EVs are a little pricier than their combustion-engined counterparts, so shopping in the lowest price bracket doesn’t leave you with too many choices. Looking at electric cars under $40k opens up your options and includes some great SUVs and one of the most popular sedans in the US, meaning that almost every buyer can find something they’d like here. This is a list of the best electric cars under $40k in the USA for 2026.
Vehicles are assigned a BuzzScore in relation to their direct segment competitors, and as such, vehicles in this list, while similarly scored, do not necessarily compete directly against one another. Find out more about how the BuzzScore ratings work here. These lists are continuously updated with the latest BuzzScores and vehicles as they become available.
1
Hyundai Ioniq 5
Base Trim Engine
EV
Base Trim Transmission
Automatic
Base Trim Drivetrain
Rear-Wheel Drive
Base Trim Horsepower
168 HP
Base Trim Torque
258 lb.-ft.
Base Trim Fuel Economy Equivalent (city/highway/combined)
127/94/110 mpge
Base Trim Battery Type
Lithium ion (Li-ion)
Infotainment & Features
9 /10
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The Hyundai Ioniq 5 isn’t just an attractive electric car for the money, it’s good for any budget. With this budget, you could slip into the SEL version, which has lots of great features, but most importantly, a range of 318 miles. That’s a lot of miles for any electric car, but when it starts at under $40k, it’s even better. The SEL trim gets you heated seats, wireless charging and rear A/C vents, which are great for the family. The seats also fold in a 60/40 manner, which makes the 58.5 cubic feet of space available versatile. While it’s no performance car, 225 horsepower is enough for everyday driving, and if you want some off-road looks, you can get the XRT version for over $40k. The Ioniq 5 proves you don’t need to spend a lot for great looks, which is why it’s one of our best EV models under $40k.
“On winding roads, it handles beautifully with four levels of regenerative braking and true one-pedal driving that is exceptionally easy to modulate. It takes almost no time to become accustomed to the braking, so it’s second nature. Cycle through the drive modes to either focus on efficiency or performance, all depending on your mood. This is a remarkably comfortable and enjoyable ride whether you’re behind the wheel or in the passenger seat.”
– Nicole Wakelin, Senior Road Tester, CarBuzz
2
Ford Mustang Mach-E
Base Trim Engine
EV
Base Trim Transmission
Automatic
Base Trim Drivetrain
Rear-Wheel Drive
Base Trim Horsepower
264 HP
Base Trim Torque
387 lb.-ft.
Base Trim Fuel Economy Equivalent (city/highway/combined)
106/98/102 mpge
Base Trim Battery Type
Lithium iron phosphate (LFP)
Infotainment & Features
9 /10
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Mustang enthusiasts thought it was heresy when Ford launched the Mach-E, but since then, it’s grown into its own product. With its Mustang naming comes Mustang poise, which means it’s one of the better EVs to drive along a winding road, and on the base model – the only one under $40k – 387 lb-ft of instant torque means you’re no slouch, either.
The base model only gets 260 miles of range, but that’s definitely enough for most people who drive to work and back, and with a one-pedal driving mode, Ford has made this car as easy to drive as walking. With this car, there are standard features like a phone-key option, LED headlights, and a 360-degree camera. You’ll have to pay extra for heated seats and a longer range, which may tip it past our $40k mark.
3
Nissan Leaf
Base Trim Engine
Electric
Base Trim Transmission
Single-speed Automatic
Base Trim Drivetrain
Front-Wheel Drive
Base Trim Horsepower
174 hp
Base Trim Torque
254 lb-ft
Base Trim Battery Type
lithium-ion
Infotainment & Features
9 /10
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The Nissan Leaf certainly deserves to be on this list as it won our prestigious ‘Car Of The Year’ award for 2026, and it has a price that dips below the $30k mark even before incentives and offers. We chose it as it’s the car that many automakers have promised: an affordable, actually usable and well-equipped electric car that looks good and doesn’t rely on government incentives. Nissan was one of the first companies to mass-produce an EV game, but after some troubles in recent years, we have no doubt that this car will help get them on the right track again.
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This is an EV that costs less than $30,000. No government incentives required.
The S+ model, one of our favorites, gets 303 miles of range from a 75 kWh battery, a zippy 214-hp motor, and recharging takes only 35 minutes from 10-80%. It’s one car you shouldn’t skip out on.
“The 2026 Leaf is the electric car every automaker said would be unprofitable to build, but here’s Nissan proving those companies wrong. Nissan didn’t make this car particularly sporty, but the low center of gravity contributes to decent road holding, and smooth but relaxed power delivery makes the Leaf feel eager to gain speed. It’s a pleasant commuter that can be fun-ish when you want, and it’s not too loud on the highway if you want to take a road trip.”
