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Driving an electric car just got cheaper than driving some gas-powered cars. The Chevy Bolt EV can be had for $19,995, which is much less than it was when it first hit the market seven years ago. Of course, some special circumstances make this small Chevy EV more affordable than ever. Considering the low price, driving the Bolt EV could be much more affordable than some of the cheapest gas-powered cars.

White 2023 Chevy Bolt EV parked.
White 2023 Chevy Bolt EV | Chevrolet

How can you get the Chevy Bolt EV for $19,995?

According to InsideEVs, the remaining models of the 2023 Bolt EV start at $27,495. This price is much less than the 2017 model, which was priced at $10,000 more. This allowed Chevy to boast about having an EV for less than $30,000. The original model qualified for the $7,500 Federal EV Tax Credit, which meant the price could be as little as $29,995.

The 2023 Chevy Bolt EV has a new way of getting down to a rock bottom price. Unlike previous EVs that required owners to take the tax credit on their tax return, the IRS now allows the tax credit to be deducted from the vehicle’s purchase price. This means consumers could drive away from the dealership in a new Chevy Bolt EV 1LT for as little as $19,995. (prices may fluctuate based on dealer fees)

Why did the IRS change the tax credit rules?

Traditionally, the Federal EV Tax Credit didn’t help all consumers, which could mean buyers would look at more affordable gas-powered vehicles before considering an electric car. With this change, more buyers can take the credit right at the dealership. This benefits those who don’t have a tax liability of $7,500 or more, as long as they don’t have an income above the IRS thresholds.

Currently, more than 7,000 dealerships have registered with the IRS to offer point-of-sale tax credits. Taking the credit at the point of sale also lowers the sales tax on the purchase price, thus reducing the overall cost of the vehicle.

Could it be more affordable to drive a 2023 Chevy Bolt EV?

Consumers shopping in the compact car market can now consider the Bolt EV instead of a gas-powered vehicle. The Bolt EV at $19,995 is comparable to:

  • Nissan Versa S CVT – $19,075
  • Kia Soul – $21,315
  • Toyota Corolla Hatchback – $24,450

Although the Versa is more affordable, it doesn’t include:

  • Remote engine starting
  • LED headlights
  • Wireless Apple CarPlay

All of these features come standard in the 2024 Chevy Bolt EV.

In addition to the affordability of this Chevy electric car, the difference in cost of electricity vs gasoline, maintenance costs, and the environmental impact could be enough for many consumers to drive home in a Bolt EV instead of one of the competing gas-powered compact cars.