Best Cheap Budget Electric Bikes Under $500 in 2023 – Reviews & Buyers Guide

Thanks to the electric bike manufacturing companies like Pedego, X-Treme, Rad Power, Specialized, and others for manufacturing quality electric bikes, e-bikes are becoming very popular and more than ever, people are looking for the best cheap budget electric bikes.

You can choose to invest thousands of dollars in some kind of futuristic e bike, but you can also buy a perfectly safe and durable quality e-bikes for a relatively low price and enjoy the same great riding experience as everyone else.

There are plenty of excellent electric bikes out there for under the budget $1000 – $1200 that are utterly capable of giving the same performance as expensive e-bikes.

You’ll find below a list of top ten electric bikes on the market right now at an affordable price, followed by a Buyers Guide at the end.

Electric Bikes Under $500 in 2022

List of Top 10 Best Cheap Budget Electric Bikes Under $500

	ANCHEER 500W/250W E-Bike
ANCHEER 500W/250W E-Bike
  • Battery: 36V/12.5Ah
  • Motor:500W/12.5Ah & 250W/8Ah
  • Top Speed: 20 mph
  • Range: 25-45 miles
  • Gearings: 21 speed
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	SWAGTRON Swagcycle EB5
SWAGTRON Swagcycle EB5
  • Battery: Removable/Standard
  • Motor:250W
  • Top Speed: 15 mph
  • Range: 16 miles
  • Gearings: Single speed
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	SwagCycle E-Bike
SwagCycle E-Bike
  • Battery: 36V
  • Motor:250W
  • Top Speed: 10 mph
  • Range: 10 miles
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	NAKTO Cargo Electric Bike
NAKTO Cargo Electric Bike
  • Battery: 36V/10Ah
  • Motor:250W
  • Top Speed: 25-30 MPH
  • Range: 28-35 miles
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Best Overall
 ANCHEER Folding Electric Bike
ANCHEER Folding Electric Bike
  • Battery: 36V/8Ah
  • Motor:250W
  • Top Speed: 17 mph
  • Range: 15miles – 30miles
  • Gearings: 7 Speed
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	ECOTRIC Fat Tire Folding Electric Bike
ECOTRIC Fat Tire Folding Electric Bike
  • Battery: 36V/12Ah
  • Motor:500W
  • Top Speed: 20mph
  • Range: 18-23 miles
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Best Electric Mountain Bike
	SOHOO Folding Fat Tire Electric Bike
SOHOO Folding Fat Tire Electric Bike
  • Battery: 48V/12Ah
  • Motor:500W
  • Top Speed: 25mph
  • Range: 55~65 miles
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	Jetson Bolt Folding Electric Bike
Jetson Bolt Folding Electric Bike
  • Battery: Lithium-ion Battery
  • Motor:250W
  • Top Speed: 15.5 mph
  • Range: 17 miles
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	TrekPower Folding Electric Bike
TrekPower Folding Electric Bike
  • Battery: 36V/10AH
  • Motor:250W
  • Top Speed: 15.5 mph
  • Range: 19 miles
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Best for Adults
	Speedrid Folding Electric Bike
Speedrid Folding Electric Bike
  • Battery: 8AH lithium ion
  • Motor:250W
  • Top Speed: 21-speed
  • Range: 30 miles
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1. ANCHEER 500W/250W E-Bike – Best Affordable Electric Mountain Bike

Ancheer is another leading icon of the electric bikes industry because of its high-quality materials and advanced technology features at a very reasonable.

The bike we choose for you is an extremely affordable e bike for those looking for maximum value at a low price possible.

It will help you accomplish all types of transportation needs easily. If you want an aerodynamic, aggressive, and racy position, its long stem will give you a stretched out riding position.

And if your priority is comfortability, then a shorter stem length will put you in an upright position, placing less load on your back.

The frame and the saddle tube of the bike is aluminium alloy and has the classic geometry whereas the front fork is made up of high-strength carbon steel and provides shock absorption.

The bike can bear weight up to 140kg, and the bike itself has 23 kg weight, which is reasonable for an electric bike. You can use these bikes on public transportation as well as at home.

It has a 36V 8Ah removable lithium-ion battery, which gives you an option to charge it on or off the bike.

The Bike has 250W high speed gear motor and can cover 15 – 25 miles on a single charge. The maximum speed it offers is 15mph.

