Best Value Electric Cars

Electric cars are typically more expensive than gas-powered vehicles, but certain models still offer a lot of value. Some, like the ones below, aren't much more expensive than their gas-powered counterparts and provide lengthy driving ranges and a long list of standard features. According to Edmunds' research, the best value electric cars are the Chevrolet Bolt EV and Bolt EUV.

There are more electric vehicles available of course. The list below isn't about the cheapest EVs in the market, but about the EVs that offer the best value in different segments of the market. We include their starting prices with the destination fee and how they qualify for the federal electric vehicle tax credit.

Before we get to the list, let's review the federal EV tax incentive. For 2023, only certain EVs qualify for the tax credit when purchased. But in order to take advantage of the credit, you need to have a tax liability for the year. However, when car companies lease EVs, the EVs qualify for the tax credit, and most companies will pass the tax credit to the lessees. For 2024, shoppers will have the option of applying the federal tax credit to the purchase price of an EV regardless of whether they have a tax liability.

The best value electric cars

• Best value affordable electric car: Chevrolet Bolt EV and Bolt EUV
• Best value compact electric sedan: Tesla Model 3
• Best value large luxury electric sedan: Tesla Model S
• Best value compact electric SUV: Volkswagen ID.4
• Best value large electric SUV: Kia EV9
• Best value compact luxury electric SUV: Tesla Model Y
• Best value large luxury electric SUV: Cadillac Lyriq
• Best value electric truck: Ford F-150 Lightning

Upcoming best value electric cars

• Chevrolet Equinox EV
• Volvo EX30
• Fisker Ocean and Pear

Best value for an affordable electric car: Chevrolet Bolt EV and Bolt EUV

The Bolt EV hatchback and slightly larger Bolt EUV SUV are the kings of value because they are the most affordable EVs on the market yet have a lot to offer. The Bolt's closest rival is the Nissan Leaf, which also starts below $30K, but you get significantly less driving range for that price. The top Leaf model also provides less range and costs about $10,000 more.

The Bolt's low starting price doesn't mean Chevy skimped on features. Every Bolt comes standard with a sizable 10.2-inch center touchscreen, a few advanced driver aids, and Apple CarPlay and Android Auto wireless smartphone connectivity. There are plenty of optional features as well. The electric Chevys provide an EPA-estimated range of 259 miles for the Bolt EV and 247 miles for the Bolt EUV.

Unfortunately, America's cheapest EV won't be around much longer. Chevrolet plans to stop the production of both models by the end of 2023. A completely new Bolt is on the way, but Chevy has yet to confirm its release date.

Also consider: The base short-range Nissan Leaf S is the second most affordable EV, and the Hyundai Kona Electric is another affordable electric SUV that has a starting price in the mid-$30,000s.

Starting price: $27,495 for Bolt EV, $28,795 for Bolt EUV

Federal EV tax credit: $7,500 when purchased or leased

Best value for a small electric sedan: Tesla Model 3

The Model 3's recent price cuts have put the starting price just above $40K. That undercuts any luxury rival and makes it more affordable than the Hyundai Ioniq 6 and most non-luxury electric SUVs.

The base Model 3 delivers an estimated range of 272 miles and gives owners access to Tesla's vast nationwide network of Supercharger fast-charging stations. The base model comes equipped with many features including a large 15-inch center touchscreen, two wireless smartphone chargers, heated front and rear seats, synthetic leather upholstery, and Autopilot, an advanced driving system that can brake, accelerate and steer on highways.

Tesla will introduce a refreshed Model 3 in 2024 that features an updated exterior and interior design, increased driving range, ventilated seats, a touchscreen for rear passengers, improved ride comfort and more.

Also consider: The Hyundai Ioniq 6 is the only other compact electric sedan and an excellent alternative. A more affordable Standard Range model will be introduced soon that will cost about as much as the base Model 3.

Starting price: $40,630

Federal EV tax credit: $7,500 when purchased or leased

Best value for a luxury electric sedan: Tesla Model S

As with the Model 3, Tesla's recent price cuts have made its flagship sedan quite the bargain. It's vastly more affordable than competitors like the Mercedes-Benz EQS sedan and Porche Taycan. Rivals like the Mercedes EQE sedan and BMW i5 are closer in price, but the Model S provides more range, power and standard features. It also benefits from Tesla's extensive charging network, though its German competitors are more luxurious and have superior build quality.

