Whatever your reason for seeking out an electric car, you’ll find there are options out there to suit a wide range of needs and budgets. As with all vehicles today, though, pricing in electric vehicles has gone up over the past couple of years, especially in light of the changes to the federal government’s iZEV rebate program. On top of that, residents of some provinces and territories qualify for additional rebates. See the FAQs at the bottom of this page for more details on changes to the iZEV rebate program and rebates from certain provinces and territories.
As a result of these changes, automakers have been able to increase their base prices to levels that provide them a greater profit margin. As a result, popular models like the Hyundai Ioniq 5, Kia EV6, and Ford Mustang Mach-E have dropped off this list for 2024. Luxury vehicles such as the new line of electric vehicles from Mercedes-Benz, Audi, and Volvo are also priced too high to qualify.
Here, then, are the top 10 cheapest electric cars you can buy as a new car in Canada in 2024. Prices include manufacturer’s suggested retail price (MSRP) plus delivery charges and other fees but do not include available incentives. Prices are subject to change. Note that not all vehicles are currently being sold in all provinces.
Top 10 Cheapest New Electric Cars in Canada 2024
- Chevrolet Bolt EV and Bolt EUV
- Nissan Leaf
- Mazda MX-30
- Toyota bZ4X
- Kia Soul EV
- MINI Cooper SE
- Kia Niro EV
- Volkswagen ID.4
- Tesla Model 3
- Cheap EVs Still to Come in 2024
- FAQs
Chevrolet Bolt EV: $41,574
The most affordable electric vehicle in Canada for 2024 is the Chevrolet Bolt. Chevrolet’s legacy electric car had a rough start in its latest generation with a battery fire recall, but it’s since been returned to sale. This hatchback-style vehicle is offered with front-wheel drive and a deliberately small footprint for optimal efficiency. The Bolt’s power specs are 200 hp and 266 lb-ft of torque, and it offers a 417-kilometre driving range.
Chevrolet Bolt EUV: $43,179
At the same time as the updated Chevy Bolt was released, a new and slightly larger version joined the stable. The Chevrolet Bolt EUV is also in front-wheel drive configuration, but it’s slightly larger, taller, and more spacious. The Bolt EUV—which stands for electric utility vehicle—was beset with the same issues with its batteries at launch, which have since been resolved. Power figures are identical at 200 hp and 266 lb-ft of torque, while the Chevrolet Bolt EUV’s driving range is slightly shorter at 397 kilometres.
Nissan Leaf: $44,592
One of the first mass-production EVs to arrive to the Canadian market remains one of the most affordable. The lowest-priced version is the 2024 Nissan Leaf SV, which has a range of 240 kilometres from its 40 kWh battery, while the Nissan Leaf SV Plus and its 60 kWh battery can run for an estimated 342 kilometres between charges. Pricing on the latter begins at $50,342 for 2024, which means it’s also well within the threshold to qualify for incentives. The Plus also has a quick charge port that lets it accept a rate of up to 100 kW fast charging from a Level 3 charging station, making it a much more practical option for those seeking an EV that’s functional as more than a second commuter car.
Mazda MX-30: $44,645
You may have heard the Mazda MX-30 has been discontinued. This is true in the US, but it will continue to be sold in Canada through the 2024 model year. Mazda’s first-ever electric offering received some harsh reviews from critics, particularly for its estimated range of 161 kilometres, which is the lowest on the market today. However, Mazda Canada reports that the car is popular in regions with robust incentive programs as these can be very affordable to operate for people with short commutes. Able to go from 20% to 80% charge in 2 hours and 50 minutes on a Level 2 charger, the front-wheel-drive MX-30 delivers 143 horsepower and 200 lb-ft of torque. It also features fun styling details like the coach-style doors and cork accents in the interior. Pricing shown here is based on the 2023 model year as 2024 figures were not yet available at the time of publication.
Mazda MX-30 Review
Toyota bZ4X: $44,990
Toyota has a very long history with electrified cars, so it’s surprising that it took until the 2023 model year for the brand to launch a dedicated electric vehicle. This is another EV that had a rocky start: an issue with the wheel hubs forced a recall and stop sale on early 2023 models. Fortunately, those issues have been resolved and the Toyota bZ4X is back on the market, though in Canada it remains exclusive to the Quebec and B.C. markets for now. It has 201 horsepower and a 406-kilometre range with front-wheel drive (FWD), and 214 hp and 367 kilometres of range with an all-wheel drive (AWD) powertrain. The latter is a rare feature offering in an EV at this price point. The 2023 Toyota bZ4X starts in Canada at $44,990. (2024 pricing was not yet available at time of publication.) Note the Subaru Solterra, which was developed concurrently with the bZ4X and shares dimensions and components, is not on this list as its starting price is more than $10,000 higher.
