Electric cars are becoming increasingly popular for those looking to reduce their carbon footprint and save money on fuel costs. Around 800,000 units were sold in 2022; that figure is projected to go over a million by the end of this year. This only means that people who own electric cars can no longer be seen as “different.” With a growing number of options available, deciding which electric car is the best fit for you in 2023 can be tricky since almost every manufacturer will release new models that’ll surely pique anyone’s interest. However, you could be thinking, “Why should I even buy an electric car when they have a higher average cost compared to traditional cars?” Luckily, this list enumerates the top seven electric cars under $40,000 that you should consider buying in 2023.
Starting off the list is the 2023 MINI Cooper SE Electric. This model is one of the cheapest electric cars in 2023. For only $30,750, you get redesigned air vents on the dashboard and many other features. The car has a 5.5-inch digital cluster and an 8.8-inch touchscreen that includes Apple CarPlay and SiriusXM satellite. The backseat isn’t as spacious, but that is expected. The cargo capacity is also relatively smaller at 8.7 cubic feet. The 2023 MINI Cooper SE Electric is equipped with a single electric motor that produces 181 horsepower and 199 pound-feet of torque, allowing the vehicle to accelerate from 0 to 60 miles per hour in 6.9 seconds. The model is powered by a 32.6 kWh lithium-ion battery pack from BMW, which can be boosted in four hours with a Level II wall charger and can charge up to 80 percent in 36 minutes with Level III DC fast charging. The reasonable pricing for this model is more than enough to attract buyers, but many would also be disappointed with its driving range of 118 miles.
At number six is the 2024 Chevrolet Equinox EV. Despite wearing the Equinox name, this model differs from the gas-powered version. It has a unique exterior design that combines futuristic elements with traditional crossover features. All Equinox EV models come with an 11-inch digital gauge display and touchscreen. The 2LT and 2RS models have the option of a larger 17-inch screen, which is standard on the 3LT and 3RS. All models will possibly come with standard wireless Apple CarPlay and Android Auto, while higher-level models will have in-dash navigation and an onboard Wi-Fi hotspot. The 2024 Chevrolet Equinox EV’s cargo space is slightly smaller at 57 cubic feet, with the rear seats folded down. You also get a smaller battery pack that delivers 250 miles of range. The front-wheel-drive version has a single electric motor that produces 210 horsepower, while the optional all-wheel-drive system increases power to 290 horsepower. The 2024 Chevrolet Equinox EV starts at $37,250.
At number five is the 2023 Hyundai Kona Electric. Aside from its lithium-ion battery pack and a permanent-magnet synchronous AC motor, the Kona Electric shares many similarities with its gas-powered sibling. The interior is the same—full of high-quality materials and pretty comfortable. Due to the battery pack, the cargo volume has a smaller capacity. All models come with a touchscreen infotainment system compatible with Apple CarPlay and Android Auto and a 10.3-inch digital gauge display that can be customized. The base SE model has an 8-inch touchscreen, while the SEL and Limited models have a 10.3-inch display with navigation. The SE and SEL models come with a six-speaker audio system, while the Limited model has an eight-speaker Infinity audio system. The 2023 Kona Electric SUV is powered by a single electric motor that generates 201 horsepower and 291 pound-feet of torque. A liquid-cooled 64-kWh lithium-ion battery pack powers the motor and gives you 258 miles of range.
It takes approximately 47 minutes to recharge the battery from 10% to 80% using a DC fast charger and almost 9.5 hours to fully recharge it using a 240-volt home charging setup. The 2023 Hyundai Kona Electric starts at $33,550.
The fourth spot on this list belongs to the 2023 Volkswagen ID.4 The 2023 version has received minimal updates, including tech features and the overall look. The Standard model is equipped with a smaller 58-kWh battery, offering a driving range of 208 miles. Meanwhile, an optional 77.0-kWh battery pack can squeeze out 275 miles of range. The 2023 Volkswagen ID.4 is available in two versions: a single rear-mounted motor that produces 201 horsepower and a dual-motor all-wheel-drive that generates 295 horsepower. It can go from 0 to 60 miles in 7.6 seconds. You get a nice-looking interior that comes with heated seats. The cargo volume can store eight carry-on suitcases, which expand to twenty-six with the backseats folded. The ID.4 is equipped with a 12-inch infotainment touchscreen, navigation, wireless Apple CarPlay and Android Auto, a 5.3-inch digital gauge display that can be customized, and the ability to recognize voice commands. At $37,495, the 2023 Volkswagen ID.4 is an intelligent purchase for anyone.
The 2023 Nissan Leaf is the third-best affordable electric car on this list. With a starting price of $28,040, you can’t expect the interior to look anything out of the ordinary. Despite the use of plastic, the consistent textures give the interior a high-quality look. All the seats feel comfortable, and the cabin offers plenty of space for average-sized adults. Further, the cargo volume is spacious enough for storing everyday items. The gauge cluster includes a large analog speedometer and a 7-inch digital display that can be customized to show various information. All models are equipped with an 8-inch infotainment display that includes Apple CarPlay and Android Auto integration. The base Leaf S model comes with a 147-horsepower electric motor and a 40.0-kWh battery pack that offers 149 miles of range, while the Leaf SV Plus model has a more powerful 214-hp electric engine and a larger 62.0-kWh battery that gives you a better driving range of 215 miles.
Number two on this list is the 2023 Chevrolet Bolt EUV. Despite its smaller build, this model has been branded a crossover. If you care about aesthetics, consider opting for the Redline Edition, which replaces the chrome exterior trim with a glossy look and adds red stripes all over the car. All models have a 200-horsepower electric motor and a 65.0-kWh battery pack that gives you 247 miles of range. The 2023 Chevrolet Bolt EUV is only available in front-wheel-drive but can go from 0 to 60 miles in 6.8. Because it’s bigger than the previous Bolt version, the Bolt EUV offers more space for passengers. However, the cargo space is the same. The 2023 Chevrolet Bolt EUV is equipped with a digital gauge display and a large, 10.2-inch infotainment touchscreen with built-in climate controls. It offers a range of connectivity options, including Apple CarPlay, Android Auto, Amazon’s Alexa, and an integrated Wi-Fi hotspot. At only $28,195, the 2023 Chevrolet Bolt EUV is a cheap electric car that can give you what you want.
At number one is the 2023 Chevrolet Bolt EV. This model is a competitor to the Ford Mustang Mach-E and Tesla Model Y but with a significantly lower price tag. The Bolt EV is powered by a single 200-horsepower motor that also gives 266 pound-feet of torque. The 65-kWh battery pack provides an admirable 259 miles of range. Bolt EV owners won’t have to worry about buying a home charger since the model comes with a charging cord compatible with both Level 1 (120-volt) and Level 2 (240-volt) outlets. The Bolt EV can be fully charged in seven hours thanks to the increased maximum Level 2 charging speed of 11 kW. It has DC fast charging, adding about 100 miles of range in 30 minutes when connected to a Level 3 charging station. The Bolt EV shares a similar interior with the Bolt EUV, including 57 cubic feet of cargo space with the backseats folded. Standard on every Bolt EV is a 10.2-inch touchscreen infotainment system loaded with features like wireless Apple CarPlay and Android Auto. In addition to the 10.2-inch touchscreen, there are physical volume and tuning knobs and a home screen shortcut button. The infotainment system has built-in apps compatible with Amazon Alexa and the Spotify music streaming service. The 2023 Chevrolet Bolt EV starts at $25,600.