Bouncing Back: GM Decides to Continue Discount Incentive for Chevy Bolt Through End of 2022
Good news for people interested in the Chevy Bolt – GM has decided to continue the multi-thousand dollar discount for purchasing the Bolt EV and EUV through the end of 2022 instead of just August.
But while this may seem like great news, there’s more happening here. From recalls at Chevrolet dealer locations to tax credit changes, there’s a lot to talk about with the Chevy Bolt and its discount.
Chevy Bolt’s Bad Reputation
People keeping up with the latest from General Motors may remember that the company had to recall every Chevy Bolt made between 2019 and 2022. Reports said it was due to battery fires caused by defects in LG’s manufacturing of the batteries.
While GM acted swiftly by removing even brand new Bolts on the lots of Chevrolet dealers and communicating with anyone who’d purchased affected vehicles, this still left many customers unhappy and tanked the reputation of the Chevy Bolt.
Even though the situation has been resolved, GM may have decided to sell the rest of the available 2022 Bolt and Bolt EUVs at a reduced price to smooth things over for customers.
Price Changes and Incentives
So what is the big discount the Chevy Bolt is getting? Just under $6,000 for the Bolt and close to $6,500 for the EUV. This means a base model Bolt would cost $26,000 new, while the baseline Bolt EUV is $28,000. This includes the $1,000 destination fee for delivering the vehicle to a Chevrolet dealer near you.
This discount makes the Chevy Bolt the most affordable EV currently on the market. The new price beats out EVs from manufacturers like Nissan, which used to be known for their affordability.
It’s only guaranteed until December 31st, 2022, so buyers must act quickly to take advantage of the new affordable pricing.
The Future for the Bolt
But that leaves the question of what will happen to the Bolt after this promotional incentive ends.
GM, like Tesla, no longer has the EV tax credit to fall back on to provide incentives for consumers to transition to electric vehicles without paying more out of pocket or reducing manufacturer profit. A new Inflation Reduction Act may help create a new EV-specific credit, but there’s no guarantee that it’s coming any time soon.
This means that the Chevy Bolt’s bad reputation and lack of incentives may hurt its chances of survival in 2023 and beyond. It may be discontinued like the Volt. Or maybe it will survive as a less-desirable EV option.
Either way, it’s important to remember that if you want a Chevy Bolt, this is the best time to get one. They’ve been heavily inspected and repaired after the battery issues they faced, and the current discount available shaves thousands of dollars off the sale price.
Now may be the only good time to head down to your local Chevrolet dealer and find out what you can do to get an affordable Chevy Bolt or Bolt EUV.