Top 10 Most Affordable Electric Vehicles in 2024
Some automakers have dramatically slashed prices on their electric vehicles in the past year, including Tesla (Model Y), Ford (F-150 Lightning, Mustang Mach-E) and Lucid (Air). However, these are mostly expensive models that regular people can hardly afford.
Meanwhile, affordable products such as the Chevrolet Bolt EV/Bolt EUV and Kia Soul EV have been discontinued. On the flip side, a cheap new option is available for budget-minded customers.
Without further ado, here are the top 10 most affordable electric vehicles you can buy (or at least order) in 2024.
Note: The MSRPs listed here are all accurate at the time of writing. However, they are subject to change at any time. They do not include freight and PDI, other applicable fees, or applicable EV rebates. The range estimates are those posted by Natural Resources Canada.
10. Tesla Model Y and Model 3
Price: $53,990
Range: 394 km and 438 km
Following a couple of price cuts last year, the popular Model Y compact crossover has gotten even cheaper now. The MSRP for the entry-level, single-motor RWD variant was recently slashed $4,000 to $53,990 (not including freight, PDI and other fees), making it just as affordable as the Model 3 sedan. The latter still has the edge in terms of maximum range, mind you, with an NRC rating of 438 km versus 394 km for the Model Y.
9. Nissan Ariya
Price: $52,998
Range: 348 km
Nissan has announced Ariya pricing details for the 2024 model year, the electric crossover’s second in Canada. There are no significant changes to content or technology, but the lineup is revised nonetheless. Pleasantly, the base price is identical to last year. The cheapest Ariya makes do with a smaller battery, a single motor producing a modest 214 horsepower, as well as front-wheel drive. Range is not that great at 348 km.
8. Toyota bZ4X
Price: $50,050
Range: 406 km
Toyota’s bZ4X electric crossover is losing its base L model for its second year on the market, the one that used to carry a low MSRP of $44,990 in order to qualify for a $5,000 EV rebate from the Canadian government. Now that the federal program has increased its price limit to $55,000 for cars and $60,000 for larger vehicles, there’s no need for it. Besides, production already focused heavily on the more expensive models. So, for 2024, the cheapest bZ4X in the lineup is the LE FWD starting at $50,050, a tiny increase of $60 from 2023.
Price: $48,495
Range: 336 km
Availability has improved ever since production started in Tennessee for the North American market. The base ID.4 comes with rear-wheel drive, 201 horsepower, a 62kWh battery… but just 336 km of range. Consider the bigger 82kWh battery for longer range (up to 443 km).
Price: $48,190
Range: 183 km
The Cooper SE is MINI’s first and still only electric vehicle. Equipped with a 181-horsepower motor and a 32.6 kWh lithium-ion battery, it can officially travel up 183 km with a full charge. That kind of range is definitely not competitive by today’s EV standards, but you have to remember the Cooper SE is designed with urban driving in mind. The next generation coming for 2025 will be able to cover longer distances thanks to a 54.2 kWh battery.
Price: $46,399
Range: 415 km
Hyundai’s subcompact crossover is fully redesigned for 2024, and that includes the Kona Electric, which delivers 201 horsepower and up to 420 km of range. The base Preferred model starts at $46,399, while the more upscale Ultimate retails from $51,199. This represents significant yet reasonable increases of $1,800 and $1,500, respectively, versus the outgoing generation.
4. Kia Niro EV
Price: $45,595
Range: 407 km
Following a complete redesign for 2023, the attractively sized Niro is back and continues to offer three different forms of electrification. One is a fully electric powertrain with 201 horsepower and 407 km of range. Some customers might complain about the lack of all-wheel drive, but not when it comes to pricing or fit and finish.
3. Mazda MX-30
Price: $42,650
Range: 161 km
Equipped with a 35.5kWh battery enabling no more than 161 km of range, the MX-30 fails to attract many EV customers. What’s more, output is limited to 143 horsepower, which makes passing manoeuvres a challenge. Unsurprisingly, Mazda decided to stop selling the MX-30 in the U.S. How long will it last in Canada?
2. Nissan LEAF
Price: $41,448
Range: 240 km
The Nissan LEAF is a victim of rapid evolution and progress in the electric vehicle segment. The second generation was introduced for 2018 and received updates last year, but it’s no longer competitive in terms of range and technology. In fact, the high-end model (SL Plus) is not returning for 2024. The base SV generates 147 horsepower and enables 240 km of pure electric driving, while the SV Plus is rated at 214 horsepower and 349 km of range.
1. Fiat 500e
Price: $39,995
Range: 240 km
Believe it or not, the tiny Fiat 500 is returning to North America for 2024, this time exclusively as an electric car called 500e. Designed for urban driving, it features a 42kWh battery, 118-horsepower motor and an estimated range of 240 km. Orders are now open, initially in Quebec and B.C. only. Other markets will be added to the list as production ramps up.