2024 Volvo C40 Recharge Base Price Cut By $1,700

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Senior Pricing Analyst

Alex has been writing about car buying and leasing for over a decade. Originally from San Francisco, Alex has a degree in History from the University of California, Santa Barbara, and has been a lifelong lover of cars. Alex’s work has been featured in publications such as Forbes, The Wall Street Journal, Motor Trend, and more.

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, Senior Pricing Analyst - October 23, 2023
2023 Volvo C40 Recharge EV blue exterior front view

The all-electric Volvo C40 is getting slightly more affordable. According to order guide data, the 2024 Volvo C40 Recharge will see as much as a $1,700 price cut thanks to the addition of a new single-motor base trim with more range. This could make the EV more appealing to those looking to get more for their money.

The 2024 Volvo C40 Recharge adds a new single-motor Core trim with an MSRP of $53,600 excluding destination. It comes with rear-wheel drive, whereas the C40 used to be limited to all-wheel drive only. Previously, the most affordable Volvo C40 was the dual-motor Twin Core model with a price tag of $55,300.

That makes the 2024 Volvo C40 $1,700 cheaper than before. The latest version will also have more range. According to the EPA's website, the 2024 Volvo C40 Recharge is rated at 107 MPGe and is capable of 297 miles of driving. For the 2024 model year, the twin-motor style is rated at 99 MPGe and goes 257 miles.

2023 Volvo C40 Recharge EV silver color side profile

Just to put this into perspective, the twin-motor 2023 Volvo C40 is rated at 87 MPGe and has a range of only 226 miles. At 297 miles, the 2024 model will have a 71-mile advantage. While that does beat the cheapest Tesla Model Y (260 miles), we think that price could continue to be a big obstacle for the C40 Recharge.

In base form, the cheapest Model Y now starts at $43,990. Alternatively, you can step up to the Model Y Long Range which has an MSRP of $48,490 and is rated at 330 miles. It's also worth noting that the Model Y is currently eligible for a $7,500 federal tax credit. In contrast, the foreign-built Volvo C40 still doesn't qualify.

At $53,600, the C40 Core's price is just $1,100 more than a comparably-equipped 2024 Volvo XC40 Recharge. This could make the C40 a compelling upgrade. Based on EPA figures, the 2024 XC40 is rated at 293 miles of range with a single motor. Fortunately, there is a way that both EVs could be more affordable.

According to a bulletin sent to Volvo dealers, all 2024 Recharge models feature a $7,500 EV Lease Bonus. Even though the C40 doesn't get a potential tax credit due to the Inflation Reduction Act, a loophole enables Volvo to claim a commercial credit on leases. This will likely make the C40 better to lease than to buy.

Explore Volvo C40 Prices & Deals

Pictured: 2023 Volvo C40

, Senior Pricing Analyst

Alex has been writing about car buying and leasing for over a decade. Originally from San Francisco, Alex has a degree in History from the University of California, Santa Barbara, and has been a lifelong lover of cars. Alex’s work has been featured in publications such as Forbes, The Wall Street Journal, Motor Trend, and more.

Follow On: Twitter

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