SUVs Under $40,000: 6 All-New, Redesigned, or Refreshed Models

Are you looking for new SUVs under $40,000? The latest models include everything from EVs to three-row family haulers.


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SUVs under $40,000 strike an ideal balance for many shoppers, offering upscale amenities at relatively accessible pricing. If you're on the hunt for an SUV in this price range, the 2022 model year presents some appealing options.

When buying a new SUV, it's a good idea to get one with the freshest, most up-to-date features. Typically, the 2022 models that best meet this standard are either newly introduced or significantly revised. We've provided a list of these models. Each SUV in our roundup is in one of these three categories:

  • All-new: That means it debuts with the 2022 model; this model didn't exist previously
  • Redesigned: A redesigned vehicle gets a thorough raft of upgrades inside and out. These can include a new platform, a new exterior design, and a new powertrain
  • Refreshed: A refreshed vehicle gets major updates, but the changes aren't as extensive as those accompanying a redesign. For example, a refreshed SUV may get cosmetic updates like a restyled grille and new headlights

Each SUV in our lineup has a base MSRP of under $40,000, including destination fees. The models appear below in alphabetical order. We've limited our selections to SUVs with confirmed pricing.


2022 Chevrolet Bolt EUV

All-new vehicle for 2022

Chevrolet had some success with the Bolt EV, a small hatchback with an all-electric powertrain. The similarly named Bolt EUV is an all-new model for 2022, and it shares a platform with the Bolt EV hatchback. However, this small SUV has more legroom than the Bolt EV and a broader range of features. Pricing starts at around $35,000.

The Bolt EUV boasts an EPA-estimated driving range of 247 miles, 16.3 cu.-ft. of cargo space with all seats in place and 56.9 cu.-ft. with the rear seats lowered, safety features like forward collision mitigation, lane keeping assist, and lane departure warning are standard on all models. A 10.2-inch infotainment color touch screen and wireless Apple CarPlay/Android Auto smartphone integration are also standard.


2022 Chevrolet Traverse

Refreshed for 2022

All 2022 Chevrolet Traverse models get an updated exterior design that includes a new front fascia and new tail lights. The range of standard safety features expands, and all models now come with wireless connectivity for Apple CarPlay/Android Auto smartphone integration.

A three-row SUV like the Traverse is an excellent choice if you need a family-focused vehicle that can accommodate many passengers. The Traverse provides minivan-level passenger capacity, seating up to eight people. Also, this SUV boasts ample cargo space, offering 98.2 cu.-ft. of room behind the first row. Chevy claims that's a best-in-class figure. Pricing starts at roughly $35,000.


2022 Jeep Grand Cherokee

Redesigned for 2022

The 2022 Jeep Grand Cherokee is a two-row midsize SUV. It has a similar name to the Grand Cherokee L, but the two are separate models. The three-row Grand Cherokee L seats seven, while the Grand Cherokee seats five. Jeep's Grand Cherokee soldiered on for a decade without a redesign, but that changed with the 2022 model. Starting at around $39,000, the Grand Cherokee sits towards the top of SUVs under $40,000.

With this redesign, the Grand Cherokee enters its fifth generation and gets a sleek new exterior design that includes a tapered roof, lowered beltline, and a larger seven-slot grille. Inside an all-new cabin that features updated HVAC vents, updated seats (with a length-adjustable cushion for front-row passengers), and a realigned center stack for easier access, with more interior passenger volume than the outgoing model and an extra 1.4 cu.-ft. of cargo space.

Additionally, a new plug-in hybrid variant called the Jeep Grand Cherokee 4xe provides an estimated 25 miles of all-electric driving range, with the same powertrain introduced on the Wrangler 4xe.


2022 Lexus NX

Redesigned for 2022

Luxury subcompact SUVs are popular with car buyers, and the Lexus NX is part of this sought-after class. Lexus gives the NX a complete redesign for 2022, ushering in its second generation. Starting at around $39,000, the NX is at the top end of the price range for new SUVs under $40,000.

The redesign brings an updated spindle grille and new full-width blade taillamps, an expanded range of powertrain options, including a standard hybrid and a plug-in hybrid, and an updated cabin design that gives the interior a more premium look. Under the hood powertrain upgrades boost horsepower and fuel economy.


2022 Mazda MX-30

All-new vehicle for 2022

Mazda joins the movement toward electrification with the launch of the MX-30. This all-electric SUV is the brand's first electric vehicle, and Mazda says it's an indicator of more to come. The MX-30 boasts the sleek exterior design and upscale interior that have become Mazda hallmarks. Buyers get a $500 charging credit that can be used for public charging or purchasing an at-home charging system. Pricing begins around $34,500, but is only available in California.

The small SUV has rear-hinged doors in the second row and some interior components utilizing sustainable recycled materials. Cargo capacity of 21 cu.-ft. with all seats in place. Standard features include adaptive cruise control, blind spot warning, rear cross-traffic alert, lane keeping assist, and a driver drowsiness monitor.

The MX-30 has an EPA-estimated driving range of just 100 miles on a full charge—competing electric SUVs like the Bolt EUV offer a lot more range.


2022 Nissan Pathfinder

Redesigned for 2022

The Pathfinder is Nissan's mid-size three-row SUV. It gets a full redesign for the 2022 model year, bringing it into its fifth generation. Pricing is around mid-pack for SUVs under $40,000; this Nissan starts at roughly $35,000. The redesigned Pathfinder comes with a new exterior with a more rugged appearance, new nine-speed automatic transmission, and revised steering and suspension tuning.

A few other notable features include available second-row captain's chairs with a center console that you can remove without tools, increased interior volume, up from 154 cu.-ft. to 164.6 cu.-ft. The Pathfinder comes with standard safety features like blind spot warning, rear cross-traffic alert, and a driver drowsiness monitor.

Final Thoughts

Today's new SUVs under $40,000 include everything from green EVs to spacious three-row family haulers. The models highlighted in this article are 2022's latest and most recently upgraded class members.

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Warren Clarke
A car purchase is a big decision. And once you've made the purchase, you'll be faced with countless other choices that will affect your ownership experience one way or another. Throughout my career in the automotive industry, I've written everything from vehicle reviews to articles covering topics such as car insurance and leasing. My mission is to help you make the best decisions regarding your vehicle.