California Incentives Make the Chevy Bolt EV so Cheap You’ll Wonder if You Stole It
Remaining Chevy Bolt EV models are among the most affordable new electric vehicles in the entire market. That said, you probably expect to pay a little under $30,000 to drive one, but it is possible to bring the price down to around $8,000 with California’s qualifying incentives.
How can you get a Chevy Bolt EV for so little?
Most remaining Bolt EV models start at $26,500, which is much less than it was priced when it first arrived in the market. This is where we’ll start are journey from this MSRP down to a price that much cheaper than most old used cars.
The Inflation Reduction Act of 2022 provides $7,500 in federal EV tax credit incentives for this electric car. The new rules of this act allow consumers to take the discount at the dealership rather than applying it to their tax return. With this incentive the new price of the Bolt EV is $19,000.
Next, the application of California’s Clean Cars 4 All program offers an incredible discount on this electric car. This program gives qualifying buyers up to $9,500 in discounts. This program allows buyers with an older gas-powered vehicle from 2005 or earlier, to upgrade to a new EV or PHEV to receive this incentive. At this point, the Chevy Bolt EV price is $9,500.
Finally, the Consumer Assistance Programs provides $1,500 of assistance for buyers with older vehicles that qualify for retirement. Applying this this incentive brings the brand-new Chevy Bolt EV price to $8,000.
Will you qualify for all three incentives?
While its possible that some California residents could qualify for all three incentives and drive away in a 2023 Chevy Bolt EV priced around $8,000, its unlikely. The California Clean Cars 4 All program and Consumer Assistance Program require consumers to meet specific eligibility requirements. Still, some buyers might meet the requirements for all three programs.
Is there a catch?
There’s no catch to qualifying for these three incentive programs. Buyers must meet specific requirements based on income and the age of vehicle being replaced. The catch could be finding a new 2023 Chevy Bolt EV. Chevrolet stoppped producing this Bolt EV after the 2023 model year. The Bolt name will return in 2025 using the Ultium platform, and in only the Bolt EUV build.
This means consumers searching for this incredible deal need to hurry and find qualifying Bolt EV models. It is possible to drive a new 2023 Chevy Bolt EV for much less than a cheap used car. Finding the electric car could become the “Where’s Waldo?” of the California automotive market.
Source: EVLife
