Will electric cars get cheaper in 2024

By Isabella Storyclaire

last updated September 17, 2024

Contributions sourced from

Best electric cars 2024 the EVs to buy and those to avoid

Grand tourers need to be sleek, fast and capable of covering huge distances. And for that alone, the Audi E-tron GT lives up to its name. Officially, it can accelerate from 0-62mph in 4.1sec, but at the hands of our testers, its gone even faster. It can cover up to 305 miles on a charge and can accept charging speeds of up to 270kW if you can find a charger with enough oomph, only the Porsche Taycan and Maserati GranTurismo Folgore can match it.

The E-tron GT is a little softer than the more agile Taycan, but it still drives superbly, and is far more entertaining than a Tesla Model S. Its also nicer inside, and unlike both the Tesla and Taycan, there are physical buttons for regularly-used features. Theres no doubting the tech, which is easy to use and the screens are clear and responsive.

Its not quite perfect, though. With a starting price of more than 80,000, its quite pricey even if resale values are very good. And theres a bit of whine from the motor but if you can overlook that, it really is a fine electric car.

"Most of the E-tron GT's dashboard controls take the form of physical buttons, making quick adjustments really easy on the move," Neil Winn, Deputy Reviews Editor

Best electric cars arriving in 2024

So, if an EV hasn't caught your eye yet, chances are you'll find something that fits the bill on this list.

Audi SQ8

From

$167,269

Based on Manufacturer's Suggested Retail Price (MSRP)

08. Mini Countryman EV - Q3

Though the Mini Countryman has always been a bit of a quirky option for small SUV buyers, this new-generation, all-electric model might change that.

And that's because EVs are having their moment right now, and models like the Kia Niro, Hyundai Kona, MG ZS, Mercedes-Benz EQA and Lexus UX are all popular all-electric options.

Could the Mini Countryman EV boost sales in a way previous iterations could not? From the third quarter of 2024, we will find out.

Will electric car prices go down in 2024?

The price of an electric car, especially a new one, is often quoted as being one of the major barriers to the mass-adoption of battery-powered motoring. In general, its true that electric cars are more expensive than their combustion-engined equivalents just try comparing the price of a basic petrol-powered Vauxhall Corsa (19,275) with the cheapest electric Corsa (32,445).

Vauxhall, along with other electric vehicle makers, is keen to point out that potential buyers should pay more attention to whats called the total cost of ownership that includes things such as fuel, depreciation (the amount of value the car loses over time), servicing costs, insurance and tax.

Once those additional costs are factored in, over several years (the exact length of time will vary depending on the vehicle and cost of charging at home, for example) the electric vehicle will cost you less, studies have shown.

However, upfront cost is still a major stumbling block for many. So will the cost of electric vehicles drop next year, and will price parity with petrol ever happen?

Tesla and the Chinese car makers

The prices of new electric cars are starting to reduce, and much of that is because of China.

This isnt to say that Chinese car makers are turning out cheaper EVs, although that is part of the equation, but theres also the effect that operating in the Chinese car market is having on European, Japanese, Korean and American brands.

The most obvious example of this is Tesla. Having seen demand in the Chinese market for its cars start to wane largely because of cheaper local competition Tesla decided to start cutting the prices of its new models.

In some cases those cuts were quite dramatic, with 5,500 being lopped off the price of a Model 3 saloon last March, while the Model Y crossover saw its price fall by as much as 7,000.

Those price cuts were aimed at the Chinese market but benefitted new car buyers across the world, as Tesla decided to roll out the revised prices for all countries.

Doing so paid off for Tesla and propelled the Model Y to become the best-selling car on the globe in 2023, and the sixth-best-selling car in the UK as well as the UKs best-selling EV.

That Tesla price cut forced the hands of others, including Ford; it cut the price of its pure-electric Mustang Mach-E by 7,700.

In the meantime, the Chinese car makers are starting to push down the entry-level prices of their electric models to more palatable levels. The likes of the MG 4, already a successful car in the UK, costs from 26,995 while the newly-arrived BYD Dolphin is even more affordable, costing 25,490 for the cheapest model.