Its bright LED headlight helps you travel easily at night time. When it comes to brakes, its front and rear disc brakes provide you a quick stopping.

Its 21-speed front and rear gear make hill climbing easy, and for this reason, it is one of the best electric mountain bike.

It offers three working modes, which are assisted bicycle, e-bikes, and a regular bike. Ancheer provides one year service for the charger, battery, and the electric motor.

Overall, bike geometry is elegant, simple, and have a very attractive look. The bike comes almost pre-assembled, and you just have to install the seat, pedals, front tire, and the handlebar.

Ancheer includes a free tools kit in the package for assembling and maintenance. Its multifunctional use makes it perfect for off-road adventures and daily commute.

  • Best Entry-level E-bike
  • 3 Working models
  • Mechanical disc brakes
  • Free tools kit
  • Squeaky disc brakes

2. SWAGCYCLE EB5 Plus – Best Cheap Folding Electric Bike


Swagtron is definitely going to be a part of the future of electric bikes.

They offer high-quality products at an incredibly low price, and for this reason, we have listed another great bike offered by Swagtron.

SWAGCYCLE EB5 is a strong pattern to choose from. It is a powerful electric bike offering quality components at a very low cost.

The thing which we like the most about this EB-5 is its adjustments. The rider can easily adjust its handlebar and the seat according to their height. The handlebar and seat go down far enough that rider of any height can ride it comfortably.

It looks like a normal e-bike, but when you ride it, you will realize how much perfect geometrically its and will make you think how manufacturer accomplished their versatility at such low price.

EB-5 is reasonably quick and can cover up to 15 miles on a single charge. The bike is durable and has a long-lasting battery.

Read more: How Long Do Electric Bike Batteries last?

It is a folding e-bike, which makes it an excellent choice for the everyday commute. Folding is easy, and you will be surprised how perfectly it fits in a trunk.

Its 250W hub motor with built-in high-efficiency aluminium heat sink for maximum ruggedness.

Thanks to Swagtron because they offered exclusive Auto guard technology, which automatically disengages motor upon braking.

SWAGCYCLE EB5 is offered in two colours i.e., white and black, and gives you an option to choose a bike with a removable battery or standard battery.

The bike comes assembled and is very lightweight so that residents living on the upper floors can easily bring it up.

  • Adjustable handlebar and seat
  • Lightweight
  • Have auto guard technology
  • Easy folding
  • No shocks for easing bumps

I bought this bike towards the end of summer and despite its (almost) $500 price tag, it’s proved its worth every single day

3. Swagtron Swagcycle – Best Folding Electric Bike Under $500

Swagtron Swagcycle

Swagtron is one of the prime makers in the electric bike industry, with many specialized e-bikes supporting advanced features.

Talking about the battery, many of the other E-bikes on the list highlight the lithium-ion battery, but the Swagtron 36V high-capacity battery is definitely the next level.

Benchmarks and real-world analysis have shown that the SWAGTRON SwagCycle Electric Bike battery recharges in 2.5 hours and will help you to make your journey to class, journey to work, or even just ride through your neighbourhood very easily and comfortably.

The thing which we like the most about this bike is that its folding e-bikes so that you can easily bring along with you in bus or plane.

So if the commuting is your main concern, then these are the best electric bikes to buy, and its one of the only options in the electric bike industry right now that comes with such great features for less than $500.

Swagtron E-Bike has a 250-watt motor that takes about 2.5 hours to charge. It uses an aerospace-grade aluminium frame and easily fits in trunks of all sizes.

Bikers will also experience an attractive bike style, lightweight, and top-quality components. Its simple to operate and fun to use.

It comes with an electronic horn and battery charge status monitor on the handlebar so that you can easily check battery life, honk the horn, turn on the headlight, accelerate, and use brakes all from the handlebar.

It has a built-in USB port to charge your phone or other electronic devices while you ride. Overall, its an awesome bike with high-quality construction at an incredibly low price.

  • Lithium-Ion Battery
  • Supports weight up to 264 lbs
  • Built-In USB port to charge electronic devices
  • Kickstand spring a tiny bit weak

4. NAKTO Cargo Electric Bicycle – Best Cargo Electric Bike

NAKTO Cargo Electric Bicycle

When it comes to a daily commuting e-bike, Nakto cargo best Electric Bikes are ahead of the rest.

