Electric vehicle prices have plummeted, with the top five most affordable models in Q1 selling for under $41,000. Nissan’s electric vehicles dominated the top spot on the list, with its models emerging as the best in class, while Hyundai, Tesla, and Toyota’s electric offerings followed closely behind, occupying the next four positions.
Nissan, Hyundai, and Tesla dominated the list of most affordable electric vehicles (EVs) in the first quarter, with several models offering a compelling blend of range, features, and value.
According to industry insights, electric vehicle incentives dropped significantly to nearly $6,000 in the first quarter. Common electric vehicle (EV) costs dropped by 9% in the initial three months of 2024, and an additional 3.8% from September 2023.
“Notably, declining EV prices have driven a surge in U.S. EV sales, particularly for key Tesla models,” said Stephanie Valdez Streaty, director of Trade Insights at the organization.
The incentives package for the Tesla Model 3 comprised 8.2% of its Average Transaction Price (ATP), valued at approximately $3,778. Given its affordability, Tesla’s Model 3 was one of the most competitively priced electric vehicles (EVs) available in the US market during the first quarter of the year.
Two Nissan models topped the list. The Nissan LEAF was a benchmark for affordability, priced at just $27,956 when combined with incentives like reductions. The discount represents approximately 19% off the typical purchase price of $34,706.
Nissan’s electric SUV, the Ariya, took the silver spot, with a discounted price tag of $35,556, representing a substantial 31% reduction from its standard market value of $51,438. Nissan’s electric crossover, the Ariya, saw a significant surge in sales during its first quarter on the market, with a 44.8% increase year-over-year, resulting in 4,142 units sold.
The Hyundai Ioniq 6 ranked third, with a starting price averaging around $40,547. Significant discounts have been implemented this quarter, resulting in the IONIQ 6 being offered at a 22% discount to its standard transaction price of $46,917.
The Tesla Model 3 was fourth, selling for a median price of $40,547, roughly 7% below its typical asking price.
| Place | As the electric vehicle market continues to evolve, a plethora of options at various price points have emerged. For those seeking affordability without compromising on features and performance, here are some reasonably priced EVs anticipated for Q1 2024:
Tesla Model 3: A popular choice with a starting price under $40,000. Hyundai Kona Electric: Priced around $36,000, this subcompact crossover offers ample interior space and impressive driving range. Chevrolet Bolt EUV: With a starting price of approximately $31,000, the Bolt EUV provides a roomy interior and decent electric range for city commutes. Nissan Leaf: This iconic EV starts at around $29,000, offering reliable performance and a relatively low cost of ownership. Ford Focus Electric: As one of the earliest mass-market EVs, the Ford Focus Electric retails for roughly $26,000, providing an affordable option for those seeking a compact hatchback with electric power. Volkswagen e-Golf: At around $25,000, this EV version of the Golf offers a familiar interior and decent driving range. Mitsubishi Outlander PHEV: Priced at approximately $24,000, this plug-in hybrid SUV provides ample space for passengers and cargo. Ford Mustang Mach-E: A compact crossover with a starting price under $23,000, the Ford Mustang Mach-E offers sporty styling and impressive electric range. Audi Q4 e-tron: With a starting price around $22,000, this luxury EV compact SUV provides a premium interior and decent driving range. |
Common promoting value with reductions | % off common transaction value |
| 1 | Nissan LEAF | $27,956 | 19% |
| 2 | Nissan Ariya | $35,556 | 31% |
| 3 | Hyundai IONIQ 6 | $36,506 | 22% |
| 4 | Tesla Mannequin 3 | $40,547 | 7% |
| 5 | Toyota bZ4X | $40,646 | 15% |
Tesla Model 3 – $35,000-$50,000
The Tesla Model 3 is a popular choice among those looking to go green without breaking the bank. With a range of up to 250 miles on a single charge, this compact sedan offers impressive performance and advanced tech features at an affordable price point.
Hyundai Kona Electric – $36,950
Another great option for eco-conscious buyers, the Hyundai Kona Electric is a subcompact crossover with a range of up to 258 miles. Its affordable price tag and generous standard features make it an excellent value in its class.
Nissan Leaf – $30,990-$43,450
The Nissan Leaf has been a pioneering force in the EV market since its introduction in 2010. With a range of up to 226 miles and a starting price under $31,000, this hatchback is an attractive choice for those looking to go electric without sacrificing comfort or features.
Chevrolet Bolt EUV – $33,995-$44,495
The Chevrolet Bolt EUV is a compact crossover that offers impressive cargo space and a range of up to 259 miles on a single charge. Its affordable price point and generous standard features make it an excellent value in its class.
Ford Mustang Mach-E – $43,895-$60,500
Last but not least, the Ford Mustang Mach-E is a stylish and capable electric SUV with a range of up to 305 miles. While it may be one of the more expensive options on this list, its impressive performance and advanced tech features make it well worth the investment for those looking for a high-tech EV experience.
The top five most affordably priced electric vehicles (EVs) in the first quarter were rounded out by Toyota’s bZ4X, which had a median price tag of $40,547. Toyota has drastically reduced costs on its single electric vehicle model to maintain a competitive edge.
However, they are often not the primary way that automakers reduce costs and generate significant financial savings? Ford slashed Mach-E prices by up to $8,100 in March. The electric pickup truck’s 2024 F-150 Lightning order books have now been opened, offering customers up to $5,500 in savings across select trim levels.
Volkswagen is currently offering a substantial $13,000 discount on the 2023 ID.4 All-Wheel Drive Professional S trim. Hyundai’s IONIQ 5 and Kona Electric models are now available for purchase with fresh incentives added to the offer.
BMW is now offering significant incentives on its 2024 electric vehicle lineup, with rebates of up to $7,500 available. Meanwhile, the Kia EV9 and several Genesis electric vehicles have just received a fresh $7,500 incentive package.
