The push for new, appealing electric vehicles has gained considerable momentum recently. The next few years will see a rollout of EVs in every popular automotive segment, increasing competition and decreasing prices. At the moment, however, all-electric vehicle development costs remain high and most new additions are priced well above equivalent gas-powered models.

That means the list of economical EVs isn’t yet extensive, but it does include a handful of cars starting under $40,000. Edmunds has assembled a roster of five affordable options for 2023 sorted by price. Some of these models will further qualify for federal tax credits that now require American assembly and parts sourcing.

CHEVY BOLT EV Helping pioneer the mass-production EV landscape in 2017, the Chevy Bolt EV tackled range anxiety and affordability in a practical package. The updated version introduced last year adds a more appealing interior ambiance while maintaining competitive range and zippy performance.

The Bolt EV isn’t perfect, with a firm ride and smallish cargo area, but it is now the least expensive electric vehicle for 2023 thanks to a huge price cut. We also proved the Bolt EV can travel 278 miles on a single charge, besting its EPA-estimated range by 19 miles. If the hatchback body isn’t appealing, Chevy also offers an SUV-like version, the Bolt EUV, that has more interior room. Bolt models purchased before March should qualify for the $7,500 federal tax credit. Starting price: $27,495