It has a basket just under the bicycle handle, which helps the rider to carry groceries or pet. NATKO Cargo E-Bike comes with a strong carbon steel frame and front fork.

It offers outstanding performance and the next level of comfortability on bumpy roads because of its premium shock absorption.

This bike has an exceptional brake and gear shift system. It has rear expansion brake, whereas front V Brake, which avails rider a perfect stopping experience.

Shimano 6-speed gear shift system allows you to choose the speed of your choice according to your needs.

It is equipped with a 36V/10 AH lithium-ion removable waterproof battery.

The combination of its speedy 250W brushless gear motor and 36V battery allows the rider to ride up to 25-28 miles in a single charge. It offers the road speed up to 20-25mph.

NAKTO Cargo Electric Bicycle has two working modes, which are pedal-assist mode and throttle mode. The combination of both modes will give you hours of fun in a single charge.

The bike comes 95% assembled for the ease of customers. Many e-bike users complain about battery issues, but Nakto is offering one year warranty for their customers satisfaction.

The only thing we don’t like about this bike is its heavyweight, which may affect its speed, especially when carrying a heavy load on it.

  • Lithium-ion waterproof battery
  • One year battery warranty
  • 95% pre-assembled
  • Comes with basket
  • Heavyweight

5- ANCHEER Folding Electric Bike

5- ANCHEER Folding Electric Bike

We would highly suggest this incredible invention if you live somewhere with a hilly area and want to flatten every bump that may interrupt your biking joy.

Since Ancheer is a brand that has made to give you spectacular performance at every single point of your ride.

In our opinion, folding E-bike with a removable battery and with plenty of gearing options to traverse any road is already a plus.

The eye catching design of frame with meticulously is a collapsible yet 100% real light aluminium frame that makes you feel riding through the air.

Its collapsible design makes it convenient for you to store it in any space with minimal capacity.

Its additional details include a high strength carbon steel front fork that comfortably absorbs big shocks.

The front and rear disc brakes and double layer aluminium alloy wheel provide full security throughout the journey as the disc brakes disconnect the contact between the tires and ground in a fraction of times and ensure your safety while the aluminium alloy wheels provide durability and reliability of the bike.

The stable rear 250 watt rear hub motor with 7-speed transmission provides enough power to your daily commuting. The 36V 8Ah lithium-ion battery provides 15 to 30 miles of mileage.

The Built-in handle makes the bike user-friendly as it allows the riders to carry it easily. The light, horn, and rear rack are all added to make your ride convenient and comfortable.

  • 100% real light aluminum frame
  • Arrives 85% pre-assembled
  • Battery issues

6. ECOTRIC – Best Fat Tire Folding E-Bike

This is the best folding E-bike from Ecotric. The company provides you the best of quality and reliability.

Its aluminium alloy frame with linearness design is carved skilfully for the preference of the buyers interested in riding and enjoying such bikes.

Its front and rear disc brakes that successfully keeps the momentum of the bike and also allows the bike with precise stopping.

Its easily collapsible frame is an advantage for those who wish to carry their bikes with them rather than riding it to the garage and also saves space.

Its seat post is comfortable and provides a sense of comfort to the riders during the ride.

Its removable 36V 12Ah lithium-ion battery makes it approachable for you to charge the battery whenever it is needed for charging.

Its fat tires provide enough friction to the biker to carry on smoothly. They remain as stoic as ever and are design to tackle slippery surfaces like sand and snow and other complex one.

Its Shimano 7-speed external gear gives multiple gear choices and allows you to ride the bike at whatever speed you want to ride it.

Also, the bikes come with three operation modes that are walk assist, pedal-assist, and throttle mode.

The throttle mode requires absolutely no energy of yours, whereas the pedal-assist consumes a lesser amount of energy.

The e bike has really changed the world of cycling for those whose fitness may have prevented them from heading out on two wheels.

  • Aluminum frame with linearness design
  • Thick anti-skid tires
  • Shimano 7-speed external gears
  • You many find trouble in assembling

7. SOHOO Folding Fat Tire Electric Bike

The Sohoo bike is a bike of all-terrain fun, and also the best example of solid engineering. This bike is sturdy enough and not difficult to manoeuvre.

