These are the cheapest electric vehicles to own over five years
If you want an electric vehicle, you have to face the costs. After all, electric vehicles tend to start at higher prices than their conventional cousins at the moment. However, just like buying a car for a gas-powered vehicle, you can choose wisely and save money. So if you want the cheapest electric vehicles possible, consider one of those electric cars with the lowest cost to own in five years, like the MINI Hardtop EV.
- MINI Hardtop EV
- Nissan Leaf
- Hyundai Kona Electric
- Hyundai Ioniq Electric
How much do electric MINIs cost?
The MINI Hardtop EV has a fair list price of $27,539. While that might sound like a lot, the MINI is one of the cheapest electric vehicles to own. According to Kelley Blue Book (KBB), the MINI has the least overall depreciation and outlay of the cheapest EVs on this list. Plus, with a five-year total cost of ownership of just $25,399, it’s also the most affordable to keep.
How much should I pay for a Nissan LEAF?
The Nissan LEAF aims to conquer the cheapest EVs on the market, but it still starts at around $500 more than the MINI. Plus, with an average depreciation of $20,605 and a total cost of ownership of $29,641, it’s also significantly more expensive than the MINI over time.
Is the Hyundai Kona Electric one of the cheapest electric vehicles?
The Hyundai Kona Electric is one of the cheapest electric vehicles on the market, if not as affordable as the MINI or Nissan LEAF. However, the Kona Electric has less out-of-pocket spending than the Nissan LEAF. Still, buying and owning a Kona Electric over five years will cost around $34,523, nearly $10,000 more than the MINI. Plus, the Hyundai Kona Electric has a lower average maintenance cost than the Nissan LEAF, so you’ll save money by choosing it over the LEAF in that regard.
The Hyundai Ioniq Electric barely makes the list of the cheapest electric vehicles
With the highest five-year cost of ownership and depreciation, the Hyundai Ioniq Electric lands at the bottom of the list of cheapest electric vehicles. According to KBB, the Hyundai Ioniq Electric depreciates by a total of $28,023, or more than $10,000 over the MINI. Additionally, the five-year cost of ownership of the Ioniq Electric is approximately $36,353. While that might sound like a lot, it’s still a bargain for EVs and earns the Ioniq Electric a spot on the list.
Should you buy one of these electric vehicles with the lowest cost of ownership?
Depending on your priorities, you should consider the MINI Hardtop EV before buying the other three EVs on this list. The small electric retro machine costs less than others to buy, insure, operate and own. Plus, the MINI sports (arguably) better looking aesthetics, nodding to its round lamp heritage. Nevertheless, you will save money buying one of these electric vehicles compared to other electric options on the market.
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