The short answer
Four new EVs currently start under $40,000: the Chevrolet Equinox EV 1LT ($34,995, 319 miles EPA), the Tesla Model 3 RWD ($38,630, 321 miles EPA), the Hyundai Ioniq 6 SE Standard Range ($38,615, up to 361 miles on the Long Range RWD), and the Toyota bZ4X XLE FWD (approximately $36,000–$37,000). The federal $7,500 EV tax credit ended September 30, 2025; check your state for remaining incentives. On range per dollar, the Equinox EV leads this group.
Which new EVs have a base MSRP under $40,000 in 2026?
Four current models start below $40,000: the Chevrolet Equinox EV 1LT at $34,995, the Toyota bZ4X XLE FWD at roughly $36,000–$37,000, the Hyundai Ioniq 6 SE Standard Range RWD at about $38,615, and the Tesla Model 3 RWD at $38,630. The Equinox EV is the most affordable new EV with meaningful range. All figures are before destination charges.
| Model (base trim) | Starting MSRP | EPA range |
|---|---|---|
| Chevrolet Equinox EV 1LT (FWD) | $34,995 | 319 mi |
| Toyota bZ4X XLE (FWD) | ~$36,000–$37,000 | ~252 mi |
| Hyundai Ioniq 6 SE Standard Range (RWD) | ~$38,615 | ~240 mi |
| Tesla Model 3 RWD | $38,630 | 321 mi |
Tesla adjusts pricing frequently, so verify the current figure at Tesla.com before you shop. EPA range and efficiency ratings for every model are published on the government's fueleconomy.gov EV comparison tool. Note that the discontinued Nissan Leaf and Chevy Bolt are no longer sold new — see our EV range guide for how these figures translate to real driving.
How does range compare across affordable EVs?
The Hyundai Ioniq 6 Long Range RWD leads the segment at up to 361 miles, though that trim climbs just above $40,000. At base trim the Tesla Model 3 RWD delivers 321 miles, the Equinox EV LT 319 miles, and the bZ4X about 252 miles. Since the average US driver covers roughly 37 miles per day, any of these ranges easily handles daily use.
- Most daily driving: all four cars are more than adequate — even 240 miles is a full week of average commuting between charges.
- Frequent intercity trips: range becomes decisive; the Model 3 (321 mi) and Equinox EV (319 mi) give the most buffer in the sub-$40k group.
- Maximum range: the Ioniq 6 Long Range RWD hits 361 miles but pushes just over the $40,000 line.
Real-world range drops in cold weather and at highway speed, so treat EPA figures as a best-case ceiling rather than a guarantee. Our guide to electric car range covers how much you actually lose in winter.
Are there federal or state incentives that lower the price further?
The federal New Clean Vehicle Credit ($7,500) was terminated October 1, 2025 under the One Big Beautiful Bill Act, so new EVs no longer earn it. Vehicles delivered before that date may still qualify. State programs remain active in many states — Colorado offers up to $5,000, New York up to $2,000, and New Jersey runs a point-of-sale rebate.
- Federal: the $7,500 credit ended for purchases on or after October 1, 2025; consult IRS.gov for pre-deadline transactions.
- Colorado: up to $5,000 in state EV tax credit for new purchases.
- New York: up to $2,000 through the Drive Clean Rebate.
- New Jersey & Oregon: a point-of-sale rebate (NJ) and a standalone state program (OR).
The Department of Energy's Alternative Fuels Data Center keeps a current state-by-state database — check your state's program before purchasing. For the full picture on what replaced the federal credit, see our EV tax credit explainer.
What is the cheapest new EV you can buy right now?
The Chevrolet Equinox EV 1LT at $34,995 is the lowest-priced new EV with meaningful range — 319 miles EPA — currently available at mainstream US dealers. It replaced the discontinued Bolt and Bolt EUV (last sold as 2023) as GM's entry EV. In states with active incentives, the effective out-of-pocket price after rebates can run $5,000–$10,000 lower depending on location.
- Why it wins on price: $34,995 undercuts every other new EV with 300+ miles of range.
- What it replaced: the Chevy Bolt and Bolt EUV, both discontinued after 2023; used Bolts remain a strong value at $15,000–$22,000.
- Effective cost: state rebates (where available) can lower the out-of-pocket figure by $5,000–$10,000.
How do you choose between these affordable EVs?
The decision comes down to three variables: range needs, charging-network access, and dealer preference. For maximum range under $40k, the Tesla Model 3 (321 miles) leads. For charging, the Model 3 taps Tesla's Supercharger network natively — the largest in the US. For service convenience, the Equinox EV, bZ4X, and Ioniq 6 use established dealer networks. All four are solid; the best one fits your charging setup.
- Range needs: want the most miles under $40k? The Model 3 (321) and Equinox EV (319) lead; the Ioniq 6 SE trails at base but its Long Range version (just over $40k) tops the field at 361 miles.
- Charging access: the Model 3 accesses Tesla Superchargers natively, the largest US fast-charging network; the others increasingly gain Supercharger access via adapters.
- Brand & dealer proximity: the Equinox EV and bZ4X use GM and Toyota dealers, the Ioniq 6 uses Hyundai dealers, and the Model 3 uses Tesla service centers.
Buying versus leasing also shifts the math now that the federal credit is gone. See our breakdown of whether to buy or lease an EV, and our EV head-to-heads on the Model Y vs. Mustang Mach-E and Ioniq 5 vs. Model Y.
Frequently asked questions
Is the Nissan Leaf still available as a budget EV?
No. Nissan discontinued the Leaf for the US market after the 2024 model year. Used Leafs remain available and can be found under $15,000–$20,000, but their real-world range (the older 40 kWh model delivers only 100–120 miles) makes them practical only for short-commute buyers. The Chevy Equinox EV is the correct current replacement recommendation.
Does the Chevy Equinox EV qualify for a tax credit?
As of October 2025, the federal credit no longer applies to new EV purchases. The Equinox EV previously qualified for the full $7,500 credit under the IRA. State incentives may still apply — Colorado, for example, offers a $5,000 state EV tax credit for new purchases. Check afdc.energy.gov/laws/state for your state.
What happened to the Chevy Bolt — can I still buy one?
GM discontinued the Bolt and Bolt EUV after the 2023 model year. Used Bolts remain widely available and are one of the best used EV values — typically $15,000–$22,000 for a 2022–2023 model with 230–260 miles of range. GM replaced them with the Equinox EV for new-car buyers.
Is a 250-mile range EV enough for most drivers?
For the overwhelming majority of US drivers, yes. The average American drives about 37 miles per day (FHWA data), and 99% of daily trips are under 100 miles. A 250-mile EV covers the average daily commute on roughly 15% of a charge. The edge cases are frequent long-distance travel on routes with sparse fast charging — for those buyers, targeting 300+ miles of EPA range adds a useful buffer.
Sources
CarsLens is editorial guidance, not individualized advice. Range and efficiency figures draw on the EPA's fueleconomy.gov EV comparison tool; incentive details on the Department of Energy's Alternative Fuels Data Center. Prices are before destination charges and vary by trim, model year, and dealer; verify current Tesla pricing at Tesla.com.