Buying an electric car with at least 300 miles of range is getting more affordable than ever. Several automakers, including Hyundai, Kia, and Tesla, are now offering long-range EVs (those with at least 300 miles range) that are cheaper to buy than the average gas-powered car in the US.
Electric vehicle prices have fallen significantly in the US after a series of aggressive price cuts led by Tesla over the past few years.
According to the latest Kelley Blue Book data, average transaction prices for a new EV were down 9% in the first quarter compared to Q1 2023. With lower prices, EVs hit a major milestone as several long-range models are now cheaper than the average gas car.
Hyundai, Kia, and Tesla models with at least 300 miles of range cost less than popular gas cars like the Toyota Camry or Rav4.
When leasing, the gap is even more significant, with Hyundai and Tesla EVs as much as 37% lower than similar models from Toyota and BMW.
A new Bloomberg Green analysis shows the 2024 Hyundai IONIQ 6 is the most affordable EV. Hyundai’s IONIQ 6 was the cheapest EV, with a price tag about 25% lower than the national average ($47,000) and up to 361 miles range.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
Long-range EV prices fall below gas cars
The IONIQ 6 starts at $37,500, but that’s for the standard-range (240 mi) model. The SE model, with up to 361 miles range, starts at $42,500.
Hyundai’s IONIQ 6 was found to be the only EV that met potential buyers’ median price, range, and charging targets, according to a recent report from Boston Consulting Group. Buyers are looking for fast charging in under 20 minutes, at least 350 miles range, and an affordable price (under $50K).
(Source: Boston Consulting Group)
At just $243 per month, the IONIQ 6 is significantly cheaper to lease than the Toyota Camry, which costs $346 per month.
Tesla’s Model 3 was the next closest to hitting the marks. The 2024 Tesla Model 3 starts at $38,990, while the Long Range AWD model starts at $47,740 with up to 341 miles range.
Model
Type
Lease Price Per Month
Hyundai IONIQ 6
EV
$243
Toyota Camry
Gas
$346
Tesla Model 3
EV
$399
BMW 3 series
Gas
$581
Hyundai IONIQ 5
EV
$258
Toyota Rav4
Gas
$340
Tesla Model Y
EV
$399
BMW X3
Gas
$629
Most affordable long-range EV lease price deals vs gas cars (Source: Bloomberg Green)
At $399 per month, Tesla Model 3 lease prices are well below the BMW 3 series at $581 per month. Tesla’s Model Y, at $399 per month, is also cheaper than BMW’s X3, at $629 per month.
Hyundai’s upgraded 2024 Kona EV is one of the most affordable vehicles on the market, starting under $33,000. Hyundai Kona EV lease prices are even lower than the gas-powered model.
2024 Hyundai Kona electric (Source: Hyundai)
Several new long-range, affordable EVs are also hitting the market. After kicking off deliveries last month, Chevy’s Equinox EV is reaching customers.
GM claims the electric Equinox EV is the “most affordable EV” in its class with over 300 miles range. The Chevy Equinox EV (2LT) starts at $43,295, but the entry-level (1 LT) will be available to order this year starting at $34,995.
2024 Chevrolet Equinox EV 1LT (Source: Chevrolet)
With the $7,500 federal tax credit included, Equinox EV prices could fall to as low as $27,495. Several automakers like Hyundai and Kia are passing the EV tax credit on through leasing until US production begins.
Are you ready to drive off in a new electric car? Now may be the time to start shopping with some of the lowest prices yet. You can use our links below to find deals on Tesla, Hyundai, and Chevy EVs at a dealer near you today.
FTC: We use income earning auto affiliate links.More.
BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.
BYD cuts Seagull EV price to under $8,000 in April
Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.
The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).
After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.
Advertisement – scroll for more content
BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.
BYD cuts vehicle prices in April 2025, including the Seagull EV (Source: BYD)
At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)
The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.
BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.
Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.
Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.
FTC: We use income earning auto affiliate links.More.
Prior to the launch, only a fully loaded $60,000 Launch Edition Model Y was available to order since January, and had been delivered since early March.
Advertisement – scroll for more content
Now, North American buyers are able to buy a much cheaper version of the new Model Y for $49,000.
Only the Model Y Long Range AWD is available for now, but that’s Tesla’s most popular model in North America.
At the time, we noted that this is a great demand test for Tesla in the US amid some critical brand issues due to CEO Elon Musk.
We only have a few metrics to track the demand of the new Model Y in the US:
Delivery timelines on new orders
Available inventory
Discounts/incentives
For most US zip codes tested by Electrek with different Model Y configurations (wheels and paint colors), Tesla quotes delivery within “1-3 weeks”.
But we also found several zip codes on both the West Coast and the East Coast where Tesla claims it can deliver the new vehicle “today”:
This would point to Tesla already having vehicles in inventory despite launching it just 4 days ago.
But Tesla is hiding the inventory.
If you search for Model Y in Tesla’s new inventory, you can’t find any in the US at the time of writing:
However, Tesla is showing some units in inventory to people configuring new Model Ys.
Some potential buyers are reporting that Tesla has a tab that pops up and directs them to some new inventory available (via TroyTeslike on Patreon):
This confirms that Tesla already has new non-Launch Edition Model Y in inventory available for sale in the US – pointing to Tesla having no backlog of demand for the new vehicle.
Electrek’s Take
This is much worse than I thought. I thought that Tesla would build a backlog of demand for the new Model Y in the US from people who didn’t want the fully loaded version, but it looks like that backlog lasted 4 days.
Of course, it’s all because of Tesla and Elon, and brand destruction.
Many people who invested in the stock market lost a lot of money over the last few weeks, and these people often happen to be people who buy new cars.
Now, the only thing left is for Tesla to start offering discounts and subsidies financing – the latter likely coming first, as it is already the case with new Model 3 orders in the US.
The good news for Tesla is that if Trump continues to crash the stock market, the Fed will likely have to reduce rates, making Tesla’s 0% financing cheaper to subsidize.
That’s a fun balancing act.
Either way, I wouldn’t be surprised to see Tesla offer incentives on the new Model Y in the US within the next 2 weeks – way ahead of schedule.
FTC: We use income earning auto affiliate links.More.
The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.
Do the Kia EV6 and EV9 qualify for the federal tax credit?
Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.
The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.
Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.
Advertisement – scroll for more content
We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.
Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.
According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.
If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.
Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.
Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.
With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.
FTC: We use income earning auto affiliate links.More.