Affordable Electric Vehicles of 2023 and 2024

by Oct 19, 2023Electric cars0 comments

Affordable Electric Vehicles of 2023 and 2024


The electric vehicle revolution continues, with EVs now available in a variety of varieties, including SUVs, sedans, and pickup trucks. Furthermore, as electric vehicles have gained popularity, they have become more affordable and accessible than ever before. If you don’t need the most range or the most features, some of today’s best electric cars can be purchased for the price of a standard crossover SUV, or even less when federal and provincial incentives are taken into account.


The surge in popularity of EVs can be attributed to various factors, but one key aspect that has become increasingly important is affordability. Going electric does not have to be expensive. While most electric vehicles are still prohibitively costly, there are a few exceptions. In some cases, we prefer them over more expensive options. Let’s find out the most affordable electric vehicles for 2023 and 2024 that are available on the market in Canada.


Affordable Electric Vehicles of 2023 and 2024


Chevrolet Bolt


The Bolt is priced at $39,990 CAD MSRP in Canada. The smallest affordable electric vehicle on the market in Canada is the Chevrolet Bolt hatchback. But don’t let the Bolt’s low price fool you into thinking it’s a bad vehicle. It can go over 410 km on a single charge, which is more than other automobiles that cost twice as much.


The Bolt’s single front-drive electric engine delivers 200 horsepower and 266 lb-ft of torque, allowing it to reach 100 km/h in 6.6 seconds. This small performing car can easily drive around small tight streets and park in almost any spot. However, a drawback of having such a compact car is the lack of cargo area but if you won’t need to store many things in the trunk of your car then this car is a good pick. This is still a very good affordable electric vehicle. 


Chevrolet Bolt EUV


The Bolt EUV turns the regular Bolt into a crossover better suited to Canadian desires. Range suffers as a result of a slightly larger body with a higher ride height, but the EUV remains an excellent value, offering over 400 km of range for a pricing ranges from $40,548 to $44,048 MSRP in Canada.


The EUV, like the standard Bolt, is powered by a single front-mounted electric motor producing 200 horsepower and 266 lb-ft of torque. This is enough to propel the crossover to 100 km/h in 6.8 seconds. This SUV is just like the Chevrolet Bolt but fixes the main drawback of the latter. With the bigger form factor, this SUV is very capable of hauling plenty of items for grocery shopping or for road trips for example. This is an affordable electric vehicle and also a great choice for a family-oriented vehicle.


Nissan Leaf


The Nissan Leaf is a veteran of the EV segment, having made its debut all the way back in 2011. The 2023 Nissan LEAF model comes in 3 trim levels. Canadian pricing ranges from $41,250 to $49,850 MSRP. This is an affordable electric vehicle comes with a reasonable range that is less expensive than the competition. That is the Leaf’s recipe, and it is difficult to resist. 


With an EPA-estimated range of 240 km in its basic trim, this Nissan can comfortably handle most regular commutes and driving circumstances. It also accelerates quickly and handles beautifully. Even the base Leaf comes well-equipped with an 8-inch touchscreen, automated emergency braking, and a blind-spot warning system. The main complaints are a lack of storage and rear seats that do not fold flat.


Mini Cooper SE


The fun-to-drive spirit of Mini has not been lost in the transition from gas to electric propulsion. The electrified Mini Cooper SE is a blast to drive around corners—the only differences between it and the standard Cooper are the removal of a manual gearbox and the sound of an exhaust.


Mini has typically offered automobiles that are more luxurious and pricey than most mainstream competitors. The electrified Mini Cooper SE, on the other hand, represents a departure for the brand as an affordable electric vehicle on the market. The Cooper SE, based on the Hardtop 2 Door, is all about cost as well as the customary design and pleasure. With an EPA-estimated range of 175 km, the Cooper SE has much less range than most of the other cars on our list (in fact, it’s not nearly half the range of the Bolt). However, 175 km should be plenty for most commutes, and we were able to get 240 km out of a Cooper SE in real-world EV testing. Last year, the Cooper SE received an upgrade that included new front and rear bumpers, a standard digital instrument panel, and a bigger standard 8.8-inch touchscreen. All of this is for a leisurely $43,000 CAD.


Hyundai Kona Electric


The Kona Electric has a lot of electric range for the price, a stylish cabin, and a long list of standard features. It’s also speedy, agile, and enjoyable to drive. Last year’s redesign brought the SUV a snazzier look and interior, as well as several new amenities. The Kona EV also surpassed its EPA range estimate of 415 km, hitting a remarkable 495 km on our EV testing loop. On the negative side, back legroom is limited, just as it is in the gas-powered Kona.