– Jared Rosenholtz, Editor-at-Large, CarBuzz
4
Subaru Solterra
Base Trim Engine
Dual-Motor EV
Base Trim Transmission
Single Speed Automatic
Base Trim Drivetrain
All-Wheel Drive
Base Trim Horsepower
233 hp
Base Trim Torque
250 lb-ft
Infotainment & Features
8 /10
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The first-generation Subaru Solterra wasn’t a bad car, but it couldn’t stand out from a growing EV crowd. Built in collaboration with Toyota and sitting on the Toyota bZ platform, this latest model has fixed almost everything that made the previous car a tough cookie to recommend. For under $40k, you can get the base model, which has Subaru’s famous AWD system, a charging speed from 10-80% in 28 minutes, and a range of 288 miles.
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233 horsepower isn’t bad either, and even though the throttle response is lethargic, the on-road handling is surprisingly fun. We’d maybe spec up to the second trim which creep[s over $40k for some quality-of-life features, but you can’t go wrong with Subaru’s reliability and ruggedness.
“All of the problems have finally been sorted out, and the things that were decent to start with, such as the driving dynamics, are even better than before. We wouldn’t say it’s the best in its field, since there are options with more impressive charging and design. However, you won’t just be shopping for a Solterra because you want an EV with a Subaru badge anymore, you’ll be shopping for one because it’s a good EV, period.”
– Joel Stocksdale, Senior Road Tester, CarBuzz
5
Tesla Model Y
Base Trim Engine
Electric
Base Trim Transmission
Single Speed Automatic
Base Trim Drivetrain
All-Wheel Drive
Base Trim Horsepower
425 HP
Fuel Economy
120 MPGe Combined
Infotainment & Features
7 /10
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The latest Tesla Model Y slips into the $40k range by ten dollars, and that’s thanks to the latest ‘Standard’ trim. It has a slightly different design to the regular Model Y shape, losing the light bars and some intakes on the front bumper, but Tesla say this is a value-first trim with a longer range (321 miles) that saves you money in the long term. You still get the big Tesla infotainment screen, heated seat and heated steering wheel, as well as two wireless chargers.
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That means you lose features like second-row heated seats, ambient lighting and FM radio, although for most people with short journeys, these features wopn’t matter. It’s also the slowest of all Model Ys to charge and drive, with 160 miles per hour when you supercharge, and a 6.8-second 0-60 mph time. Still, if you wanted a Tesla but didn’t want to spend over $40k, now’s your chance.
6
Chevrolet Equinox EV
Base Trim Engine
EV
Base Trim Transmission
1-speed automatic
Base Trim Drivetrain
Front-Wheel Drive
Base Trim Horsepower
213 HP
Base Trim Torque
236 lb.-ft.
Base Trim Fuel Economy Equivalent (city/highway/combined)
117/100/109 mpge
Base Trim Battery Type
Lithium ion (Li-ion)
Infotainment & Features
6 /10
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The 2026 Chevy Equinox is one of the cheapest electic vehicles on the market in the US, starting at just under $35k. That low price still gets you a 319-mile range, a massive 17.7-inch center touchscreen and 38 inches of rear legroom, making it great for the family. That’s backed up by 26.3 cubic feet of space in the back, which isn’t best in this price range (the Tesla has 30.2 cubic feet), but with the rear seats folded, that number increases to 57.2 cubes.
Chevy has fitted this SUV with loads of safety features like automatic emergency braking, lane keep assist and automatic high beams, making it one of the safest choices for an electric SUV under $40k.
“This is the EV we’ve been waiting to see; a vehicle that builds on the success of the Bolt with more space, more range, more tech, and a more premium feel. If you are a current Bolt owner or are in the market for your all-electric vehicle, the Equinox EV is now one of the best value buys available, and it’s a pretty darn good EV, regardless of the price.”
– Jared Rosenholtz, Editor-at-Large, CarBuzz
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Characteristics Of Electric Vehicles Under $40k
There may be a wider variety of EVs under $40k, but these are still largely considered mainstream and affordable cars, which is why they share many characteristics:
- Available in various body styles
- Favor efficiency and comfort over performance
- They don’t rely too heavily on premium materials
- Equipped with generous feature lists
- Impressive driving ranges
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What To Consider When Buying An EV Under $40k
Those looking to buy an electric vehicle under $40k are most often looking to find the best value, and this is what most automakers work to offer. However, to ensure that their vehicles remain affordable, they have to cut a few corners.
Pros
- Reasonable prices
- Cabins are generally spacious and comfortable
- Trunk space is generous
- High safety and reliability ratings ensure value
- Long list of standard features
Cons
- Not many are actually fun to drive
- Cabin materials can be low-grade
- Some have smaller, cheaper batteries with less range
Sources: Nissan, Subaru, Hyundai, Chevrolet, Tesla, Ford
