Hybrids & Electrics

The 2020 Chevy Bolt Is the Cheapest Way Into a Brand New EV

The Chevy Bolt is one of the best all-electric vehicles currently on sale. With a starting price of $36,620, the small Chevy is also one of the most affordable. The best way to own a Bolt is to lease it, given it has the cheapest lease currently available in the United States. According to CarsDirect, new lease deals for the model allow buyers to get into the small EV for as little as $145 a month. Discounts for the Bolt remain strong at a national level with rebates as high as $8,500. 

$145 gets you into a brand new Chevy Bolt EV

The Chevrolet Bolt EV is one of the cheapest electric vehicles currently on sale.
Chevrolet Bolt EV | GEOFF ROBINS/AFP via Getty Images

The best lease deal for the Chevy Bolt comes in at $145 a month for 36 months, but getting there may be tricky. The cheapest Bolt includes a 12,000 mile per year limit but requires $145 due at signing. To start, a $8,500 rebate is applied to the Bolt’s $36,620 starting price. Buyers that opt to lease from a dealer in the Costco network can reduce that figure by an additional $3,000. If you are turning in a lease in order to get into the Bolt, you’ll get an additional $1,500. 

Combine all of those discounts, and you’ll end up at a lease that’s available nationally for $184 a month. While it requires $184 due at signing, the terms and mileage limit remain the same. Residents in San Francisco receive an additional $1,400 incentive, which drives the lease price down to $145 a month. This means that buyers can get into a brand new EV with the cheapest lease available in the country.

Is the Bolt a good EV?

The Chevrolet Bolt EV is one of the cheapest electric vehicles currently on sale.
Chevrolet Bolt EV | Chevrolet

RELATED: Is the 2020 Chevrolet Bolt Worth Your Time and Money?

The Chevy Bolt isn’t just cheap, it’s also a great EV. With an estimated 259 miles of electric range, it’s one of the best in its segment. Although the Bolt is technically a small car, it weighs a hefty 3,563 pounds. Luckily the Bolt’s powertrain produces a respectable 200 hp. The instant power delivery of an electric platform means that the Bolt and quickly accelerate despite its size. 

Luckily for buyers, there are only two trims available for the Bolt, the LT and the Premier. Both versions of the qualify for the same discounts, meaning that opting for the best Bolt won’t break the bank. All of the best parts of the Bolt come as standard in the base LT model with only aesthetic differences being reserved for the range topping Premier trim. In this case, opting for the cheapest model still gets you the powerful engine and the healthy electrical range. 

What else can I get for similar money?

The Chevrolet Bolt EV is one of the cheapest electric vehicles currently on sale.
Chevrolet Bolt EV | Chevrolet

The EV market is becoming increasingly competitive, especially at the affordable end. As a result, the Chevy Bolt has some intense competition, albeit at a higher price. For $199 a month, you could have a Nissan LEAF. This deal requires $199 due at singing and runs for 36 months.

Although this deal is almost identical to that of the Bolt, two main factors could sway buyers back to the Chevy. Firstly, there is a 10,000 yearly mile limit, 2,000 less than you get in the Bolt. The second has to do with the LEAF itself, given that it’s capable of 149 miles of electric range, over 100 less than the Bolt. 

Another good option comes from Hyundai with the Ioniq Electric. Like the LEAF, it can be had for $199 a month with a 10,000 yearly mile limit. Unlike the LEAF, however, the Ioniq is capable of covering 170 miles of electric range. The major drawback with the Ioniq is that it requires $2,199 due at signing, effectively making it significantly more expensive than the Bolt or the LEAF. When compared to it’s closes rivals, the Bolt begins to shine. Thanks to significant incentives offered nationwide, EV’s are some of the cheapest cars to lease available.