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Though the first electric car was developed back in 1832, it’s only in the last two decades that they’ve gained prominence. Especially with popular and laudable brands such as Tesla. Rapid developments in technology have made electric cars accessible to the general public. With some of the cheapest electric cars available in Canada. You may be wondering. Which option is best for you and how to find the right car loan to cover the cost? 

Cheapest Electric Car In Canada

Here are some of the electric cars that offer the best value for your money:

Nissan LEAF

Nissan is one of the most affordable electric cars on the market. This midsize sedan was first introduced in 2010, and Nissan’s continuous adjustments have kept it relevant. 

This Nissan car boasts roomy seats, heated seats, an intuitive infotainment system, and a high-quality, spacious interior cabin. It comes with many standard features and can drive very quietly, even at highway speeds.

  • MSRP: $41,248
  • Category: All electric
  • Charging time: 40 minutes quick charge for 80%  (8 hours for full charge)
  • Electric driving range: 342 km
  • Transmission: 1-speed automatic
  • Drive type: Front-wheel drive
  • Horsepower: 147 hp

Toyota Prius Prime Plug-In Hybrid

Toyota’s Prius Prime is an excellent combination of cutting-edge smart technology, stunning fuel efficiency, and an impressive interior. The model contains a revamped infotainment system, heated front seats, and a push-button start key. 

The Prius Prime’s short electric driving range is perfect for those looking to use it to get around the city. With its competitive price and appealing fuel economy, it’s worth checking out. 

The car does have some drawbacks, including a small cargo area and impassive acceleration. Driving can also get a bit turbulent when encountering rough surface areas.  

  • MSRP: $38,150
  • Category: Plug-in hybrid
  • Charging time: varies by charger
  • Electric driving range: 962 km (full tank + full charge)
  • Transmission: Continuously variable-speed automatic
  • Drive type: Front-wheel drive
  • Horsepower: 220 hp

Learn how to budget for a car.

Volkswagen ID.4

The Volkswagen ID 4 is a fully electric car. The hatchback comes equipped with various energy-saving technologies, a high-end interior, and generous trunk space.

The style and design of the electric version of the ID 4 are pretty similar to its regular counterpart, with only some subtle tweaks to the exterior and interior. While it’s not the most eye-catching car, it offers a smooth ride, premium craftsmanship, and features that make it ideal for Canada such as the heated mirrors and steering wheel. 

A significant drawback is the low driving range, which may be unacceptable to those relying on a fully electric car for long trips.

  • MSRP: $48,959
  • Category: Fully Electric
  • Charging time: varies on the charger used 
  • Electric driving range: 336 km
  • Transmission: Single-speed automatic
  • Drive type: Front-wheel drive
  • Horsepower: 201 hp

Be sure to ask your dealer these questions before buying a car.

MINI Cooper SE

The first fully-electric MINI, this car is nifty, stylish, and possesses strong performance, able to go from zero to 60 in 3.9 seconds. A few design adjustments differentiate it from the regular gas-powered version, namely the interior, but it remains relatively unchanged. There are enough features on the base level model to keep the average driver pleased, making it one of the most affordable all-electric cars available.

The MINI Cooper does have a few disadvantages, including a short driving range, small backseat capacity, and choppy handling on uneven roads.

  • MSRP: $48,190
  • Category: Fully Electric
  • Charging time: 25 mins for a DC quick charge to 80%
  • Electric driving range: 183 km
  • Transmission: Single-speed automatic
  • Drive type: Front-wheel drive
  • Horsepower: 181 hp 

Find out if your should lease or finance your car.

Hyundai IONIQ 5 

This electric version of the popular Hyundai hatchback possesses an outstanding driving range and high standards, even at the base level. 

Originally launched in 2016, the latest version includes a faster onboard charger, a larger battery pack, and various optional features to elevate the driving experience. The IONIQ comes equipped with helpful driving aides, plentiful cargo space, and is distinct for having one of the highest fuel efficiency ratings in the electric car market.

On the downside, the back seat is very constrictive, and speed and agility are hampered while driving on rough road surfaces.

  • MSRP: $48,999
  • Category: Fully Electric
  • Charging time: 10% to 80% in 18 minutes
  • Electric driving range: 488 km
  • Transmission: Single-speed direct drive
  • Drive type: Front-wheel drive
  • Horsepower: 168 hp

How To Buy An Electric Car Online

We buy almost everything online, why not purchase a car online? 

You can purchase a car online directly from the manufacturer or even from the website of your local dealership. But did you know there is another option? An online used car retailer, like Clutch

So when choosing to purchase a used electric car online, what are the top items you should consider?

Verify The Return Policy

If you’re going to purchase a car before seeing it in person, there needs to be a good return policy in effect. The good news is that all reputable online used car retailers will have a return policy. 

Do They Offer A Multi-Point Inspection?

It’s important to get to know your used car before you purchase it. A multi-point inspection will help you do this. 

Do They Offer Financing?

While this may not be a deal breaker for you, it’s still important to know if the online car retailer can offer you financing. Or if you need to look elsewhere. 

Do They Have The Electric Car You Want

This is a no-brainer. Does the site have the car you want? While you can always choose a different vehicle, you may want to shop around before making your final decision. 

Checkout Customer Reviews

Like with any purchase, checking out reviews can be helpful. To help make the online car buying process smoother. Make sure your read reviews for both the car and the retailer. 

