Top four budget-friendly electric vehicles to look for in 2024

As the electric vehicle market expands, car enthusiasts on a budget can now explore a range of affordable options in 2024. 

Here are the top four cost-effective electric vehicles (EVs) that promise both sustainability and economic value:

1. Nissan Leaf (starting at $28,140)

The veteran Nissan Leaf, introduced in 2010, remains a compelling choice with a wallet-friendly starting price. Despite its long tenure in the EV world, the Leaf retains its charm and practicality. For safety-conscious buyers, it boasts a 5-star overall safety rating from the National Highway Traffic Safety Administration (NHTSA).

2. MINI Cooper SE Electric (starting at $30,900)

The MINI Cooper SE Electric preserves the iconic design of its gas-powered counterpart, delivering a unique electric driving experience. With a swift 0-60 mph acceleration in under seven seconds and favorable ownership ratings, it stands out as an affordable and stylish option.

3. Hyundai Kona Electric (starting at $32,675)

The revamped 2024 Hyundai Kona Electric showcases a captivating design and improved features. The base SE model offers a commendable 200-mile range, while higher trims extend that to an impressive 261 miles. Hyundai’s standard 10-year/100,000-mile powertrain warranty adds an extra layer of confidence for potential buyers.

4. Chevrolet Equinox 1LT (starting at $34,995)

Positioned as GM’s affordable EV, the Chevrolet Equinox 1LT enters the market as a worthy successor to the discontinued Chevrolet Bolt. Expected to hit showrooms in mid-2024, this model boasts an estimated 319-mile range on a full charge and accelerates from 0-60 mph in just 5.9 seconds. Its competitive pricing and performance make it a compelling option.

Important consideration for EV buyers

While these EVs offer affordability in terms of purchase price, prospective buyers should be mindful of insurance costs. Electric vehicles often come with higher insurance premiums due to longer repair times and the expense of battery packs. 

To optimise insurance expenses, it’s advisable to compare policies and explore bundling options with renters or homeowners insurance for potential premium reductions.