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May 1, 2022
Steve Birkett is an electric vehicle advocate based in Greater Boston, Massachusetts. He is a content creator and marketing professional who contributes written and recorded pieces to a wide range of media outlets. His work has been featured in Find The Best Car Price and Torque News, among others. He has also had video content featured on Inside EVs. Birkett was an EV Guide for Plug in America events in Massachusetts (Drive Electric Cambridge and Drive Electric Lowell) and Ohio (Earth Day 2019 at Cleveland Zoo). He participates in quarterly advisory panel meetings for EVolve New York (a state-level charging initiative) and has contributed to focus groups for prominent U.S. charging networks.
Birkett is a father-of-two who loves nothing more than packing up the family and hitting the road in their latest electric car, which is currently a 2020 Chevrolet Bolt EV. With a Chevy Volt and Tesla Model 3 LR in the extended family, plus various EV rentals when he ventures back home to his native United Kingdom, Birkett has more than 60,000 all-electric miles under his belt and is always ready to try out a new electric vehicle.
For press inquiries, contact steve@findthebestcarprice.com
Electric vehicles are no longer a distant dream of the future. As charging stations become more readily available and electric cars more reliable, the demand for alternative fuel vehicles is increasing.
Now, you can purchase an EV (Electric Vehicle) with quite a long-range and high performance. In addition to their incredible environmental benefits, EVs also save you money on fuel and are less expensive to own in the long run. The main drawback with EVs is that they still require a hefty up-front investment.
RELATED: Affordable Electric Cars to Watch
Whether you are looking for an additional electric car or shopping for your very first one, price is always a logical consideration. Luckily, there are many affordable electric cars on the market, and some ways to make them even cheaper. This guide will breakdown the process of picking and buying an EV and highlight some of the best deals on electric cars.
Table of Contents
Here are our top picks for the best deals on electric vehicles for the month of May.
#1 Deal: 2022 Hyundai IONIQ Hybrid
Cash Back Offer: Up to $1,500
Financing Offer: 0.0% APR for 60 months
Lease Deal: $199/month for 36 months, $2,499 due at signing
#2 Deal: 2022 Mitsubishi Outlander PHEV
Financing Offer: 2.9% APR for 60 months
Lease Deal: $319/month for 36 months, $4,143 due at signing
#3 Deal: 2022 Toyota Corolla Hybrid
Financing Offer: 1.75% APR for 48 months
Lease Deal: $209/month for 36 months, $2,999 due at signing
#4 Deal: 2022 Kia Niro EV
Financing Offer: 1.9% APR for 48 months
Lease Deal: $299/month for 36 months, $3,499 due at signing
#5 Deal: 2022 Hyundai Elantra Hybrid
Cash Back Offer: Up to $500
Financing Offer: 2.79% APR for 60 months
Lease Deal: $321/month for 36 months, $2,999 due at signing
Year | Make | Model | Cash Incentives (up to) | Best Avail. APR | Lease Offers | Expiration |
---|---|---|---|---|---|---|
2022 | Hyundai | Ioniq Hybrid | $1,500 | 0.00% | $199/month for 36 months, $2,499 due at signing | 5/31/2022 |
2022 | Mitsubishi | Outlander Phev | 2.90% | $319/month for 36 months, $4,143 due at signing | 5/31/2022 | |
2022 | Toyota | Corolla Hybrid | 1.75% | $209/month for 36 months, $2,999 due at signing | 5/31/2022 | |
2022 | Kia | Niro EV | 1.90% | $299/month for 36 months, $3,499 due at signing | 5/31/2022 | |
2022 | Hyundai | Elantra Hybrid | $500 | 2.79% | $321/month for 36 months, $2,999 due at signing | 5/31/2022 |
Nissan Leaf
So what is the best lease deal on an electric car? Out of all these EVs, we selected the 2022 Nissan Leaf
Lease Deal: $209/month for 36 months, $4,059 due at signing
See all our picks for the best electric car lease deals for May »
Hyundai IONIQ Hybrid
So what is the best finance deal on an electric car? Out of all these EVs, we selected the 2022 Hyundai IONIQ Hybrid
Finance Deal: 0.0% APR for 60 months
See all our picks for the best electric car finance deals for May »
MINI Cooper SE Electric
The cheapest electric car on the market is currently the 2021 MINI Cooper SE Electric Hardtop with a base MSRP of $29,900. You can save even more when you consider the available federal tax incentive ($2,500 to $7,500) and state tax incentives for EVs.
Overall, an electric car is an expensive option with its high MSRP and potential installation costs for a charging station. But the tax incentives, lower overall energy costs compared to gas, unique ride, and lower carbon emissions make it an attractive option for those with a relatively short daily commute.
There a few more factors like vehicle range, overall cost of ownership, and local weather conditions that must be considered before deciding. Check out our article on how to prepare for buying an electric car.
Below we provide more details to help you decide if an electric car is right for you.
The cost of an electric car is considerably higher than a traditional gas-powered car. On average, EVs are around $55,000 due to the relatively new technology and battery development. However, there are still plenty of options between $30,000 - $40,000.
The initial price for a new electric car can be intimidating, but keep in mind that the price can be negotiated. Many dealers will feel pressured to match prices and discounts at nearby dealerships, making it easier for you to get the best electric car deal.
RELATED: Fuel Efficient Cars with the Best Gas Mileage
One major benefit of electric cars is the numerous financial incentives available. There is a federal tax credit program that offers up to $7,500 on electric cars. There may also be additional local utility and state incentives on electric vehicles that could reduce the price even further. Here is a complete breakdown on electric car tax incentives.
If you’re not sure if an electric car is right for you, here are some important considerations (more reasons why you should switch to an EV) to make before deciding:
There are many factors to consider when shopping for a new electric vehicle. Getting the cheapest EV around doesn’t mean it’s the best deal or the right option for you. There are other important considerations to make when choosing a new EV:
Manufacturers like Chevrolet, BMW, and Nissan consistently release new cash back, finance, and lease deals each month on their lineup of EVs.
Yes! Dealers are very eager to move cars, and you may find some specials for leasing EVs. Keep in mind that you won’t be able to claim the federal tax credit if you lease.
If you’re not traveling far distances and can afford the initial costs of purchasing an electric vehicle, then it may be worth it in the long run. Electric cars have overall lower energy costs and come with many tax credits and incentives.
Yes, there are many different EV incentives available including rebates, federal/state credits, and utility incentives.
The cheapest electric cars are around $30,000 to $34,000. The 2021 MINI Cooper SE Electric starts at $29,900 and the 2021 Nissan Leaf starts at $31,670.
The cost to charge an electric car varies depending on the cost of electricity in your area and the size of your battery, but can range from 5 cents a kilowatt-hour to 29 cents.
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Posted in Car Buying Tips, Car Deals, Electric and Hybrid Vehicles, Featured Articles |
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