The Best Electric Vehicles Under $50,000

September 16, 2022

The best EVs under $50,000 are more capable than ever before. But that doesn’t mean that they’re equally suited for the diverse needs of today’s drivers. Whether you’re hauling a family or looking for your next ridesharing car, these are the best EVs under $50k that are available now.

2023 Volkswagen ID.4

To qualify for federal EV incentives, ensure you purchase a Tennessee-built VIN.

Price: $37,495 – $53,995

Range: 208 – 274 miles

Charging Speed: 130 kilowatts (standard) to 170 kilowatts (Pro); Add 200 miles of range in 28 minutes

VW ID4 interior

Tax Credit: The U.S.-built ID.4 qualifies for at least half of the new EV tax credit. Make sure yours is built at the Chattanooga, Tennessee factory! See full details here.

Did You Know? The 2023 VW ID.4 includes three years of free 30-minute charging sessions at Electrify America. For those who travel often, this incentive could be worth hundreds of dollars.

Build and price your own ID.4 at vw.com

Tesla Model 3

The rear-wheel drive Model 3 is available for order at famously no-haggle pricing. No dealers, no markups!

Model 3 rwd price

Price (rear-wheel drive): $48,490 (including destination charges)

Range: 272 miles

Charging Speed: 170 kilowatt max (adds 200 miles in 30 minutes of charging)

Federal Tax Credit: Beginning in January of 2023, the Model 3 again qualifies for federal EV incentives (if under $55k). See full details here.

Did You Know? Tesla EVs have the best resale value of any vehicles on the market today. Also, Tesla sells direct to consumer, so the price you see is the price you pay.

Build and price the Model 3 at Tesla.com

2023 Chevrolet Bolt EV and EUV

As long as your Bolt has the new battery post-recall, the Bolt is by far the most affordable electric option available. But it’s not for road trips with the family.

2022 Chevrolet Bolt EUV
2022 Chevrolet Bolt EUV

Price: $26,595 – $38,995

Range: 247 to 259 miles

Charging Speed: 55 kilowatt max (adds 200 miles in one hour of charging)

bolt ev

Federal Tax Credit: Beginning in January of 2023, the Bolt again qualifies for federal EV incentives. See full details here.

Did You Know? The Bolt has great range, but charges slowly. We think this is a great budget option for around town, but not for cross-country road trips.

Build and price your own Bolt EV or EUV at chevrolet.com

2023 Hyundai Kona EV

The new IONIQ 5 may have stolen the show, but the Kona EV is thousands of dollars cheaper. It’s one of the best EV values well under $50k.

2023 Kona EV

Price: $33,550 – $41,550

Range: 258 miles

Charging Speed: 100 kilowatt max (180 miles added in 47 minutes)

2023 kona ev interior

Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the Kona EV. See full details here. State incentives may apply.

Did You Know? The all-new Hyundai IONIQ 5 has stolen the show with more range, MUCH faster charging, and better looks. Although MSRP starts closer to $45,000, dealer markups make it hard to find one under $50,000. More on that below.

Build and price your own Kona EV at hyundaiusa.com

2023 Kia Niro EV

Don’t like the looks of the Kona EV? The Niro is the same vehicle on the inside. 

2023 kia niro ev price

Price: Estimated $42,000 – $50,000

Range: 253 miles

Charging Speed: 100 kilowatt max at a DC fast charger (adds 177 miles of range in about 45 minutes)

2023 kia niro ev range

Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the Niro EV. See full details here. State incentives may apply. 

Did You Know? The 2023 model year introduces a plug-in hybrid version with 33 miles of all-electric range. This is a great option for frequent travelers and those without a place to charge at home.

Build and price your own Niro EV or plug-in hybrid

Polestar 2

Polestar is the fully-electric brand backed by Volvo. This car looks unmistakably Nordic, yet not as minimalist as a Tesla. Pricing is right under $50k, but direct-to-consumer sales means no dealer markups.

polestar 2 pricing

Price (front-wheel drive): $49,800 with destination fees, but there’s no haggling with Polestar’s pricing

Range: 270 miles

Charging speed: 150 kilowatt max charging (adds 160 miles of range in 25 minutes)

polestar 2 interior

Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the Polestar 2. See full details here. State incentives may apply.

Did You Know? The Polestar 2 is the closest competitor in terms of size, price and specs to the Model 3 rear-wheel drive.

2023 Kia EV6 (base trim)

If you can go without the bells and whistles, a lower-trim EV6 brings ultra-fast charging and longer range to buyers willing to get close to $50,000.

Kia EV6 price

Price: $41,400 – $56,400; Light and Wind trims are most likely to fall under $50k.

Range: 232 – 310 miles

Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 18 minutes)

Kia EV6 interior

Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the EV6. See full details here. State incentives may apply.

Did You Know? The Kia EV6 is based on the same e-GMP electric platform as the Hyundai IONIQ 5. If the looks of the EV6 are too much for you, maybe the IONIQ 5 is up your alley. The EV6 comes with 1,000 kilowatt-hours of free charging at Electrify America. That’s about 15 charging sessions from 10% to 80%.

Build and price your own EV6 at kia.com

2023 Hyundai IONIQ 5 (base trim)

Despite an attractive base MSRP, it’s very difficult to find any IONIQ 5 under $50,000. However, dealers who sell at MSRP are out there if you know where to look.

2023 ioniq 5 sel

Price: $39,950 – $56,200

Range: 220 – 303 miles

Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 18 minutes)

2023 ioniq 5 interior

Federal Tax Credit: In August of 2022, the new revisions to the EV tax credit took away this incentive from the IONIQ 5. See full details here. State incentives may apply.

Did You Know? The IONIQ 5 and it’s sibling the Kia EV6 are by far the fastest-charging EVs under $50,000. The IONIQ 5 has two years of free charging at Electrify America.

Build and price your own IONIQ 5 and hyundaiusa.com

Ford Mustang Mach-E

Last but certainly not least, the entry-level Mustang Mach-E starts under $50k. Finding one without a dealer markup is a challenge.

mustang mach e price

Price: Starting at $46,895, excluding destination fees

Range: 247 miles (Standard Range battery)

Charging Speed: 150 kilowatt max speeds (adds 170 miles of range in 38 minutes)

mustang mach e interior

Federal Tax Credit: The Mustang Mach-E is made in Mexico, so it continues to qualify for at least half of the new EV tax credit. Qualification for the full credit depends on the battery supplier.

Did You Know? The Mustang Mach-E is one of the top-selling EVs in America, although it remains far behind Tesla. Consider yourself lucky if you can find this EV under $50,000.

Build and price your Mustang Mach-E at Ford.com

More Options On the Way

The Equinox EV was recently introduced, and GM still claims that it will start “around $30,000.” Even if the most preferred trim options run closer to $40,000, the Equinox EV looks to be a great deal.

Here are the standout specs GM has released:

  • 250 to 300 miles of range
  • 150 kilowatt max charging
  • 70 miles of range added in 10 minutes
  • More spacious than the combustion Equinox

See every detail released so far, from trim options to expected pricing

Don’t forget that both state and federal EV incentives may apply. Here’s our full breakdown of which models are likely to qualify. For the first time, a used EV tax credit is available, but very few models qualify due to the price cap. We’ve got the full details covered here.

Not sure which path is right for you? Head over to the YAA community forum to chat with auto experts with years of experience. I’m on the forum daily!

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