What Is An Electric Car?

An electric car has a battery and electric motor designed to deliver performance using electricity rather than gasoline. Electricity is used as fuel to power an electric car. They operate by plugging into a charger and drawing electricity from a grid. The electricity is stored in a rechargeable battery, which powers an electric motor, enabling the car to move.

There are two types of electric cars: plug-in hybrid and fully electric.

Plug-in Hybrid Electric

A plug-in hybrid combines a gasoline engine with a significantly larger battery that is charged by an external power source. When the battery is working, The car is powered by electricity. The gasoline engine remains inactive and only begins functioning when the battery drains completely.

Plug-in hybrids can offer you flexibility and fuel savings, as they can run on gasoline and electricity. For short trips, it’s economical to drive using the electric battery and not use any gas. In contrast, long journeys can use the gasoline engine as a backup. 

Fully Electric

A fully electric car runs solely on electricity, as it has no engine. Because they can’t rely on a gasoline engine as a backup. Fully electric vehicles have larger and more powerful batteries that can operate over longer ranges.

Cheapest Electric Car In Canada: Pros And Cons

There are many pros and cons to buying an electric car in Canada. Be sure to understand them before buying one, to see if it’s right for you.

Cheapest Electric Car In Canada: Pros

There are many benefits to owning an electric car:

  • Fewer repairs and maintenance costs – The components of electric cars are more sophisticated and robust. You’ll save money on oil changes, coolant flushes, filters, batteries, and other car repairs.
  • Reduced fuel costs – You can save a considerable amount of money on fuel. In general, the cost of fuel has gone up in Canada. If you drive a lot, you may be able to save money on an electric car. 
  • Better for the environment – Electric cars help contribute to a reduction in greenhouse gas emissions since they don’t emit carbon dioxide. However, do note, that while running, the generation of electricity to run the car can emit CO2. 
  • Smooth driving experience – Electric cars produce no engine or transmission noise, which results in a quiet and peaceful driving experience. Also, they feel lighter and more agile while driving since they accelerate faster than regular cars.

Cheapest Electric Car In Canada: Cons

Despite the advantages that electric cars have to offer, you should be aware of the drawbacks as well:

  • Higher price tag – Electric cars are slightly more expensive than regular cars, with a price tag between $30,000 and $45,000.
  • Limited driving range – You can typically drive an electric car for only about 80 to 160 kilometres before having to recharge it. As a result, they’re not the ideal vehicle for a lengthy drive – you could easily find yourself stranded in an area with no charging station.
  • Long recharging time – Depending on the model, electric cars can take anywhere from 4 hours to 20 hours to fully recharge.
  • Limited choice – Since the electric car industry is still in its infancy, you have relatively few brands and models to choose from.

Thinking About Purchasing An Electric Car?

If you’re shopping for a new car, an electric model may elicit some anxiety at first, given the high sticker price. But when you factor in the money you’ll save on fuel, repairs, and maintenance. An electric car can easily wind up being the best choice in the long run. If you’re looking for the right financing to help you purchase a new electric car, Loans Canada can help.

AmountInterestTerm (Months)
Loans Canada Logo - Bad Credit Loans Canada$500 - $50,000Up to 46.96%12 - 84Learn more
ClutchVaries8.49% +24 - 96Learn more
Canada Drives$500 - $35,00029.99% - 46.96%9 - 60Learn more
SkyCap Financial$500 - $10,00012.99% - 39.99%9 - 36Learn more
Carloans411$5,000 - $40,000Varies12 - 72Learn more
Canada Auto Finance$5,000 - $45,0004.90 % - 29.95%36 - 72Learn more
Eden ParkVaries11.9% +12 - 84Learn more
Splash Auto Finance by RifcoUp to $50,000Varies12 - 84Learn more

Cheapest Electric Cars In Canada FAQs

What incentives are available if I purchase an electric car? 

The Canadian Federal government offers a purchase incentive of up to $5,000 if you buy an electric car. British Columbia, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, and PEI, also offer purchase incentives. 

Do electric cars require more maintenance than regular cars? 

Electric cars require different maintenance than regular cars. You don’t have to perform things like oil changes, filter changes, and exhaust systems repairs, which can save you hundreds of dollars each year. 

How many times will I need to change my electric car’s battery?

An electric car’s battery is built to last the vehicle’s lifespan, so you’ll never have to worry about replacing it. In contrast, batteries for regular cars typically last only three to five years. However, the battery in an electric vehicle will deteriorate over time, and this could affect your driving range. Most electric car batteries come with an eight-year warranty.

How much money can I save on gas by driving an electric car?

The amount of money you can save by driving an electric car will vary based on the cost of gas, the cost of electricity and how much you drive. The cost difference will also vary based on how much electricity your car takes to charge. 

What is the cheapest electric car available in Canada?

The most affordable plug-in hybrid is the Toyota Prius Prime, which has an MSRP of $38,150. The most affordable fully electric car is the Nissan LEAF which costs $$41,248.
Mark Gregorski avatar on Loans Canada
Mark Gregorski

Mark is a writer who specializes in writing content for companies in the financial services industry. He has written articles about personal finance, mortgages, and real estate and is passionate about educating people on how to make smart financial decisions. Mark graduated from the Northern Alberta Institute of Technology with a degree in finance and has more than ten years' experience as an accountant. Outside of writing, he enjoys playing poker, going to the gym, composing music, and learning about digital marketing.

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