List · November 2026
Best electric cars under $40,000
15 EVs start under $40,000 before destination (November 2026). Our three picks come first, then every model, cheapest first.
Our picks
- Lowest priceChevrolet Bolt$27,600 for the LT, or $28,995 with destination. 262 miles of EPA range.
- Most rangeKia EV3321 EPA miles from the Wind FWD for $34,990. No EV under $40,000 goes farther, and the Tesla Model 3 and Tesla Model Y match it for more money.
- For familiesChevrolet Equinox EVA five-star NHTSA overall rating, seats for five and 319 EPA miles from the LT 1 FWD for $34,995.
Picked from the numbers in the table below: price, EPA range and NHTSA rating.
| Rank | Model | Body | Starting MSRP | EPA range | Battery | Fast charging |
|---|---|---|---|---|---|---|
| 1 | Chevrolet Bolt | Hatchback | $27,600 | 262 mi · winter ~183 mi | 65 kWh | 25 min |
| 2 | Kia EV3 | SUV | $29,890 | 221–321 mi · winter ~155–225 mi | 81.4 kWh | 29 min |
| 3 | Nissan Leaf | Hatchback | $29,990 | 259–303 mi · winter ~181–212 mi | 75 kWh | 35 min |
| 4 | Toyota bZ | SUV | $34,980 | 236–314 mi · winter ~165–220 mi | 74.7 kWh | 30 min |
| 5 | Chevrolet Equinox EV | SUV | $34,995 | 307–319 mi · winter ~215–223 mi | 85 kWh | 150 kW |
| 6 | Subaru Uncharted | SUV | $34,995 | 273–308 mi · winter ~191–216 mi | 74.7 kWh | 28 min |
| 7 | Hyundai Ioniq 5 | SUV | $35,250 | 245–318 mi · winter ~172–223 mi | 84 kWh | 20 min |
| 8 | Fiat 500e | Hatchback | $35,700 | 149 mi · winter ~104 mi | 42 kWh | 85 kW |
| 9 | Tesla Model 3 | Sedan | $36,990 | 321 mi · winter ~225 mi | Not confirmed | 250 kW |
| 10 | Toyota C-HR | SUV | $37,080 | 273–287 mi · winter ~191–201 mi | 74.7 kWh | 30 min |
| 11 | Kia EV6 | SUV | $37,900 | 237 mi · winter ~166 mi | 84 kWh | 20 min |
| 12 | Subaru Solterra | SUV | $38,495 | 288 mi · winter ~202 mi | 74.7 kWh | 28 min |
| 13 | Tesla Model Y | SUV | $39,990 | 321 mi · winter ~225 mi | Not confirmed | 250 kW |
| 14 | Ford Mustang Mach-E | SUV | $39,995 | 320 mi · winter ~224 mi | 91 kWh | Not confirmed |
| 15 | Subaru Trailseeker | SUV | $39,995 | 281 mi · winter ~197 mi | 74.7 kWh | 28 min |
What kW, kWh, MPGe and NACS mean
Paying monthly? See current EV lease deals or estimate a lease payment.
Common questions
What is the best electric car under $40,000?
Lowest price: the Chevrolet Bolt. $27,600 for the LT, or $28,995 with destination. 262 miles of EPA range. Most range: the Kia EV3. 321 EPA miles from the Wind FWD for $34,990. No EV under $40,000 goes farther, and the Tesla Model 3 and Tesla Model Y match it for more money. For families: the Chevrolet Equinox EV. A five-star NHTSA overall rating, seats for five and 319 EPA miles from the LT 1 FWD for $34,995.
How many new EVs cost less than $40,000?
15 models on sale in the US start below $40,000 before destination, from the Chevrolet Bolt at $27,600.
Is there still a $7,500 federal tax credit for electric cars?
No. The $7,500 new clean vehicle credit ended for cars acquired after September 30, 2025. The IRS counts a car as acquired on the day you sign a binding written contract and make a payment, so only buyers who did both by that date can still claim it. The $4,000 used EV credit and the commercial credit behind lease deals ended the same day.
More lists: Cheapest electric cars · Longest-range electric cars · Electric SUVs · Electric trucks · Three-row electric SUVs · Electric cars under $30,000 · Electric cars under $50,000 · Fastest-charging EVs