Affordable Chevy Bolt Models Are Still Available
General Motors is planning to suspend production of its popular Chevy Bolt models at the end of 2023, disappointing electric vehicle advocates who value the attributes of these competent, unpretentious EVs. Folks looking to purchase an affordable, efficient EV should seriously consider snapping up a Bolt right away. The 2023 Bolt and the 2023 Bolt EUV are two of the most inexpensive EVs available in the United States, and both are currently eligible for the full $7,500 federal tax credit.
The Bolt was introduced in 2017 to much acclaim, and sales in the first half of 2023 were the strongest they have ever been. They are being discontinued to make way for a new generation of EVs built on GM’s state-of-the-art Ultium battery platform. Later in 2024, the Chevy Equinox will take over as GM’s most affordable EV, and the automaker is promising to roll out a new, Ultium-based Bolt at some point in the not-too-distant future. The superior batteries in the new Bolts will likely deliver improved fuel economy, but both of the current Bolt models already earn very respectable MPGe ratings. According to the Environmental Protection Agency’s fueleconomy.com website, the 2023 Bolt has a combined MPGe of 120, getting 131 in the city and 109 on the highway. The slightly larger Bolt EUV has a combined MPGe rating of 115, getting 125 in the city and 104 on the highway. Consumers looking to purchase an EV out of concern for the environment should be very satisfied with these MPGe ratings, and the frugal use of electric fuel increases the range of both EVs. The Bolt is rated to travel 259 miles on a single charge, and the Bolt EUV is rated to venture 247.
Powerful luxury vehicles dominate the current EV market, and the Bolt has been a welcome exception to this environmentally detrimental trend. Electric motors provide exhilarating acceleration, but the excessive horsepower of the emerging EV fleet has taken a heavy toll on its electric fuel economy, increasing upstream emissions. Unquenchable thirst for horsepower has also helped inflate the cost of the average EV to over $50,000, slowing EV adoption. The Bolt and the Bolt EUV are both equipped with a 200-horsepower motor that provides ample acceleration, significant emission reductions, and a reasonable sticker price. With starting prices right around $30,000, they are typically cited as the most affordable EVs available in the United States, along with the Nissan Leaf.
Bolt sales got a big boost in August of 2022 when the Inflation Reduction Act denied the existing $7,500 federal tax credit to the vast majority of EV models. The new rules disqualified all EVs assembled outside of North America, and many of the models that remain eligible only qualify for half of the incentive because of new restrictions on the sourcing of battery materials. The Bolts now find themselves on a very short list of electrified vehicles that qualify for the full $7,500, which drops their net purchase price into the low twenties. Consumers looking to pocket the elusive tax credit would be well advised to act quickly. The Inflation Reduction Act includes more battery content restrictions that are scheduled to go into effect on January 1st, and there is no guarantee that the 2023 Bolts will continue to qualify for the full $7,500.
A new, improved Chevy Bolt might arrive as early as 2025, but the 2023 models are great EVs that are available right now at a great price. The generous offer ends soon.