despite a major update for the 2017 model year and a facelift for 2023, its star has faded over time as more automakers get into the EV game with big investments in tech and powertrain design. Nissan itself offers a more modern EV, the Ariya crossover, but it starts at well over $40,000.
The LEAF may be old hat, but its low price still means there’s some appeal as an everyday commuter. Plus, there are now companies making adaptors for its antiquated CHAdeMO charging port. The LEAF is the last US-market vehicle to use this charging standard, which means that it can sometimes be hard to find chargers in the wild. The more popular CCS and NACS chargers dominate, but that could be less of a problem with an adaptor.
The base-model LEAF S features an electric motor and a 40-kWh battery with 147 hp and 236 lb-ft of torque. This model only has 149 miles of range, which for a mainstream EV in 2025 is way below average. The higher-tier LEAF SV features a 62-kWh battery that makes 214 hp and 50 lb-ft of torque and gets 212 miles of range. That’s still well below average, but more useful for many drivers. The counterpoint is that the SV Plus models start at $37,330, well above options like the Kona Electric and Chevy Bolt EUV. Further, the LEAF does not qualify for any tax credits this year.
Fiat 500e: $34,095
The Fiat 500e returned to dealership lots after a years-long hiatus in 2024, and with a new sales strategy. Like exclusive Nikes or limited edition wristwatches, Fiat is releasing the 500e in a series of "drops." The last drop was for the 2024 model year. While that car fit our budget with a starting price of $34,095, the 2025 model year will welcome the 500e Giorgio Armani edition. We expect a price tag in line with 2024's, but with that name, we can't be certain.
Regardless of price, we can expect a similar story: this car is the epitome of small, city EV charm. It may go only 162 miles in between charges, but its diminutive size makes it quite fun-to-drive, and it’s got ample instant torque for scooting out of the way. It’s got 117 horsepower and 162 lb-ft to get the job done, which is impressive for its 2,952-pound curb weight. The 500e is also surprisingly roomy inside, with great head and shoulder room, plus an overall pleasant feeling of airiness.
An EPA estimated range of 162 miles may seem a tad on the low side, but the 500e's battery charges to 100% from 0 in just 35 minutes when plugged into a Level 3 DC Fast Charger, whereas Level 2 takes around six hours.
Besides its peak small-car moxie as an EV, the 500e is an overall well-appointed subcompact, with a 10.24-inch digital instrument cluster, a 360-degree camera view, and great onboard tech—Apple CarPlay and Android Auto functionality are standard via the infotainment touchscreen, as is a wireless charging pad.
The Fiat 500e is a great option with a base price of less than $35,000, especially if the majority of your driving is in-town
Hyundai Kona Electric: $34,425
Like its gas-powered sibling, the Hyundai Kona Electric was totally redesigned back in 2024 with much bolder styling and a whole lot more room. Amazingly, despite being newer, bigger, and better in almost every way, the new model actually costs fractionally less to start than its 2023 model year predecessor. The lineup is more complex, however, and the Kona Electric now comes with two different battery packs offering two levels of range and performance.
The base Hyundai Kona Electric SE starts at a little over $34,000 once you factor in the destination charge, and it bundles a 48.6-kWh battery pack with a 133-hp electric motor. It’s very affordable, but it offers only 200 miles of range and tepid performance. Stepping up to the mid-range SEL brings a 64.8-kWh battery pack and a 201-horsepower motor. With 260 miles of range and appreciably more oomph, this is the sweet spot in the lineup for value. The top-spec Limited comes with fancier features but starts well above $40,000, and it doesn’t add any more range or power. As in the previous generation, every Kona EV is front-wheel drive (FWD).
As for charging capabilities, the Kona Electric is quick, if not as rapid as Hyundai's more expensive Ioniq 5 and Ioniq 6. A Level 2 charger can juice the larger pack to full in just over six hours, and the smaller pack in five, while it can fast charge at up to 100 kW per hour, enough to replenish from 10% to 80% in under 45 minutes. Best of all, the new Kona is genuinely useful. The back seat is much larger now, with up to 36.4 inches of legroom. There are 25.5 cubic feet of cargo space behind the back seat and 63.7 with it folded. The base version’s shortcomings notwithstanding, there’s plenty to like.
Chevrolet Equinox EV: $34,995
At less than $600 more than the Kona Electric, the Chevrolet Equinox EV had the second lowest MRSP of any electric SUV at the time of writing. It bears scant resemblance to the gas-powered Equinox and Chevy went out of its way to make it easy to drive, toning down the instant torque delivery that’s become a trademark of electric drivetrains, and instead offering more linear power delivery, so it’s arguably more accessible to newcomers than a lot of other EVs.
It has range on its side, too, at an EPA-approved 319 miles from front-wheel drive models and 285 miles from four-wheel drive versions, courtesy of the large 85-kWh battery pack. Combined with the headline price, that makes for a pretty compelling ownership prospect, and proves Chevy is serious about making EVs appealing to the masses.
The Equinox EV comes standard with an 11.5-kW AC charger, but a 19.2-kW upgrade is available on the RS trim. It will charge faster than the standard unit but will end up costing you a little more over time due to some efficiency losses. DC fast charging is also included and has a maximum rate of 150 kW. That's slower than some competing EVs but should still be able to replenish 70 miles of driving range in about 10 minutes
Toyota bZ4X: $38,465
Better known for its hybrids than for its electric cars, Toyota finally entered the electric car game in 2022. The bZ4X SUV is a joint venture with Subaru (see below) and Toyota’s first electric car for the United States market aimed at volume sales—and it won’t be the last. The “bZ” prefix stands for “Beyond Zero,” the name Toyota is using for a family of planned electric models.
