- The EV market is rapidly expanding, with vehicles offering greater range, faster charge times and more impressive horsepower.
- EV vehicles provide benefits such as low emissions, cost savings on fuel and maintenance and powerful torque.
- Many automotive brands are introducing EVs under $40k to appeal to drivers looking to enter the EV market.
As range increases and costs decrease, more EVs are entering the market every year. Owners of e-vehicles can also take advantage of federal tax credits and state incentives to lower purchase costs.
If you’re looking to buy an electric car, this article provides a list of the most affordable 2022 models costing less than $40,000, as well as a list of advantages, disadvantages and innovations to help you compare and decide.
Why Drive an EV?
About 1.8 million drivers have already switched to an electric car, and 39 percent of U.S. adults surveyed said they’d likely consider an electric car for their next vehicle purchase.
E-vehicles offer many attractive benefits, most notably cost savings and lower emissions compared to traditional gas-powered vehicles. In addition to fuel cost savings, e-vehicles typically have lower maintenance costs, so you can save more over the life of the vehicle.
You don’t have to worry about range anxiety thanks to the longer range and convenient availability of charging stations. The motors also provide a smooth ride, smooth acceleration and better handling. Because electric motors can transfer power directly to the wheels, e-vehicles have much more torque and power than conventional vehicles.
1. 2022 Chevrolet Bolt EUV
The Chevrolet Bolt EUV is a brand new model that will be launched in 2022 and is an SUV-inspired version of the regular Bolt. It offers more interior space but less cargo space and can comfortably seat five passengers. Its rugged exterior design gives it a mainstream look, but still clearly reminiscent of the Bolt EV, and is available in metallic colours.
Super Cruise technology provides semi-autonomous driving for all Bolt EUV models on up to 200,000 miles of compatible roads. The Bolt EUV can travel an estimated 247 miles on a full charge and features an 11.5-kilowatt Level 2 charging station, with a suggested retail price of $33,500.
2. 2022 Chevrolet Bolt EV Redesigned for 2022
Despite its small size, the 2022 Chevrolet Bolt EV is a roomier hatchback than it appears. Like the Bolt EUV, the Bolt EV offers Super Cruise driver-assist technology and can travel an estimated 259 miles on a full charge.
The 2022 model has also been completely redesigned. The exterior features futuristic sheet metal and updated lines, while the interior offers an upscale design with better materials and a fully digital instrument cluster.
With zero to 60 mph acceleration in 6.5 seconds and up to 200 horsepower, this little electric car has a lot going for it. MSRP starts at $31,500.
3. 2022 Nissan LEAF S
The 2022 Nissan LEAF S offers a modern and spacious interior, a large cargo area and fold-down rear seats. Drivers can also enjoy high-tech features like semi-autonomous driving, door-to-door navigation, voice recognition, and Android and Apple compatibility.
Although the LEAF originally paved the way for electric cars, it’s since fallen behind, offering only an estimated range of 149 miles and 147 horsepower.
Despite its lack of power and range, the LEAF S remains attractive thanks to its affordable price. The suggested retail price is just $27,400.
4. 2022 Nissan LEAF S Plus
The 2022 Nissan Leaf S Plus is an upscale trim level of the base LEAF S. It offers the same standard interior features, including an eight-inch infotainment system with Apple CarPlay and Android Auto capability and automatic climate control.
The S Plus has a more powerful engine with 214 horsepower and 250 pound-feet of torque. Range is also more practical for the price, at 226 miles. Pricing for the 2022 Nissan LEAF S Plus starts at $32,400.
5. 2022 Nissan LEAF SL Plus
The LEAF SL Plus is the first trim level of the 2022 Nissan LEAF and is priced starting at $35,400. The interior is more luxurious than the other trim levels, with leather seats, a premium Bose speaker system, ProPilot Assist and a removable luggage cover. The LEAF SL Plus offers the same interior technologies as the other LEAF trims, including door-to-door navigation and an eight-inch infotainment system.
Like the S Plus, the SL Plus engine produces 214 horsepower and 250 pound-feet of torque. With a 62-kilowatt-hour lithium-ion battery, it’s an estimated range of 215 kilometres.
6. 2022 Mazda MX-30 EV
The 2022 Mazda MX-30 EV marks Mazda’s entry into the electric vehicle market. With its modern exterior and stylish and sustainably produced interior, this EV is an eye-catching newcomer. It offers Apple CarPlay and Android Auto features on an 8.8-inch display.
Range is disappointing with only 100 estimated miles on a single charge, but it can be recharged in just 36 minutes with a Level-3 DC. The MX-30 has only 143 horsepower, making for a puny driving experience. MSRP is $33,470, and this vehicle is currently only available in California.
7. 2022 Hyundai Kona Electric
The 2022 Hyundai Kona Electric is an electric car based on the original gasoline-powered Kona. Although it doesn’t offer AWD, the Kona Electric offers an estimated 258-mile range, 201 horsepower and 291 pound-feet of torque. It can be charged in just 47 minutes with a 100-kilowatt charging station.
It offers features like an eight-inch touchscreen, wireless Apple CarPlay and Android Auto integration, and a clean and modern interior. The suggested retail price is $34,000.
8. 2022 Volkswagen ID.4
Some consider the 2022 Volkswagen ID.4 to be the electric successor to the original Volkswagen Beetle. The ID.4 offers a smooth ride with a sleek and spacious interior design, a 12-inch touchscreen infotainment system and intuitive technology.
With 201 horsepower and an estimated range of up to 280 miles, the ID.4 is as practical as it’s stylish. It can also recharge 70 miles in just 10 minutes at a DC fast-charging station. MSRP is $41,230, but the ID.4 qualifies for tax credits of up to $7,500, bringing the total cost under $40,000.
9. 2023 Mini Cooper SE Signature Electric Hardtop
The 2023 Mini Cooper SE Electric Hardtop is one of the most affordable electric cars on the market with an MSRP of just $33,900. It features new technologies like an intuitive steering wheel and driver assistance systems, as well as a standard premium exterior with LED headlights and Union Jack taillights.
With an estimated range of 114 miles and 181 horsepower, this electric car is more about fun than practicality. It’s ideal for drivers looking for an electric go-kart for around town rather than long distances.
10. 2022 Kia Niro EV
The 2022 Kia Niro EV offers a comfortable crossover driving experience with a 10.25-inch touchscreen display and split-screen function. The modern exterior design and blue interior accents provide a futuristic aesthetic, and the interior offers 53 cubic feet of cargo space.
With a range of up to 239 miles, 201 horsepower and 291 pound-feet of torque, the Kia Niro EV is a competitive option for drivers who want a robust EV experience. MSRP is $39,990.
11. 2022 Audi Q4 40 E-Tron Premium
Audi has launched several electric vehicles in recent years, including the all-new 2022 Audi Q4 40 E-Tron Premium. With touch-sensitive controls, a toggle switch for gear selection and a 10.1-inch touchscreen for infotainment, this electric car offers the luxury typical of Audi vehicles. The Q4 40 is also equipped with driver assistance systems such as adaptive cruise control and automatic emergency braking.
This electric vehicle produces 295 horsepower and accelerates from zero to 60 miles per hour in 5.8 seconds. The 82-kilowatt-hour battery offers an estimated range of up to 241 miles, providing high performance and a practical ride. MSRP is $49,900, but the $7,500 tax credit and other incentives may bring the price down to under $40,000.
