In 2021, the future of the Chevy Bolt was uncertain. It had started off as a car that had beat the $35,000 Tesla Model 3 to market, but for a variety of reasons (including being outsold by 10× by the Tesla Model 3, losing the $7,500 tax credit, no significant updates in 4 years and then a battery fire issue) things didn’t look good at all for the $37,495 hatchback.
According to the Tesla Car Price History Tracker maintained by Aldrich Bautista (@AldrichBautista), the Model 3 Standard Range Plus was actually available for less ($36,990) for a month in 2021 and was available for less than $40,000 for the whole year. Clearly, the Bolt was in trouble. In less than 2 years, things have changed dramatically. The Tesla Model 3 is now available for $43,990 ($35,490 after tax credit). The Bolt, which had a small and a large price cut in 2022 and a small price increase in 2023, is now much cheaper and is eligible again for the $7,500 tax credit, at least until March. The 2023 price (if you can find a dealer in your area that will sell it at MSRP), is $27,495 ($19,995 after tax credit), which is an astonishing 47% reduction in the buyer’s price in less than 2 years!
But There Are Reasons It Might Not Work For You
- Your income might be too low or high to get the tax credit. Single filers need to make about $70,000 to use the full credit and can’t make more than $150,000, while married filers need about $90,000 of income to use the full credit and can’t have more than $300,000. If you make less than these limits, you should consider a used EV under $25,000 for a $4,000 tax credit. That could be a Bolt or even a Tesla Model 3. Used prices are dropping right now. (A used 2017 Bolt ($22,346) sells for more than a new 2023 Bolt after tax credit; that isn’t going to last long.)
- You take a lot of long trips and are impatient. The Chevy Bolt has two issues with fast changing:
- It only charges at a 50 kW rate. According to this test, it takes 73 minutes to charge from 10% to 80%. This was decent when it came out in 2017, but is rather slow today.
- It uses the CCS standard and the most common CCS chargers are by Electrify America and don’t have a good reputation for reliability. Luckily, Tesla Superchargers (super reliable) are opening up to other cars! None in the US have opened to others, but just yesterday, we saw a hint this is coming soon.
- Dealership issues. As Jennifer pointed out in this great article a few weeks ago, there could be 2 issues.
- Dealers could be sold out for the first quarter.
- Dealers could put large markups on the cars.
Overview of the Bolt EUV
What got me to research this subject is my friend Noah Miller just got a new 2023 Bolt EUV.
The Chevrolet Bolt EUV (Electric Utility Vehicle) is the latest addition to the electric vehicle market, and it’s quickly becoming one of the most sought-after cars on the road. With its sleek design, advanced technology, and impressive range, the Bolt EUV is a game-changer in the world of electric vehicles.
One of the biggest advantages of the Bolt EUV is its impressive range. With a range of up to 259 miles on a single charge, the Bolt EUV can easily handle all of your daily driving needs without the need for frequent stops to recharge. This means that you can take medium sized trips without worrying about running out of power, and you can have peace of mind knowing that you can make it to your destination on a single charge. I like the styling of the EUV more than the regular Bolt. It seems much more modern to me.
The Bolt EUV also boasts advanced technology, such as its advanced infotainment system and its available semi-autonomous Super Cruise suite (which Noah purchased and I will be testing in a few weeks). Super Cruise is the industry’s first true hands-free driver assistance feature for compatible roads. This means that you can stay connected and entertained on the road, and you can also take advantage of advanced safety features that will help you stay safe on the road.
In addition, the Bolt EUV is designed with the environment in mind. With zero emissions and a low environmental impact, the Bolt EUV is a smart choice for those looking to reduce their carbon footprint. And with the government offering incentives and tax breaks for electric vehicles, making the switch to an EV like the Bolt EUV can also help you save money on taxes.
The Bolt EUV also offers ample space for both passengers and cargo, making it a great option for families or anyone who needs extra space for their belongings. With its spacious interior and roomy cargo area, the Bolt EUV is perfect for road trips and daily errands.
Overall, the Chevrolet Bolt EUV is an electric vehicle that offers a decent combination of range, technology, and sustainability. With its impressive range, advanced technology, and eco-friendly design, the Bolt EUV is a smart choice for anyone looking for a reliable and efficient electric vehicle. And with the incentives and tax breaks offered by the government, it’s becoming more affordable than ever to make the switch to an EV like the Bolt EUV.
If this sounds like a car that meets your needs, I would check out your local Chevy dealers. If they have one in stock or coming soon that meets your needs and they don’t add a large dealer markup, you should put down a deposit soon. If they don’t have any, you can wait till the second quarter (but the tax credit may be only $3,750 since the battery materials may or may not qualify) or you can buy a used Bolt if one is available (although, as mentioned above, wait a few weeks or months for the prices to drop if you can). If all the dealers have big markups and the prices are getting close to $40,000, I would recommend looking at the Tesla Model 3 at $43,990 and available across the country within a few days. Actually, there are so many Model 3s available (see DennisCW’s recent video) even after the price cut, I suspect they will cut the prices a little more to clear out the cars before the end of the quarter.
Why would anyone buy a gas car when you can get a modern electric one for less?
Disclosure: I am a shareholder in Tesla [TSLA], BYD [BYDDY], Nio [NIO], XPeng [XPEV], and Hertz [HTZ]. But I offer no investment advice of any sort here.
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