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Most EVs are quite expensive — and not financially accessible for many drivers. There’s an affordable option, though. With its combination of quality and value, the 2023 Chevy Bolt EV was named the best electric car for the money in 2023 by U.S. News & World Report. However, the Bolt EV will soon be killed, with production slated to end later this year. 

2023 Chevy Bolt EV is the best electric car for the money in 2023, according to US News

Blue 2023 Chevy Bolt EV, U.S. News best electric car for the money in 2023, will be killed
2023 Chevy Bolt EV | Chevrolet

The U.S. News best car for the money in 2023 honor for the 2023 Chevrolet Bolt EV subcompact hatchback is based on two primary factors: quality and value. For the value element, there’s the price and the five-year cost of ownership. 

And for price, the Bolt EV is the cheapest electric car that you can get in the United States. It starts at only $26,500 MSRP — and with EV tax credits, the cost can be even lower. As high inflation makes most electric cars unaffordable for many automotive shoppers, the Bolt EV is a rare EV model that’s financially accessible for the masses. 

The Chevy subcompact also has low ownership costs. Compared to other electric cars, it’s cheaper to own.

Quality aspects of the 2023 Bolt EV

Cabin in 2023 Chevy Bolt EV, U.S. News best electric car for the money in 2023, will be discontinued
2023 Chevy Bolt EV | Chevrolet

Quality is the other factor in U.S. News naming the 2023 Chevy Bolt EV the best electric car for the money in 2023. Also, its low price doesn’t translate to low quality. According to U.S. News, it’s “highly practical and well-equipped.”

Despite its small exterior dimensions, the Bolt EV provides a surprisingly spacious interior. It can seat up to five people, with a total passenger volume of 93.9 cu-ft. There’s also a generous amount of storage space. With the rear seats folded down, it has a cargo capacity of 57.0 cu-ft.

Additionally, the Bolt EV has a wide range of desirable standard features. This includes a user-friendly infotainment system with a 10.2-inch touchscreen. Also, many driving assistance features come standard, such as automatic emergency braking, lane keep assist, front pedestrian braking, automatic high beams, forward collision alert, and following distance indicator. 

Furthermore, the Bolt EV delivers respectable performance. Its electric motor generates 200 horsepower and 266 lb-ft of torque — with a 0-60 mph time of 6.5 seconds. For driving range, the Chevy electric car can travel an estimated 259 miles on a full charge. It also has fast-charging capabilities, as owners can add 100 miles of range in 30 minutes.

Bolt EV will be discontinued

The days of the U.S. News best electric car for the money are numbered, though. Chevrolet will kill the 2023 Chevy Bolt EV later this year. According to GM Authority, the last day of production at the GM Lake Orion plant in Michigan will be on November 7, 2023.

This discontinuation is likely due to a couple of reasons. For one, the Bolt EV had issues with the battery catching fire last year, resulting in a recall and a halt in production. It’s worth noting, though, that this issue only affected a small percentage of models, and Chevrolet appears to have fixed the problem.

The other reason is Chevrolet is making room for other electric vehicles, and the Bolt EV subcompact hatchback no longer fits into the plans. However, until it’s killed, automotive customers can enjoy a solid combination of quality and value with the U.S. News best electric car for the money in 2023.


2023 Chevy Bolt EV: Specs, Range, and Price — the Cheapest EV in the US!