If you want to retain your electric vehicle for an extended period, the Hyundai Kona Electric will be a good option. Like other Hyundais, it comes with the company’s unrivaled 10-year/160000 km powertrain warranty. That means you’re protected if anything goes wrong with the battery or motor. This affordable electric vehicle starts at an MSRP of around CAD 45,000. The base Preferred model costs $44,599 in Canadian dollars and comes with an electric 150-kW motor, 64.00-kWh battery, and an E battery. The mid-range Preferred Two-Tone trim level is priced at $45,049 MSRP. Ultimate, the most costly model in the collection, costs $49,699 in Canadian dollars.


Mazda MX-30


The Mazda MX-30 is a stylish, fun-to-drive all-electric crossover that is reasonably priced in its class. However, with an EPA-estimated range of just 160 KM, it’s difficult to recommend. If you have a short commute, the MX-30 may be suitable. 


On many levels, the Mazda MX-30 is a delightful affordable electric vehicle, with pricing set to $42,650 for model year 2023. It has a sleek, eco-friendly interior and an innovative external design, it’s loaded with current technology, and it’s a lot more fun to drive than many of its competitors.


Volkswagen ID4


The Volkswagen ID.4 is the company’s first substantial electric vehicle in the Canada, with a pricing ranges from $46,495 to $55,495 MSRP. While it isn’t the most stylish car on our list, this affordable electric vehicle provides enough capacity and range for the price—as long as you can put up with the badly designed button interface on the interior. With a 77-kWh battery and all-wheel drive, you get 295 horsepower and 339 lb-ft of torque, which is enough to propel the VW to 100 km/h in 5.4 seconds. 


Following up on the brand’s electric debut, the e-Golf, the ID.4 is a more impressive effort with a driving range that won’t keep you tethered as close to home – or wherever you prefer to charge. Taken as a whole, the ID.4 is VW’s modern take on the wagons it once offered to fans of small, practical vehicles with a view to the future of personal driving.


Kia Niro EV


The distinctive two-tone body of the Kia Niro EV isn’t the only thing it does well. A 64.8-kWh liquid-cooled lithium-ion battery pack connected to a front-mounted electric motor produces 201 hp and 188 lb-ft of torque, allowing it to reach 100 km/h in 6.7 seconds. The pricing for 2023 Kia Niro EV is between $44,995 and $52,995, the entry level is the Niro EV Wind and the top grade is the Niro EV Wave.


If you prefer range over acceleration, the Kis Niro EV has you covered as well. It has an all-electric range of up to 407 km.The Niro EV is a bit of a tweener as it’s larger than the other vehicles on this list but still a bit smaller than compact electric SUVs like the Volkswagen ID.4. The Kia Niro EV is a great affordable electric vehicle that is larger sized perfect for longer journeys and larger travel loads.


Polestar 2 

Polestar isn’t a mainstream automaker, and much of its core technology is shared with Volvo, so we think it’s acceptable to term it a luxury brand. As a result, the Polestar 2 is the most affordable high-end EV. The 2023 Polestar 2 is offered in Canada with a single motor for front-wheel drive, starting at $53,950, or with dual motors for all-wheel drive, starting at $58,950.


The front-wheel-drive Polestar 2 has a 78-kWh lithium-ion battery that provides 434 km of range. Buyers should be aware, however, that the energy-saving heat pump is included as part of the $5,700 Plus Package. Anyone who wants to drive long distances in cold weather will want to pay for the update. The Polestar 2 supports DC Fast Charging speeds of up to 155 kW, allowing it to recharge from 10% to 80% in 35 minutes. The Polestar 2 has a Google-backed infotainment system with Play Store support, which means numerous mobile apps and functions are accessible for download, and there are prospects for feature-enhancing over-the-air updates.


Tesla Model 3

Tesla as an EV pioneer, continues to wow with its sleek form and cutting-edge technology. The Model 3 is not only an affordable electric vehicle, but it also represents luxury in sustainable transportation. Even the ‘entry-level’ Model 3-a RWD sedan with fantastic interior tech and stylish styling. It’s a high-performance premium electric car and the most affordable Tesla model offered in Canada. 


The 2023 Tesla Model 3 model comes in 3 trim levels. Canadian pricing ranges from $54,990 (down from $59,990) without options to $73,290 MSRP. The Model 3 (RWD) has a 430km range and can reach top speeds of 225km/h. This entry model of Model 3 qualifies it for the government’s $5,000 rebate for electric vehicles, and you can save up to $12,000 if you live in a highly incentivized jurisdiction like Quebec.


Are you looking to buy the most affordable electric vehicle in Canada?

As always, Carnex can provide you with detailed information about buying and selling EV in Canada. 

Carnex is the top online EV expert in Canada for buying and selling used EV in Canada.

If you’re looking for a used electric vehicle, Carnex have everything from affordable EV models to premium models.

Every EV at Carnex if fully certified and passed inspection by our experienced EV specialists.

Start exploring the most affordable electric vehicle today!


More from Carnex Blog:

Best Electric Vehicles of 2023 and 2024 in Canada

Future EVs: 11 New EVs and Hybrids Coming in 2024

Will Buying an Electric Vehicle Save You Money?

Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.

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