Cheapest EVs For Sale In 2023

By

Automotive Contributor

Sean is an automotive enthusiast with a background in sports journalism. He is a graduate of California Lutheran University with a Bachelor of Science in Business.

, Automotive Contributor - August 23, 2023
2023 Chevrolet Bolt EV

Electric cars can be a far better deal than you think thanks to manufacturer EV incentives and the benefit of a federal EV tax credit. In addition to being nearly as affordable as gas cars, the cheapest EVs can cost as little as $25,000.

Here's a roundup of both the cheapest EV cars and SUVs you can buy in 2023, with inside tips on getting the best deal. Factory lease specials and rebates tend to change monthly, so be sure to check with your dealer for the latest EV pricing in your area.

Cheapest EV: Chevy Bolt EV

2023 Chevrolet Bolt EV

Even though it will soon be going away (at least in its current form), the Chevrolet Bolt EV holds the title for the cheapest EV you can buy in 2023. With a starting price of $27,495, the Bolt presents a low-cost option for those looking to make the switch to an EV. It's also worth considering even if you aren't necessarily in the market for an EV, and more and more automakers are dropping their base models in favor of higher-margin upmarket offerings.

The Bolt EV is eligible for the $7,500 federal EV tax credit, but Chevrolet isn't passing this rebate on to the consumer. There are certain state-level and local programs you can take advantage of though. In California, the $2,000 Clean Vehicle Rebate can lower the cost to just over $25,000, while Colorado residents can take advantage of the state's $5,000 Innovative Vehicle credit, bringing the Bolts cost to just over $22,000. It's worth noting that the Bolt EV tends to see unfavorable lease deals despite its low starting price, so we'd recommend buying instead.

Explore Chevrolet Bolt EV Prices & Deals

Cheapest EV (Runner-Up): Nissan LEAF

Although it's been surpassed by the Bolt, the Nissan LEAF is still one of the most affordable EVs on the market in 2023 at $29,235. The LEAF is starting to show its age in terms of range and fast-charging capability, but it still presents a cost-effective electric option for drivers with primarily urban commutes.

Unfortunately, the LEAF isn't eligible for the federal tax credit under the latest guidelines, but like the Bolt, you can still benefit from local incentives. The LEAF is eligible for the Colorado Innovative Vehicle Credit, which effectively brings the MSRP down to just $24,235. Unlike the Bolt, the LEAF tends to be far more palatable to lease.

Explore Nissan LEAF Prices & Deals

Cheapest Electric SUV: Chevy Bolt EUV

2023 Chevrolet Bolt EUV

The Chevrolet Bolt family currently has a monopoly on the affordable EV front. The Bolt EUV offers more size and space than its hatchback sibling and comes in at a low starting price of $28,795. Like the Bolt EV, the EUV is eligible for both the $2,000 California Clean Vehicle Rebate and the $5,000 Colorado Innovative Vehicle Credit, bringing the cost down to just $23,795 for CO residents.

Unfortunately, the EUV is also a bad vehicle to lease despite its low MSRP. Chevy hasn't offered competitive lease deals on the Bolt EUV in a while, and like the Bolt EV, they don't pass along the $7,500 in federal tax savings to the consumer.

Explore Chevrolet Bolt EUV Prices & Deals

Cheapest Electric SUV (Runner-Up): Hyundai Kona EV

2023 Hyundai Kona Electric

Although it's more expensive than the Bolt EUV, the Hyundai Kona Electric is a far better vehicle to lease. Even though it's considerably more expensive at $34,885, Hyundai tends to offer the Kona Electric with a lease deal that's far more competitive than the cheaper EVs.

In addition to reliably being one of the best EVs to lease, the Kona Electric is also eligible for local incentives like the Colorado Innovative Vehicle Credit, can effectively bring the price down to $29,885. Like the other EVs on this list, the Konda Electric is eligible for the $2,000 California Clean Vehicle Rebate, bringing the Kona's bottom line down to $32,885 for CA residents.

Explore Hyundai Kona EV Prices & Deals

Getting The Best Deal On An EV

Like most cars, just about every EV on the market is sold through a dealer, and real-world EV prices are based on supply & demand. Given the fact that there's an inventory shortage, EV buyers may face potential dealer markups and extended waits.

The Inflation Reduction Act introduced significant changes to the EV tax credit structure, with vehicles like the Ford Mustang Mach-E only eligible for half the $7,500 credit. However, automakers are taking advantage of a loophole in the legislation that allows vehicles that aren't eligible for the tax credit to still be offered with the rebate, such as the Hyundai IONIQ 5.

A growing trend we're seeing is a shift toward alternative financing programs involving balloon loans. These lease-like loans promise lower payments than a purchase but the ability to claim the EV tax credit. Examples include Ford Options Plan, Hyundai Evolve Retail Financing, and Kia Retail Advantage Financing.

Explore Top Electric Car Lease Deals

, Automotive Contributor

Sean is an automotive enthusiast with a background in sports journalism. He is a graduate of California Lutheran University with a Bachelor of Science in Business.


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