Savvy shoppers in the US can now lease a brand new 2020 Chevy Bolt for as little as $154 a month through COSTCO. There are terms and conditions, which we will explain, but the bottom line is, if you qualify you could be driving an electric car for less than what some people pay for gas each month.
Here’s the good news, according to Cars Direct. Chevy sent a bulletin to its dealers last week advising them that COSTCO members are now eligible for a $3,000 bonus when buying or leasing with a dealer in Costco’s network. If you’re planning to lease, the offer can be combined with a $5,750 national lease incentive for $8,750 in potential savings.
Chevy is also offering a $1,500 bonus if the buyer is currently leasing a 2015 or newer GM product (or that of a competitor) for a total of $10,250 in savings. As a result, the 2020 Bolt LT can be leased for as little as $194 for 36 months with $194 due at signing in most parts of the country based on a 12,000 mile/year lease.
OK. Where does the $154 a month figure come from? Glad you asked. That’s where the terms and conditions start to apply. If you live in the San Francisco area, you are eligible for an additional bonus of $1,400. With that bonus, the lease payment becomes $154 a month with $154 down.
Cars Direct says the effective cost is $158 a month, so don’t get mad at us if your actual lease winds up costing you $4 a month more than the figure quoted in the headline. All in all, that’s a heck of a deal for a car that lists for $38,245 including destination charges. But wait, there’s more. For those able to take advantage of California’s $2,000 Clean Vehicle Rebate, the lease payment could go even lower.
Leasing not your thing? The $3,000 COSTCO bonus can be combined with GM’s $8,500 rebate on the Bolt for total savings of $11,500. Finance through GM Financial and get $7,750 total cash back (including the $3,000 COSTCO bonus) and 0% APR financing for 72 months.
Now let’s get to the details. To take advantage of these offers, people must have been members of COSTCO as of September 1. Or they can join up at any COSTCO store that opened after August 31, 2020. In addition, Cars Direct says, “local availability may affect pricing and choices could be limited based on the number of participating Costco Auto Program dealers near you.”
The program ends January 4, 2021, but Cars Direct warns that GM could make changes to the various incentives or adjust terms like the residual value or money factor that apply to those leases which could result in higher monthly payment sat any time. So if you are interested in a super cheap deal on a Chevy Bolt, iron while the striking is hot!