From battery indicator to the shock absorber to folding hands to side protection, each and every spec of this bike gives evidence of its reliability and good manufacturing.

The frame type of this bike is 6061 aluminium alloy frame which is easily collapsible and becomes one piece to get fitted in any small space easily.

Plus the front shock absorber is next level, deadens almost every high-intensity bump and helps you remain jolted free.

In the very rear wheel, there is a detachable and spacious luggage rack. To give you the best of riding experience it has a 30.8mm high-end belt clip saddle that holds a weight capacity of 325 pounds.

The bike provides you great joy on the RV, camping, trail riding and as well as on the beach and boardwalks.

Long and rough riding will no more be harder with its large capacity of 48V/12Ah lithium-ion battery and 500V rear-drive motor helps you to reach the speed up to 25 mph at a single charge.

The 20 inches by 4.0-inch fat tires with a double layer of nylon are anti-skid and puncture resistance. The multi-tooth makes it more adaptable to mountain climbing. It comes with three working modes, that is:

Apart from these features, its safety department also offers quick and responsive stopping with 160mm double disc brakes that ensure your safety no matter how rough your terrain is. At the same time, the gear system is Shimano 7-speed drivetrain.

  • 5 inch LCD backlit display
  • Battery time less than 5 hours
  • Water-resistance connectors and wiring harness
  • No visible cons are present

8. Jetson Bolt Folding Electric Bike

8. Jetson Bolt Folding Electric Bike

Are you really in search of something that cost you a little fortune but offers you exceptional features at the same time? Then this Jetson bolt is just one click away.

These best electric bikes looks more of a motorbike then bicycle because the pedals are modified into pads.

The frame is aluminium alloy which is strong and cleanly built yet sturdy. The frame helps riders to ride freely even with 250-pound weight.

It has a rechargeable lithium-ion battery that lasts at a single charge and offers you to cover a long distance up to 15 miles with 16 mph speed. Bolt is ideal for commuting, running errands or leisure rides.

It has a front and rear disc brakes, giving you an opportunity of responsive stopping at your fingertips. The 14-inch tires roll smoothly over the ground and provide a comfortable ride.

Cruise through the cites, streets or climb over hills is way easy with its powerful 250-watt hub motor and twist throttle and cruise control settings, while the bright LED headlight provides a clear vision of whatever is ahead of you.

  • Bright LED headlight
  • Collapsible handlebars make it easy to carry
  • Weight capacity is 250 pounds
  • Seat post may feel hard after covering the long-distance

9. Trek Power Folding Electric Bike

This bike offers you smart design and good quality that is friendly to your wallet and environment both.

The most prominent features that compel buyers to buy it is its three times folding design that makes it easy to carry and keep it in any small places whether you put it in a compact vehicle, desk, and in other small spaces and helps you to take it wherever you want to ride it.

The trek power adopts a lightweight aluminium alloy frame and alloy wheel that add to its light weightiness and also provides efficient performance all along the ride.

It covers a 20 miles of distance with speed up to 15.0 mph because it is equipped with a 250-watt high-speed motor which is powered by 36V 10Ah lithium-ion battery can really help you to go at any longer distance up to 20.0 miles at a single charge.

The 16-inch wheel and dual disc brakes are here to provide you full protective layer.

The 16-inch wheelset has a pair of air-filled rubber tires with quick disconnect power lines gives you easy maintenance while the front drum brakes and rear disc brakes give the full control over stopping.

For increasing your safety level, it has a bright LED light and horn for night travel.

The seat post and handlebars are adjustable so you could find the perfect size for you. For different riding experience, it has three operating modes that are:

  • Throttle mode
  • Pedal-assist mode
  • Human power

Also, the bike comes pre-assembled so you will not have to spend hours in assembling.

  • Three operation modes
  • Air-filled tires
  • Aluminum alloy frame and wheels
  • Seat post may feel hard after a long ride

10. Speedrid Electric Mountain Bike

Speedrid Electric Mountain Bike

The joy of every kind lies in this spectacular Electric mountain bike.

The bike gives resilient performance over the hills and on the roads. The frame is stiff, durable and constructed with ultra-light aluminum frame for efficient performance and easy maneuvering.

This mountain bike collapsible frame is a great factor for those who lives in apartment and does not find any space to stand their bike.

