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The Most Cost-Effective Electric Vehicle Of 2024 At Discounted Price

Image Source: Grzegorz Czapski / Shutterstock

Announced on Wednesday by Nissan, the 2024 Nissan Leaf once again meets half of the federal EV tax credit, making the electric hatchback effectively priced at $25,505 with a partial $3,750 credit. This positions it as currently the most budget-friendly EV available for purchase.

The Nissan Leaf, introduced towards the end of 2010, holds the distinction of being the original mass-produced electric vehicle in the U.S. It remains a key indicator of the significant changes in the automotive industry’s shift towards electrification. Despite its age, the value proposition of the Leaf has remained consistent.

Pricing for the 2024 Nissan Leaf starts at $29,255, including a $1,115 destination fee, for the base model Leaf S with a smaller 40-kWh battery pack. Equipped with a front motor generating 147 hp and 236 lb-ft of torque, it boasts an estimated range of 149 miles, marking it as having one of the lowest range ratings among electric cars, alongside the current 2024 Mini Cooper SE ($38,000, 114 miles), before the arrival of the redesigned 2025 model offering 245 miles for $47,000.

For customers looking for extended range, the Leaf SV Plus is available for $37,305, featuring a 60-kWh battery pack, a larger motor producing 214 hp and 250 lb-ft of torque, and an estimated range of 212 miles. With the partial credit, the SV Plus is priced at $33,555, making it more affordable than any other electric car currently on the market.

Both models are eligible for the $3,750 EV credit if purchased after March 6, 2024. This credit is applicable at the time of purchase through participating dealers, effectively serving as a discount incentive as customers do not need to wait for their tax return. Like numerous other EVs, the Leaf faced uncertainty during this year’s stricter phase-in of the battery component clause in the Inflation Reduction Act. However, now that the battery pack and the car are manufactured in Smyrna, Tenn., it re-qualifies for the partial credit. Excluded from the eligibility for the full $7,500 credit are both the Leaf and the premium Nissan Ariya due to mineral sourcing for the battery components, falling short on the “origin of critical mineral content” requirement.

Earlier this week, Nissan slashed the price by $3,600 on the Ariya electric crossover, resulting in a starting price of $40,980 for the single-motor model equipped with a 63-kWh battery pack. The cost of Ariya models with the larger 87-kWh battery pack was reduced by $6,000 to stimulate sales, also compensating for the fact that it does not qualify for any EV credit due to being manufactured in Japan.

Automakers such as Ford and Tesla have also reduced prices on their electric vehicles this year to better align with demand in the competitive EV market.

Prior to its discontinuation by GM this year in anticipation of a revamped model to be released next year, the Chevy Bolt held the title of being the most economical EV.

Image Source: Grzegorz Czapski / Shutterstock

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