The Cheapest Electric Cars to Buy Under 40K

Fran Majidi
June 4, 2019

It’s becoming less and less daunting to buy an electric vehicle (EV) these days. There are more charging stations around, with new ones popping up every single day. EVs also have the ability to offer longer ranges these days, so midday charging is less necessary than in the past. More manufacturers are selling electric vehicle options today, too, making it even harder to rationalize buying another gas guzzler. It’s natural to still feel a little nervous about buying electric but any respite from outrageously high gas prices is a good thing. Yes, insuring any new car is a burden on your wallet, but luckily, prices on the new electric vehicles have already dropped. If you compare car insurance quotes for an electric vehicle versus a gas-powered vehicle, the difference is minimal. You’ll also not be paying for gas anymore so you’ll be saving overall. Did we mention that they new fleet of EVs looks good too? EVs are sleeker, more affordable and have a higher driving range than ever. Even Porsche, which prides itself on providing the best driving experience, has set its sights set on creating an exceptional electric vehicle because the time has come. Even still, going electric is a gradual shift, and some of you may start off with one gas-powered car and one EV, just to see how it goes. Below, we’ve compiled a list of the top 10 electric vehicles under 40K for those of you looking to go electric without spending too much on a new car. Good luck and see you on the road!

Smart Fortwo Electric Drive (24K-30K) 

The price on this car seems to get more affordable each month. Right now, the manufacturer is running a special lease price of $13 a month for 36 months with $1,433 down. How affordable is that! Just imagine: you can zip around and run errands in this 57 mile, battery-only little car and you’ll have no problem fitting into the snuggest parking spot imaginable. No longer does the gas-powered version of the Fortwo exist, but you still get a choice between a coupe and convertible like in the past. This car is not trying to pretend like it can go very far with a full charge, but it’s probably one of the more stylish options in the bunch of affordable electric vehicles around. Auto insurance quotes for the Smart Fortwo Electric Drive should not break the bank.

Ford Focus Electric (16K+)

Not only does the 2018 Ford Focus come as a compact sedan and rally car but the all-electric Focus has a range of 115 miles and only takes 5.5 hours to charge with a 240-volt outlet. On average, a person driving 15,000 miles per year pays under $600 a year to charge it, which is much cheaper than gas fare.. This affordable and compact EV also boasts a 6-speed automatic transmission, internet connection and park assist, which allows the car to practically park itself. You may or may not find a leftover on the lot, but it's a good deal if you do, versus the Ford Fusion Energi Titanium (starting at $34,600)

Nissan Leaf (30K+)

Not only is the Nissan Leaf electric but it has self-driving features. Yes, this car is quietly semiautonomous, meaning that it can drive itself for short periods of time. Comparatively speaking, the Nissan Leaf is an expensive compact car but one of the cheapest electric cars available despite its technological advancements. The Nissan Leaf has a 147-horsepower electric motor and has 152 mile range. The car also has complete Internet connectivity. Compare car insurance rates with different carriers for this car, which earns auto insurance discounts for its driver assist safety features.

Hyundai Ioniq Electric (29K+)

This EV looks futuristic and it kind of is! Only available in California, this all-electric car has a solid 124-mile range. The standard model offers a touchscreen infotainment system, complete Internet connectivity, push-button start and a rearview camera. You also get smartphone charge and a cool sunroof. In 2018, the Ionique was named as one of U.S News’ Best Cars for Teens.

Volkswagen e-Golf (31K+)

There’s a reason this is the #1 selling car in Europe and that hipsters here love it too. This stylish hatchback offers a 134-horsepower electric motor, faster acceleration than most gas powered cars in its class and is just a pure joy to drive. The e-Golf has a 125-mile range on a full charge which takes less than 6 hours with a 240-volt charge. The Digital Cockpit is very futuristic with an adjustable electronic screen. The e-Golf has an important safety feature: a rearview camera, which may bring you an insurance discount. It is also offers complete Internet connectivity.

Fiat 500e ($33K+)

The main downside of this popular EV is that Fiat 500 is only available in California and Oregon. This subcompact car is the only vehicle in its class that offers electric driving. With an 84-mile range and 4 hours to complete a full charge, the Fiat’s foray into the world of electric cars is not the most efficient until you consider the price and the fact that it’s the perfect city car because of its size. The Fiat 500e also boasts a touch-screen infotainment system, rearview camera and Bluetooth.

Honda Clarity EV (34K+) 

With a solid powertrain, the Honda Clarity is a 161-horsepower EV with an 89-mile range which boasts a fuel economy of 114 MPGe. The car is fully loaded with standard features, keyless entry, push-button start, Internet connectivity and an infotainment system. This car is also available as a plug-in hybrid.

Kia Soul EV (17.5K+)

The Kia Soul EV boasts 124 MPGe in the city and 93 highway. It has a range of about 111 miles. Initially, this car was only available in select states but as demand has increasingly grown, it’s available across the country. This EV features a touch-screen infotainment system with complete Internet connectivity, rearview camera and more. You can even get the Soul EV upgraded with parking assist.

Chevrolet Bolt (36.6K+)

This compact car has an all-electric range of 238 miles on a full 9-hour charge with a 240-volt charger. It provides 200 horsepower and fast acceleration, up to 60 in a few seconds. In half an hour, you can charge 90 miles with DC fast charging. The Chevy Bolt boasts a touch screen infotainment system, Internet connectivity and a 6-speaker audio system. You can even upgrade for smartphone charging and USB ports in the back of the car.

Hyundai Kona EV (37K+)

This subcompact SUV has a touchscreen infotainment system, full connectivity and an all-electric powertrain, a luxury interior and superior handling. The Hyundai Kona has a powerful battery that provides 201 horsepower as well as liquid heating and cooling. With a 258-mile range, this vehicle is upscale driving at a very modest price.

If you’re considering buying an electric vehicle but are on a tight budget, one of the aforementioned cars may fit your needs and budget constraints. Your auto insurance quotes comparison should also provide rates that are in the same ballpark with most of these EVs because they are all priced under 40K. Driving electric doesn’t have to break the bank and you don’t have to drive a whole year to reap the benefits of saving on gas. Visit SmartFinancial for multiple car insurance quotes today.

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