As gas prices soar, These are the cheapest EVs

By Sam Stebbins  •  May 8, 2026
black digital device at 2 00
Photo by Rock Staar on Unsplash

Following the Trump administration’s repeal of a $7,500 electric vehicle tax credit in September 2025, the U.S. EV market cratered. Domestic EV sales plummeted by 46% between the third and fourth quarters of 2025, from 438,000 units down to just 234,000. Conditions for the EV segment only worsened in early 2026, with first quarter unit sales dropping again to 216,399. But early reports indicate the downturn may have been short lived. 

Data from the U.S. Energy Information Administration shows that gas prices have surged 55% since the war in Iran began in late February. As of May 7, 2026, the average price of a gallon of regular gasoline was $4.56 in the United States, the highest level in nearly four years, according to AAA. The conflict’s impact on gas prices is linked to the Islamic Republic’s effective closure of the Strait of Hormuz, a key shipping channel for approximately 20% of the world’s oil. Now, pain at the pump appears to be fostering renewed interest in EV ownership.

According to a recent report from Cox Automotive, new electric vehicle sales topped 82,600 units in March 2026, a 20% increase from February. In the used EV market, improvements were even more pronounced, with unit sales rising 53.9% from the previous month and 27.7% year over year. 

Historically high gas prices may not be the only reason a growing number of cost-conscious drivers are reconsidering electric vehicles. Although new EVs are generally more expensive than their combustion engine counterparts, the average difference in price recently fell to a new record-low of $5,800. According to the latest data, the average price of both new and used EVs has fallen about 6% in the last year. 

Using data compiled by Car and Driver, an automotive industry publication, Climate Crisis 247 identified the cheapest electric vehicles on the market. Models are ranked by base MSRP, as reported by Car and Driver. Domestic sales volume figures are from Cox Automotive, and all other supplemental data is from Car and Driver. 

10. Hyundai Ioniq6

  • Base MSRP for latest available model year: $39,095 ($15,413 lower than EV avg.)
  • EPA estimated range on a single charge: 240–342 miles
  • Sales volume in Q1 2026: 829 units (0.4% of EV market)
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Photo by Charlie Deets on Unsplash

9. Tesla Model 3

  • Base MSRP for latest available model year: $38,630 ($15,878 lower than EV avg.)
  • EPA estimated range on a single charge: 309–363 miles
  • Sales volume in Q1 2026: 31,672 units (14.6% of EV market)

8. Toyota C-HR

  • Base MSRP for latest available model year: $38,595 ($15,913 lower than EV avg.)
  • EPA estimated range on a single charge: 273–287 miles
  • Sales volume in Q1 2026: 13 units (0.0% of EV market)

7. Chevrolet Equinox

  • Base MSRP for latest available model year: $36,795 ($17,713 lower than EV avg.)
  • EPA estimated range on a single charge: 319 miles
  • Sales volume in Q1 2026: 9,589 units (4.4% of EV market)

6. Hyundai Ioniq5

  • Base MSRP for latest available model year: $36,600 ($17,908 lower than EV avg.)
  • EPA estimated range on a single charge: 245–318 miles
  • Sales volume in Q1 2026: 9,790 units (4.5% of EV market)

5. Toyota BZ

  • Base MSRP for latest available model year: $36,495 ($18,013 lower than EV avg.)
  • EPA estimated range on a single charge: 236–314 miles
  • Sales volume in Q1 2026: 10,029 units (4.6% of EV market)

4. Subaru Uncharted

  • Base MSRP for latest available model year: $36,445 ($18,063 lower than EV avg.)
  • EPA estimated range on a single charge: 273–308 miles
  • Sales volume in Q1 2026: N/A

3. Hyundai Kona

  • Base MSRP for latest available model year: $34,470 ($20,038 lower than EV avg.)
  • EPA estimated range on a single charge: 200–261 miles
  • Sales volume in Q1 2026: 53 units (0.0% of EV market)

2. Nissan Leaf

  • Base MSRP for latest available model year: $31,535 ($22,973 lower than EV avg.)
  • EPA estimated range on a single charge: 259–303 miles
  • Sales volume in Q1 2026: 668 units (0.3% of EV market)

1. Chevy Bolt EV/EUV

  • Base MSRP for latest available model year: $28,995 ($25,513 lower than EV avg.)
  • EPA estimated range on a single charge: 262 miles
  • Sales volume in Q1 2026: 791 units (0.4% of EV market)


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