Kia Soul EV: $42,995
Kia’s Soul EV is one of the originals, and it’s come a long way since being among the first mass-market EVs. Today, long-range Soul EVs can travel an estimated 383 kilometres on a single charge. The lower base price that puts it early in this list is for the EV Premium trim, which has a 248-kilometre range and less power at 134 horsepower and 291 pound-feet of torque. The EV Limited trim, priced at $52,095, has the higher range and delivers the same torque figures but a higher 201 hp that runs through front-wheel drive.
MINI Cooper SE 3-door: $48,190
The electric MINI is the only car on this list that’s gained positions from 2023 to 2024. It’s gone up in price, but not as much as some competitors have. The 2024 Mini Cooper SE 3-door provides 183 kilometres of range, making it more effective as a secondary vehicle for suburban households with shorter commutes. The single electric motor delivers 181 hp through FWD. The advantage of a smaller battery is a quick charge time: a Level 2 charger will take this Mini from zero to 100% charge in four hours.
Kia Niro EV: $44,995
A new generation of Kia Niro launched for the 2023 model year that will see it sold in hybrid, plug-in hybrid (PHEV), and battery electric versions. As an EV, it’s powered by a 64.8-kWh battery and a 150-kW electric motor good for 201 hp. The Niro EV can recover its charge from 10 to 80 percent in less than 45 minutes at a Level 3 fast charger with a maximum charging capability of 85 kW, and it sports an estimated peak range of 407 km. With spunky styling, great technology features, a popular subcompact SUV body style that’s fun to drive, and a reasonable price, the 2024 Kia Niro EV is likely to be a hit.
Volkswagen ID.4: $49,178
Among the crop of newer, larger electric crossovers on the market, the 2024 Volkswagen ID.4 is the only one to appear on this list of affordable electric cars. Note, though, that the listed price is for the rear-wheel drive (RWD) model with the smaller 62 kWh battery pack, which has a shorter 336-kilometre range. Like others in the newer class of EVs, this one comes with available dual-motor all-wheel drive (AWD), with which it has a range of 410 kilometres, which is long enough for road trips. In the rear-wheel drive Pro configuration, the ID.4 has 443 kilometres of range. It can charge from 10 to 80 percent in 36 minutes at speeds of up to 125 kW. Any way you slice it, the VW ID.4 is a true electric SUV. In Canada, the 2023 Volkswagen ID.4 starts at a new vehicle price of $49,178. (2024 prices were not available at time of publication.)
Tesla Model 3: $53,990
Elon Musk’s affordable compact electric sedan is priced low enough to make our main list of the 10 cheapest EVs for 2024. The 2024 Tesla Model 3 sells in Canada at a starting price of $53,990. This price is for the entry-level standard range RWD version with an EPA and NRCan-estimated 438 kilometres of electric range. If you opt to move up to AWD, you can choose the Long Range model at $63,990 with 534 kilometres of range, or the Performance model at $73,290 with 507 kilometres of range and a 0 to 100 km/h time of 3.3 seconds. No matter which way you go, for now the Tesla Supercharger network remains limited to Tesla-branded vehicles and is nothing to sneeze at when weighing your choice of EV.
Cheap EVs Still to Come in 2024
Before we begin, there are two electric vehicles upcoming in 2024 that we expect would fall within this list of the 10 most affordable EVs in Canada, but their pricing has not yet been announced.
The upcoming 2024 Chevrolet Equinox EV was initially planned to have a launch price starting from $37,250. Launch delays have taken this back to the drawing board, though this price is still expected to land below the $40,000 mark.
An all-new Hyundai Kona has been released for the 2024 model year. The gas model was launched first, while the next-generation Hyundai Kona Electric will arrive early in 2024. Pricing will be revealed at that time and is predicted to fall in the mid to high-$40,000s range.
FAQs
What are the Changes to the iZEV rebate program?
The iZEV rebate program allows a zero-emissions vehicle with a starting price below $55,000 and a purchase price of up to $65,000 after options (or $60,000 and $70,000 for larger vehicles) to qualify for rebates of up to $5,000. Every vehicle on this list of the top 10 most affordable EVs in Canada in 2024 qualifies for this rebate. Find out more in our guide to the iZEV rebate program.
Provincial and Territorial EV Rebates
As of early 2024, provincial and territorial EV rebate programs are offered in British Columbia , Yukon, Northwest Territories, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador. There are no provincial or territorial EV incentive programs in Alberta, Saskatchewan, Manitoba, Ontario, or Nunavut. In most cases, EVs that qualify for the federal iZEV rebate program also qualify for provincial and territorial programs where they exist. These rebates are stackable, meaning some Canadians can recover as much as $12,000 on the purchase of a new electric vehicle.
Why Should I Buy one of the Cheapest EVs?
By paying a lower price up front for your new electric car, you’ll gain the maximum benefit from those federal and provincial incentives programs while benefiting from an EV’s lower maintenance and overall cost of ownership. All listed models include infotainment systems with Apple CarPlay and Android Auto, and some offer touchscreen operation, so you're generally not compromising on equipment. Most also include features that are also standard on gas-powered equivalents such as heated front seats and adaptive cruise control.
Note: Images may show US models.