Fortunately, Money, Eh? has put together this list of some of Canada’s most affordable electric cars. The most affordable electric vehicles are available in Canada. Drivers across Canada have had their wallets considerably lighter in recent weeks thanks to rising gas prices, leaving a lot of folks wondering which are the cheapest electric cars.
What are the Cheapest Electric Cars in Canada?
The first EV to come to Canada, Nissans LEAF Canada, is currently the cheapest EV available in the country.
That starting price under $38K makes its compact EV hatchback the least expensive fully electric vehicle on the market. Given the maximum 2022 range of Nissans Leaf, at $33,375, this is a clear choice in terms of cost within the Leaf range. All other trims are equipped with a Leaf Plus designation, indicating that it uses larger 62kWh batteries, more powerful front-mounted motors rated at 214 horsepower, and a maximum range of up to 363 kilometres. Officials at Nissan Canada, unsurprisingly, did not name Chevy Bolt when talking about the price reductions Nissan has made on the Compact BEV hatchback but did point out that its status as a mainstream EV seller has been going on for over ten years.
For 2022, Nissan has cut prices for the 2022 Nissan Leaf on all models by as much as $6,500, dropping the MSRP for the base model to $27,400. As a result, the 2022 Nissan Leaf, which benefits from a 2022 price cut, is now the least expensive long-range EV on the market.
Kia Soul is a small electric vehicle turning heads with its modern design.
The Hyundai Ioniq Electric Hatchback is currently listed with $1,000 customer rebates at Hyundai Canadas Consumer Site. Although MSRP changes might not occur, look for rebates and lower finance rates to help sweeten the pot for remaining Ioniq BEVs. Reports have emerged from the US that the 2021 model year will be the final model year of the Hyundai Ioniq Electric hatchback. Since no 2022 models are listed on the Hyundai Canadas consumer site, it is possible that significant rebate offers from dealers are coming in to help clear out the remaining models ahead of the arrival of the much-more-modern Ioniq 5 crossover SUVs at the beginning of next year. Another Hyundai offering – the KONA Electric – has a lot of power, according to Canada Drives, and starts at the same price as the Hyundai IONIQ 5, for a $44,999 MSRP. Right around that time, Hyundai began to offer 0% finance on the IONIQ Electric, which is virtually unheard of in BEV, and the updated 2022 Kona Electric has recently dropped the price of its base model by $1,300, with the Ultimate going for $3,950.
The 2022 Chevy Bolt is also priced very reasonably compared to other models on this list, at an entry-level price of $40,990. While the Bolt EUV is the more affordable crossover on this list, it is still a competitive car. The Hyundai Kona Electric is undoubtedly a more attractive design than either the CX-30, Chevy Bolt, or Leaf, and its warranty, service, and roadside assistance packages are among the most generous in the competitive group.
The Hyundai Kona is typically purchased because of its attractive looks and feature-content values, and the Kona Niro EV brings these attributes to an electric-curious buyer. There is much to love about the Hyundai Kona EV, including its $35,225 starting price, which includes destination charges but does not include a $7,500 federal tax credit. Hyundai Kona Electric (2022) Manufacturers Site $43,699 $8,000 The Hyundai Kona Electric can be eligible for a maximum of $8,000 rebates on the vehicle’s price.
Do you want new or used?
When gasoline prices are calculated at $2 per litre, as Canadians are experiencing this month, the estimated cost to own the Hyundai Kona jumps to $79,700 over eight years, which is almost $24,000 higher than an EV version. Not long after, Mazda Canada surprised many people by pricing its MX-30 EV crossover in the lower echelon of the BEV market. While the updated Kona Ev’s lower starting price in 2022 at $43,699 barely missed our list, an emerging trend is emerging here. One made even more noticeable by generally rising prices across all vehicles these days, with new, compact BEV hatchbacks now starting at $37,498 as opposed to the 2021 model, which is still listed on the consumer Nissan website as having an initial sticker price of $44,298 in 2021. Nissan’s popular Leaf model starts at $37,498 – meaning of all the cars on the list, this is probably the least expensive EV available in Canada.
EV Plug-in Stations are Getting Cheaper
Canada Drives calls Teslas Model 3 a luxury, high-performance electric vehicle, and its pricing is as well. The Bolt EV gets a 120 MPGe rating, with an annual operating cost of $550 ($700 Canadian), and, once you add its starting price of only $38,198, it becomes one of the most affordable electric cars on this list, mainly once you take into account any government rebates. With its ambitious pricing, a decent cabin, and industry-leading five-year base warranty, the Bolt EV is an excellent choice.
Electric Vehicles in Canada are now even cheaper.
A new report found that, despite its higher sticker price, owning an EV is cheaper over time. The report, released Thursday by Simon Fraser University Clean Energy Canada Program, calculated total ownership costs over eight years for EVs and gasoline cars, driving them for 20,000 kilometres each year.
The new report also does not compare electric cars with hybrids, which generally operate with a mix of electricity and gas. However, recent research from Clean Energy Canada, released last week, which compared EVs to their internal-combustion equivalents, insisted buying an EV would already save a consumer at least $15,000 over the car’s lifetime.