Critics cite several drawbacks to electric vehicles. One of the main complaints is that EVs are too expensive. That complaint is accurate but perhaps overstated. Battery costs have declined markedly. Shared EV platforms have reduced R&D costs for new models. Electric cars may have yet to reach cost parity with combustion vehicles. However, relatively affordable EV options exist.
We say “relatively” because Americans spend a lot on new cars. Automotive loans have surpassed student loans to become the second largest source of debt. The average U.S. new car purchase price is around $48,000. Buyers willing to spend that or a little less can score a capable, high-quality electric vehicle.
Starting MSRP for an EV can be deceiving. On the one hand, the “starting price” often refers to an anemic base model with a smaller battery pack (that exists to mask the true cost of the EV). On the other hand, the $7,500 federal tax credit, dealer incentives and aggressive lease offers can make nominally expensive EVs much less so every month.
What are the best affordable EV options? Here are our choices for the best EVs under $50,000.
Gallery: 2023 Hyundai Ioniq 6 Review
Best EV Under $50,000: Hyundai Ioniq 6
- Starting MSRP: $37,750
- Range: 240-342 miles
The Hyundai Ioniq 6 may look unorthodox. But that ultra-sleek shape creates a super low drag coefficient, which allows for impressive efficiency. The second-tier SE trim Ioniq 6 offers up to 342 miles of EPA range with RWD and a still strong 316 miles leveling up to AWD (both available for under $50,000). The Ioniq 6 is a smooth, capable daily driver. It also includes Hyundai’s industry-leading 350 kW fast charging tech that can deliver a full 10-80% charge in 18 minutes.
Best EV Crossover Under $50,000: Tesla Model Y
- Starting MSRP: $44,990
- Range: 277-337 miles
Tesla’s Model Y is America’s best-selling EV by far and the second-best-selling crossover overall behind the Toyota RAV4. Its undeniable value proposition is a major reason why. Both the Long Range RWD Model Y with 337 miles of EPA range and the Long Range AWD model with 308 miles of range are available—at least with today’s Tesla pricing—for less than $50,000. Both are eligible for the full federal tax credit and provide access to Tesla’s Supercharger network.
Gallery: 2024 Chevrolet Equinox EV 3RS Review
Best Value EV Under $50,000: Chevrolet Equinox EV
- Starting MSRP: $33,600
- Range: 285-319 miles
Chevy focused on providing the most range for the least money with the Equinox EV — and the brand succeeded. The LT trim has arrived. So the Chevrolet Equinox EV FWD now starts at $33,600 MSRP and can dip even further with the federal tax credit. That base version still delivers the maximum 319 miles of range. Equinox EV doesn’t offer Apple Carplay and Android Auto, though maybe that’s not a bad thing.
Best Long-Range EV Under $50,000: Tesla Model 3
- Starting MSRP: $42,490
- Range: 303-363 miles
The Tesla Model 3 only hit its target $35,000 price tag for a hot minute. But it’s still very affordable and offers ample range for that expenditure. If you stick to the 18-inch Photon wheels, the Model 3 offers up to 363 miles of EPA range in Long Range Rear-Wheel Drive spec and 341 miles for Long Range All-Wheel Drive. Both are available for less than $50,000; the federal tax credit can drive that down further.
Gallery: 2022 Subaru Solterra: First Drive
Best EV For Light Off-Roading Under $50,000: Subaru Solterra
- Starting MSRP: $44,995
- Range: 222-227 miles
The Subaru Solterra has its weaknesses, such as a 228-mile maximum range. But Subaru did an excellent job making it feel and drive like a Subaru, which makes it more handy off the pavement than your typical EV. The Solterra packs 8.3 inches of ground clearance — nearly the same amount as a Crosstrek or a Toyota Land Cruiser. It comes standard with Subaru’s symmetrical all-wheel-drive, X Mode and hill descent control. The base premium trim starts under $45,000.
