Chevy Bolt Leases Down To $49 A Month: Cheapest Car Ever?

With the debut of the 2022 Chevy bolt last week, what would Chevy do about all of the 2020 and 2021 Bolts left in stock around the country? As expected, dealers are cutting prices on the remaining Bolts. But one dealer in the Bay Area near San Francisco really wants to move the metal. This dealer is offering a $49 per month lease on 2020 Bolt EVs. Does this make the Bolt the cheapest car ever?

We think so. The dealer is Dublin Chevrolet and $49 a month makes this an enticing proposition even for those who never considered an EV, or even a new car this year. Yes, it’s tempting to take Dublin’s offer and buy a new Chevy Bolt.

First, you must fork over a $3995 downstroke for a new Chevy Bolt

2021 Chevy Bolt EV parked
2021 Chevy Bolt EV | Chevrolet

There are a few hurdles before you can swagger out of the dealership with a shiny new Bolt. First, you must fork over a downstroke of $3995. Next, you have to keep your yearly mileage under 10,000 miles or pay $.25 per mile for every mile over that amount. And finally, you have to live in Alameda County, California. Unfortunately, this last caveat knocks most of us out of contention. 

Chevy dealers have between now and this summer to dump their inventory of 2020 and 2021 Chevy Bolts. That is when the 2022 model arrives. The base price before state and local taxes and destination charges is $31,995. Interestingly, the price of a new 2022 Bolt is lower by $5,000 than the 2021 model. But Chevy is offering more.

For a level 2, home charging system Chevy includes the installation for free

Red 2020 Chevrolet Bolt EV
Red 2020 Chevrolet Bolt EV | Chevrolet

For a level 2, home charging system Chevy, through an arrangement with Omerit, is including the installation for free. That includes everything needed to install a NEMA 14-50 outlet with a 50-amp dedicated circuit in your carport or garage. That’s a pretty sweet deal unto itself. But, there is more to consider.

Even if you don’t live in Alameda County, Chevy is offering dealers an $8,500 cash incentive on all 2021 Bolts. Earlier this month Chevy had discounted the Bolt by $5,000, so this latest discount adds another $3,500 discount to the bottom line. 

If you own or lease a 2006 or newer non-GM vehicle Chevy will add a conquest rebate

2020 Chevrolet Bolt EV | Chevrolet
2020 Chevrolet Bolt EV | Chevrolet

The 2021 Chevy Bolt EV Makes for an Impressive EV

If you own or lease a 2006 or newer non-GM car or truck Chevy will add a conquest rebate, too. And, if you live in California, you can deduct an additional $1,500 Clean Fuel discount. All of this combined brings the purchase price down around $20,000 to $25,000 for a new Chevy Bolt. So even outside of Alameda County, there are some huge discounts to entice you to purchase a new Chevy Bolt.

Now, if Ford’s Mustang Mach-E is more to your liking, there are some nice discounts on these, too. It seems that the gloves are off when it comes to EVs. The thought is that we’re all headed toward an electric- or hydrogen-powered future. Also, there is a flood of new EVs coming. So the sooner you step up to the ones currently available, it takes away the possibility that they’ll see something better and go for it. 

But just so you know, the EV price battles are just starting now. This is only the beginning of what will be dozens of new EV models ramping up over the next couple of years.