It’s comfortable and handles well, although the two-tone exterior styling is polarizing. It has an EPA-rated 252 miles of range in base front-wheel drive (FWD) XLE form, which drops to 242 miles for the FWD Limited trim level. The AWD XLE is rated at 228 miles and the AWD Limited is rated at 222 miles.
All bZ4X models get DC fast charging that uses the more common Combined Charging Standard (CCS) connector, but while FWD models can charge at 150 kilowatts, AWD models can only charge at 100 kW. Toyota lists 30 minutes as the quickest time for an 80% charge with the fast charger. All models also have a 6.6-kW onboard charger that can refill the battery pack in 9.5 hours.
Ford Mustang Mach-E: $38,490
Unquestionably the gearhead’s choice, the Ford Mustang Mach-e takes the classic pony car’s name (it’s one of an increasing number of Fords to controversially revive old nameplates) and updates it with a modern electric drivetrain. The Mustang Mach-E has a starting MSRP for $36,495 but a hefty destination charge of $1,995. Also, Ford doesn't include a charging cable with the Mach-E; if you want one of those (you do), then add an extra $600 to the price.
The EPA estimates 250 miles of range for the entry-level Mach-E with the standard-range battery pack and single-motor rear-wheel drive (RWD) powertrain. The longest available range is a commendable 320 miles from the Premium trim with the extended-range battery and RWD.
Ford also says it’s sped up the DC fast-charging experience, reducing the time involved by about 20%. The standard-range Mach-E's 72-kWh battery can now go from 10 to 80% in 32 minutes, while the extended-range's 91-kWh version will take about 36 minutes to achieve the same increase.
Those less concerned with ducking under the $40,000 price point will love the GT Performance Upgrade package, which increases torque output from the dual-motor powertrain to 700 lb-ft for 0-60-mph time of 3.3 seconds and an 11.8-second quarter mile, plus the range-topping Rally trim, which gets a one-inch lift and off-road suspension meant to account. GT and Rally models are offered exclusively with all-wheel drive (AWD), which reduces their ranges to 280 and 265 miles, respectively.
Hyundai Ioniq 6: $39,045
It’s difficult to pull off styling that looks simultaneously futuristic and nostalgic, but Hyundai managed it with the Ioniq 6. Few other modern cars can divide opinion to such an extent without turning a wheel, but you can’t deny that it looks like a car of the future—as long that future includes a heavy dose of 1980s sci-fi.
The entry-level SE with rear-wheel drive (RWD) is effectively the long-range version, with an EPA-estimated—and impressive—342 miles of range on a full charge. However, at 240 miles, the SE Standard Range is that one that gets you the lowest starting price and below the $40,000 mark, which is far from class-leading but decent for the money. SEL and Limited trim levels are rated at 291 miles with RWD and 270 miles with all-wheel drive (AWD).
Even more impressive is how quickly you can recharge the 77.4-kWh battery. Hyundai made them DC-fast-charge capable at some of the highest charge rates possible today. If you're lucky enough to find a working fast charger that can operate at 350 kW, you should be able to replenish the battery pack from 10 to 80 percent in only 18 minutes. Expect it to take an hour and a quarter or so on the more common 50-kW rate.
Subaru Solterra: $39,915
You could be forgiven for thinking we’d used a picture of the same car twice, but we can assure you that is not the case, because the Subaru Solterra and the Toyota bZ4X are more or less the same. They represent a joint venture between the two manufacturers, in a similar vein to the BRZ and GR86 sports cars, except in an eco-friendlier vein.
Subaru is known for tough cars with all-wheel drive, and the Solterra aims to continue that in EV form. The Toyota bZ4X comes standard with front-wheel drive, but every Solterra is fitted with a dual-motor electric drive system with standard AWD. Power is relatively modest at 215 horsepower and 249 lb-ft of torque and, unlike its Toyota equivalent, there is no front-wheel drive option, which limits the range to 227 miles in Premium trim and 222 miles in Limited and Touring guises.
With 8.3 inches of ground clearance, it has a higher ride height than the bZ4X, which further plays to Subaru’s comparatively rugged character. We wouldn’t use it for heavy-duty off-road work, but taller stance and AWD give it the edge over every other EV on this list away from the tarmac. A newly refreshed Solterra with more power and range is coming for 2026 and debuted at the 2025 New York Auto Show, but for now, the 2025 model fits our under-$40K target.
Alternative EVs around $40,000
The aforementioned EVs each comfortably duck beneath the key $40,000 price point, but several others get pretty close and are worth considering if your budget has a little flexibility. The Kia Niro EV and the Nissan Ariya actually have starting MSRPs of less than $40,000 at $39,600 and $39,770 respectively, but they’ll tick over our limit by the time destination charges have been applied. It may start at $42,490, but buyers may be able to secure a Tesla Model 3—which is built in California for the North American market—for less than $40,000 if they qualify the full $7,500 Federal EV Tax credit, while the larger Tesla Model Y isn’t far off at $41,490 when the tax credit is applied. The same cannot be said of the Volkswagen ID.4, but it starts at $45,095, so may well be worth a look if you’re after a classy electric SUV. We previously included the MINI Cooper SE on this list, but that wasn’t listed for sale at the time of writing.
A new automaker, Slate, has announced plans to build a bare-bones pickup truck and is targeting a sales price of under $27,500 (under $20,000 assuming current federal EV tax incentives). The Slate Truck may look simple, but it's extremely customizable. For instance, shoppers can have the company wrap their vehicle in any color, they can change the grille and headlight desings, they can even order an SUV top and extra seats to turn the Slate Truck into a little Slate SUV. Production is expected to start in 2026 and, if successful, Slate could successfully disrupt the entire EV market with its low-priced product.
