The Chevy Bolt is eligible for a major discount thanks to the Biden administration’s new Build Back Better bill. The new federal electric vehicle tax incentive would grant Bolt buyers a $12,500 electric vehicle tax credit. There’s just one tiny issue. The Bolt is no longer available for purchase or even in production.
Why the Chevy Bolt’s new discount isn’t as impactful as it sounds
- All Chevrolet Bolt and Chevrolet Bolt EUV models have been recalled due to battery fires.
- There’s no telling when the Chevy Bolt will be available for purchase again.
- The Bolt nameplate’s reputation took a severe hit that may cause consumers to avoid the EV.
The Chevy Bolt is off the market, and that’s good for consumers
The Chevy Bolt isn’t currently available to consumers, and it’s off the market for a good reason. The Bolt has been recalled entirely. General Motors recalled all Bolt models because of battery fires.
The 2022 Chevy Bolt starts at around $31,000. After the new federal electric vehicle tax incentive, its price would come closer to just $18,500. The Bolt has regularly qualified for EV tax credits, but this discount is the largest by far.
According to InsideEVs, the production of new Bolt models hasn’t even begun yet. The reason that the Chevy Bolt is one of the few EVs eligible for the new tax incentive is that it is made in America by unionized workers. President Joe Biden wants to incentivize more American automakers to produce their vehicles in America using workers that are part of a labor union.
While the President’s push for more American-made EVs and his pro-union stance is admirable, it is far from realistic based on the few vehicles that currently fit these requirements.
Is the Chevy Bolt trustworthy?
The Chevy Bolt has become one of the most controversial EVs on the market because of battery fire issues and its mass recall. General Motors has a lot of work to do in order to gain the trust of consumers again. The American automaker has already spent $1 billion to try and remedy the situation.
What’s even worse about the Bolt recall is that the issue may not end with the Bolt nameplate. GM’s Ultium battery powers both the Cadillac LYRIQ and the Hummer EV. The Bolt’s failures may have tarnished GM’s good name in the eyes of some consumers.
Should you buy a 2022 Chevy Bolt?
The 2022 Chevy Bolt has an estimated 259 miles of range. If the electric hatchback starts at around $18,500 after tax credits, it will be a steal based on that range estimate.
The Chevrolet Bolt’s future is up in the air at the moment. One thing’s for sure, General Motors isn’t giving up on the nameplate without a fight. Instead of letting the EV burn itself to a crisp, the automaker is trying to revive the model and make it more appealing to consumers than ever before.
If GM delivers on its promises, the 2022 Chevy Bolt will be an amazing deal. The catch is, consumers will have to trust that the EV is safe, and that could take a lot of convincing by GM.