According to Edmunds, there were just 54,179 electric vehicles sold in 2015. From January to May 2024, nearly a half-million EVs have been sold as the number of gas-powered car sales plummeted by 4 million between 2015 and 2023.
“Electric vehicles are becoming increasingly popular due to their efficiency, lower running costs, and environmental benefits,” said Emil Sultanov, founder of San Diego-based Long Term Car .
Sultanov’s company provides monthly vehicle rentals. Such an extended commitment compels his clients to put much more thought into their selections than they might have with a regular weekend airport rental. He’s noticed that older drivers look for specific factors and features when choosing an EV, and cost is just one of them.
“For retirees, comfort, ease of use and practicality are key considerations,” he said.
There are several Model 3 packages from the most famous name in electric vehicles, but the most affordable is the rear-wheel drive long-range trim. It starts under $30,000, making it one of the cheapest electric vehicles on the market, and can travel 363 miles between charges with a top speed of 125 mph.
“The Tesla Model 3 offers a smooth ride, advanced autopilot features, and a user-friendly interface,” Sultanov said. “Its long range per charge reduces the frequency of trips to the charging station, which can be convenient for retirees who may not want to deal with frequent refueling.”
For retirees on a budget, the best choice might just be the car that launched the EV revolution in December 2010 when it made its debut as the first mass-produced electric vehicle.
“The Nissan Leaf is one of the most affordable EVs on the market,” Sultanov said. “It offers a comfortable ride and sufficient range for daily use. Its low price and ease of use make it a great option for retirees looking for a cost-effective electric vehicle.”
The 2024 Leaf has a 212-mile range — more than enough for most drivers — and the vehicle’s loyal following has taken full advantage. Leaf drivers have cruised a collective 12 billion emission-free miles worldwide.
Hyundai Kona Electric
Starting MSRP: $32,675
Sultanov’s next pick is a small and sporty SUV with a range of up to 261 miles from one of the biggest and best-known Korean automakers.
“The Hyundai Kona Electric combines a compact size with a spacious interior and impressive range,” he said. “It’s easy to maneuver and park, which is ideal for retirees who may want a smaller vehicle that’s still practical for longer trips.”
Ford Mustang Mach-E
Starting MSRP: $39,995
For retirees with bigger nest eggs and a thirst for power and prestige, it’s hard to look past the electrified version of America’s first and last-remaining pony car.
“The Ford Mustang Mach-E offers a stylish design, advanced technology and a comfortable interior,” Sultanov said. “Its range and driving dynamics make it a good choice for retirees who want a bit more performance and luxury in their electric vehicle.”
The Mustang Mach-E boasts a 320-mile range, luxury-level tech and room for five passengers.
Chevrolet Bolt EV
Starting MSRP: N/A
Chevy discontinued its beloved Bolt EV in 2023, which gives retirees prowling the used market a chance to save big bucks on a previously owned late-model Bolt.
“The Chevrolet Bolt EV is known for its affordability and impressive range,” Sultanov said. “It offers a spacious interior and a smooth, quiet ride, making it a practical choice for retirees looking for a reliable and economical electric vehicle.”
According to Kelley Blue Book (KBB), the fair market value of a 2023 Bolt is just $26,188.
If you’re willing to go a few model years back to supersize your savings, KBB says a 2020 Bolt should cost just $15,701.
Photo disclaimer: Please note the photo is for representational purposes and may not reflect the exact make and model of the vehicle listed.
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