Its easy to fold frame becomes pretty much small that it could easily fit into any small space.

The 21-speed power transmission design tends to provide more consistent and responsive ride over the hills and gravel roads.

On a single charge you can get the mile range of 15-35 with the highest of speed of 15mph with its 8Ah removable battery and 250 watt stable motor so it is easy to discover your favorite places and return back to your home.

Its anti-wear 26 inch ultra-strong wheels are supremely adaptable for rainy, snowy, mountain ways, and road ways.

The front and rear disc brakes are precise and provides instant stopping. The lever mounted on the handlebars makes it easy add the brakes.

With the three working modes of e bike, assisted bicycle and normal bike you are now free to get the ride of your choice. The three modes together would be better for burst of fun.

They are providing one year warranty for electric motor, battery and other parts while comes at your doorstep as 85% assembled.

  • 1 year warranty
  • 26 inch anti-wear tires
  • Non slip handlebars
  • Seat post can be hard

Electric bikes under $300

Electric bikes are becoming increasingly popular as an alternative to traditional bicycles.

They offer many of the same benefits, such as increased exercise and fresh air, but with the added bonus of a motor to assist with pedaling.

Electric bikes come in a wide range of prices, but finding the bike falls under $300 can be a challenge a few bikes are available in the market today.

A Few Options of the best electric bikes under 300

However, there are a few models of electric bicycles on the market that fit this budget.

The Swagtron EB5 Pro is one option that includes both pedal assist mode and throttle options, making it a good choice for both beginner and seasoned riders.

Other option of electric bicycles are the Ancheer Folding Electric Bikes, which comes with a built-in battery and charger, making it easy to keep charged and ready to go.

Most Electric bikes can be a great addition to any cyclist’s arsenal, and with so many affordable options on the market, there’s no excuse not to try one out.

Things To Consider Before Buying an Affordable Electric Bike

E-bikes are just like standard bikes, but they have some additional components which make them different from traditional bikes.

We would like to guide you about some of the necessary components which you should look before buying the best electric bike.

1. Electric Bike Frame

With the revolution of technology, everyone is interested in buying aluminum and carbon fiber bikes because they are lightweight as compared to steel bikes. As a result, they are speedier than old steel bikes.

2. Motor of Electric Bike

Motors of E-bikes come in diverse of power ratings, from 250W to 1000W .

Electric bikes can easily lead upto 1000w as per related to other bikes. The standard allowed limit in the United States is 750W, but it may differ from state to state. The factor which you have to focus on is its location and design.

3. E-Bike Battery

Battery plays a vital role in electric bike because it affects weight and the electric bike riding range.

The type of e-bike batteries offered in the market is Sealed Lead Acid (SLA) and Lithium-Ion batteries. Battery size and Battery power is also very important thing.

SLA batteries

SLA batteries are cheap as compared to lithium-ion batteries, but they’re heavy, have short riding range and are not long-lasting.

In contrast, lithium-ion batteries are lightweight, long-distance riding ability, and durable.

This battery has enough capacity to generate pedal-assist for many miles on pure electric mode or up to 25+ miles on electric-assisted mode.

4. Controller of Electric Bike

The Controller is another essential part of electric bikes because it allows you to choose the electric assistance. Controllers are also of two different types throttle-based and pedal-activated.

5. Dual disc brake system

Before buying an affordable e bike, there are several things you should take into consideration. One important factor is the dual disc brakes.

Disc brakes provide better stopping power than traditional rim brakes, making them essential for riding in traffic or on hilly terrain.

Affordable Electric Bike

Related Cycling Buyers Guides

Final Words about Best Cheap Budget Electric Bikes Under $500

In every manner, electric bikes are the best choice for everyone around the globe. Firstly, they are environmentally friendly because they don’t emit harmful gases like most cars and other motorbikes produce.

Secondly, if you cover longer distances with any traditional bicycle, you would surely end up getting strains and injuries.

The E-bike requires less energy than yours as it works in three operations modes, making it easy for you to go any long distance without being tired.

The batteries and motors are facilitated with anti-wear and provide more exceptional performance than any traditional bike.

If you live in any area with lots of hilly terrains, then these bikes are worth buying because the tires and gear choices make them specialized for easy hill climbing.

Here we have narrowed down the best cheap electric bikes so that you could choose the one that goes perfectly with your needs.

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