The base Model S provides a lengthy estimated driving range of 405 miles, all-wheel drive and an adaptive air suspension. As for power, it hits 60 mph in around 3 seconds. It also comes standard with a long list of features such as heated and ventilated front seats, a 22-speaker audio system, a massive 17-inch center touchscreen, a digital instrument panel, a rear seat entertainment screen, two wireless smartphone chargers and Autopilot.

Also consider: The BMW i5 eDrive40 base model is more affordable than the Model S and the Genesis Electrified G80 is priced a bit higher than the Tesla. Both are great alternatives if you don't mind their shorter driving ranges and the BMW's lack of all-wheel drive.

Starting price: $76,630

Federal EV tax credit: $7,500 when leased

Best value for a compact electric SUV: Volkswagen ID.4

The ID.4 Standard base model starts at a lower price than similarly sized rivals. However, the base model provides an estimated range of just 209 miles. That's short but should be sufficient if you charge at home every day and don't take long road trips. If you need more range, the Pro model's estimated 275 miles is much longer. The Pro costs about the same as many competitors and more than smaller rivals like the Hyundai Kona Electric, but unlike most electric SUVs, the ID.4 qualifies for the federal tax credit when purchased.

Even though it's the base model, VW still packs the ID.4 Standard with lots of features including a large package of advanced driver aids, a 12-inch center touchscreen, wireless smartphone connectivity, heated front seats and a wireless smartphone charger.

Also consider: The Hyundai Kona Electric and Kia Niro EV have similar starting prices, but they are smaller, don't offer all-wheel drive and only qualify for the federal tax credit when leased.

Starting price: $40,290

Federal EV tax credit: $7,500 when purchased or leased

Best value for a three-row electric SUV: Kia EV9

The EV9 is Kia's electric SUV that just hit the market. It's in a segment of its own because the EV9 is the only non-luxury three-row electric SUV that currently exists. But that's not the only reason it made this list. The EV9 offers plenty of value for the price. It costs significantly less than other three-row electric SUVs like the Rivian R1S and offers a similar amount of luxury and tech features in its higher trims.

The EV9's low starting price is for the Light base model that delivers a modest estimated range of 230 miles. But it comes standard with lots of features such as a 110-volt household-style power outlet, large driver and infotainment screens, synthetic leather upholstery, heated and ventilated front seats, a digital key and many advanced driver aids. If you need more range, opt for the 304-mile Light Long Range for only about $4K more.

Also consider: The base models of the Rivian R1S and Tesla Model X should be considered but cost more.

Starting price: $56,395

Federal EV tax credit: $7,500 when leased

Best value compact luxury electric SUV: Tesla Model Y

As with the other two Teslas above, the price of the Model Y has dropped significantly. A little more than a year ago, the Model Y started at $67,000. Besides recent price cuts, a recently introduced rear-wheel-drive base model Tesla gas lowered the starting price. The Model Y now starts at a similar price as many non-luxury rivals and is more affordable than any luxury rival. And with the tax credit, any Model Y version, including the insanely quick Performance model, is an excellent deal.

The Model Y's base model has an estimated range of 260 miles, but for about $5,000 more you can have the Long Range model that provides 330 miles of range and all-wheel drive. The Model Y comes equipped with the same long list of features as the Model 3 including a 15-inch center touchscreen, synthetic leather upholstery, heated front and rear seats, two wireless smartphone chargers and the Autopilot driving system. The Model Y also has access to Tesla's Supercharger network, the largest fast-charging network in the nation.

Also consider: The Polestar 2, Audi Q4 e-tron and Genesis GV60 are excellent alternatives. But they are priced higher to start and don't qualify for the tax credit when purchased.

Starting price: $45,630

Federal EV tax credit: $7,500 when purchased or leased

Best value for a midsize luxury electric SUV: Cadillac Lyriq

The stylish and spacious Lyriq is Cadillac's first electric SUV. It's a large two-row SUV about the size of a Tesla Model X but doesn't offer a third row. The Lyriq is priced significantly lower than its similarly sized German luxury competitors and closer to smaller rivals like the Genesis GV60. The Lyriq is one of the few luxury electric SUVs that qualify for the federal tax credit when purchased.