Other carmakers following suit

Headline prices for basic models will fall even further as we head through 2024. Citron has already previewed the new e-C3, and while that small crossover wont go on sale until the back end of 2024, it should have a starting price of around 23,000 when it does arrive, with a fairly useable range of 200 miles.

Volkswagens imminent ID.2 should also have a starting price of under 25,000 when it goes on sale, and its expected to be joined by an even more affordable model costing as little as 17,000.

It is reportedly working with Renault to co-produce that car with the new electric Twingo. However, neither of those cars will go on sale until at least 2025.

If you cant wait that long, dont worry Dacia is set to launch its Spring electric car in the UK in the summer of 2024, and its price is likely to be just 18,000.

For that youll get a range of only 143 miles (and a less than stellar safety rating) but Dacia boss Denis Le Vot told us earlier this year that he would happily cut the battery in half because data shows most Spring owners in Europe only cover about 50km per day.

BYD also has a compact electric hatchback called the Seagull; it hasnt yet been confirmed for the UK, but could cost as little as 10,000 if it were introduced here.

Its also hoped that Renaults new retro-styled 5 electric hatch, set to be launched in 2024, will be an affordable car the French car maker has said that its been designed to cost one third less to build than the Zoe hatchback which it will replace.

Great deals on used EVs

For those looking to buy a used electric car in 2024, the news is broadly good the second-hand values of most electric cars have been tumbling all through 2023.

According to data from Auto Trader, across the board, new electric cars bought in 2022 have lost 21 per cent of their value already, a dramatic drop for one year of depreciation, especially at a time when the values of petrol and diesel models have remained solid.

Such a reduction means that some EVs are actually cheaper to buy used or nearly-new than an equivalent combustion-engined model of a similar age and mileage.

For the dedicated EV buyer, that can mean serious bargains. Big-money models such as the Audi e-tron GT and the Mercedes EQC have lost four-figure sums in their first year of ownership, but even smaller cars such as the Renault Zoe have seen significant falls.

Part of the reason for such big reductions is the expectation of obsolescence buyers of used cars are more cautious with their cash and know that much-improved new EVs are in the offing, so are holding back on an electric purchase for the moment.

Equally, there is currently a gap opening up between the initial burst of early adopter enthusiasm for electric cars and the more sceptical, conservative bulk of buyers who are happy to adopt a wait-and-see attitude, or who simply dont trust electric car tech at all yet (and that means the charging network as much as the cars themselves). There was also a knock-on effect in the second-hand market from Teslas new-car price cuts.

However, if youre looking for a used EV bargain, then the advice is to buy soon as the first signs of the market bottoming out are starting to show.

Richard Walker, Auto Traders data and insight director, said: The continued realignment in used electric pricing is the real stand-out so far in October, with another month of improvement after a year of decline.

For the moment were seeing the stars align for second-hand EVs; greater affordability and rising prices at the pumps is helping to make them a more viable alternative to their internal combustion counterparts which are still increasing in value.

Latest articles

Top 10 Cheapest New Electric Cars in Canada 2024

Whatever your reason for seeking out an electric car, youll 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 governments 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 manufacturers 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: $41,574

The most affordable electric vehicle in Canada for 2024 is the Chevrolet Bolt. Chevrolets legacy electric car had a rough start in its latest generation with a battery fire recall, but its since been returned to sale. This hatchback-style vehicle is offered with front-wheel drive and a deliberately small footprint for optimal efficiency. The Bolts 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 its slightly larger, taller, and more spacious. The Bolt EUVwhich stands for electric utility vehiclewas 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 EUVs 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 its 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 thats 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. Mazdas 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 its 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

Kias Soul EV is one of the originals, and its 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 thats gained positions from 2023 to 2024. Its 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, its 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 thats 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 Musks 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 RebatesAs 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, youll gain the maximum benefit from those federal and provincial incentives programs while benefiting from an EVs 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.