The Lyriq has a generous estimated driving range of 307 miles with all-wheel drive and 314 miles with rear-wheel drive. The all-wheel drive model packs lots of power and only costs a few thousand more. Standard features include a wide 33-inch screen, a Google built-in infotainment system, wireless smartphone charging, wireless smartphone connectivity, heated front seats and several advanced driver aids. Super Cruise, a hands-free driving system that works on certain highways, is optional.

Also consider: If you need three rows of luxury seating and have a larger budget, consider the Tesla Model X and Rivian R1S.

Starting price: $58,590

Federal EV tax credit: $7,500 when purchased or leased

Best value for an electric truck: Ford F-150 Lightning

The F-150 Lightning is the most affordable electric truck on the market. The starting price below is for the Pro work truck model with the standard-range battery pack that delivers an estimated range of 240 miles. Chevrolet's Silverado EV WT (work truck) model has a significantly longer range but costs about $25K more. However, the Lightning Pro model is mostly meant for commercial fleets.

Most electric-truck shoppers will consider the XLT model, which costs about $5,000 more than the Pro with the standard-range battery pack and $20,000 more with the extended-range pack that delivers an estimated 320 miles of range. Both versions are more affordable than comparable models from the F-150's closest rival, the Rivian R1T.

The Lightning XLT comes standard with a digital instrument panel, a 12-inch center touchscreen, heated front seats, wireless smartphone connectivity, a 360-degree camera system, a package of advanced driver aids, and several handy 120-volt household-style outlets.

Also consider: The Rivian R1T will set you back more, but it boasts a distinct design, a premium interior, and impressive on- and off-road performance.

Starting price: $51,990

Federal EV tax credit: $7,500 when purchased or leased

Upcoming best value electric cars

Chevrolet Equinox EV

When the Equinox EV SUV starts production in 2024, it will replace the Bolt as GM's most affordable electric car until Chevy launches the next-generation Bolt. The Equinox's low starting price will make it one of the most affordable EVs in 2024, and a killer deal with the federal tax credit it will likely qualify for. The Equinox EV is larger than the Bolt EUV and is touted to have a significantly longer driving range of 319 miles. The base 1LT model comes standard with several advanced driver aids and large dual monitors including a huge 17.7-inch center touchscreen.

Starting price: $34,995 (without destination)

Volvo EX30

When Volvo releases the subcompact EX30 in 2024, the electric SUV will be the most affordable luxury EV on the market and more affordable than most non-luxury models. The little SUV will provide a generous range of up to 275 miles and comes well equipped with many standard features including a package of advanced driver aids and a 12.3-inch tablet-style center touchscreen with Google built-in. The Twin Motor model packs a powerful powertrain and provides all-wheel drive. The $7,500 tax credit should be applicable to leased EX30s.

Starting price: $36,245

Fisker Ocean and Pear

EV startup Fisker started delivering the top trims of the Ocean electric SUV in 2023 and plans to start delivering the lower Ultra and Sport trims by the end of 2024. The Ocean Ultra has an attractive starting price for a luxury SUV, especially when you consider its projected range of 350 miles. The Ocean Sport is the SUV's base model that has a low starting price of about $40,000.

Fisker is aiming for a bargain starting price of about $30K when the Pear SUV launches in 2025. By then, there will likely be additional affordable EVs, but the Pear will be one of the most affordable if Fisker can stick to that price. The Pear is a subcompact SUV that will offer five- and six-passenger configurations (the latter will have a bench seat in front) and an innovative tailgate that "disappears" into the floor. Fisker estimates a driving range of about 200 miles with the standard battery pack and over 300 miles with the larger battery pack.

Starting price: $52,999 for Ocean Ultra, $38,999 for Ocean Sport; $29,900 for the Pear (all without destination)

Edmunds says

Rewind to about a year ago, and you probably wouldn't have seen a Tesla on this list. Since then, Tesla has significantly dropped its prices so much, it's essentially become a value brand. Tesla EVs aren't known for solid build quality and aren't as luxurious as other luxury brands, but they have the best public charging network, offer long driving ranges, and are loaded with lots of standard features. As EVs become more affordable to build and as competition increases, other automakers will drop their prices to better compete with the EV sales leader.