The Chevy Bolt is already a bargain to get ours Electric Vehicle of the Year price, but after the US Treasury delayed guidance on battery supply requirements, this deal could be even better – but only for the next two months.
To $25,600 MSRP for a base model Chevy Bolt, it’s already well below the average transaction price of a new car in the United States. Better yet, due to the Inflation Reduction Actthe car will again qualify for federal tax credits for electric vehicles from January 1. GM had already reached the tax credit threshold back in 2019so his cars have not been eligible for tax credits for a few years.
To qualify for the new credit, cars must be assembled in North America (see a list here). But that’s not all: car battery components must also be manufactured or assembled in the United States, and their critical minerals must come from the United States or from countries with which the United States has a free exchange. If the battery only meets one of these two battery requirements, it only qualifies for half the credit.
Previously, GM said that once these requirements are in place, the Bolt likely eligible for $3,750 in government credits.
And those requirements were to be phased in by the end of the year, when the Treasury Department issues comprehensive guidance on how those rules will work.
But yesterday, the Treasury announced that they will need a little more time to prepare specific rules regarding these battery supply requirements, and that they will be ready “sometime in March”. This can give some cars abrief eligibility windowfor the full credit they wouldn’t get otherwise.
However, other provisions of the Inflation Reduction Act still come into force on January 1. Namely, lifting the cap per manufacturer on credits. This previously disqualified Tesla and GM from getting credits since those two companies had reached the cap, but starting in January their credits will be discounted.
This means that between Jan. 1 and “somewhere in March,” the Chevy Bolt may qualify for an additional $3,750 credit that it will no longer qualify for after March. Giving him access to all tax credits of $7,500.
While this is also true for some other vehicles (Tesla Model Y and low-option Model 3), the Bolt occupies the unique space of being the cheapest electric vehicle on the market, and moving from zero credit availability to full availability of $7,500 on January 1, and being well below the new price caps (starting January 1, cars over $55,000 and SUVs/trucks over $80,000 are not eligible), and potentially losing half of that credit after March (although that depends on the details of Treasury guidelines).
This means that a base model Bolt, assuming it can be purchased at MSRP, and assuming the buyer can take full advantage of the tax credit, could be had for the price of $18,100 – or even less, if you take into account state and local incentives. Potentially, this could be America’s cheapest new car for the right buyer.
Bonus: There are also nearly $4,000 in stackable offers that may or may not be removed on January 3, including:
Even if you just parked that thing in your garage with a EVextend V2L adapter and one cheap inverterthe 65 kWh battery can provide more backup power than 4 Tesla Powerwalls (4×14.4 kWh, $33,000).
There’s a lot of guesswork out there, especially in a time when it’s hard to find a car for the MSRP, but even at full price a Bolt is still a bargain. We really like the carand not just because it’s cheap, but because it’s a well-made EV with a 5 star safety ratingpremium features like Wireless CarPlay/Android Auto – although we’d like it much more if it had faster DC charging speeds.
Nonetheless, it looks like the Bolt is about to be even more of a screaming affair, but potentially only for a few months until the Treasury releases its guidance. So if you are thinking of buying an electric vehicle, contact your local dealers and see if you can find a bolt near the MSRP. You might end up with the best deal down the road. And no matter what, always consult a tax professional first to make sure you’ll qualify for these credits.
If you wish, you can use our links to contact your local dealers about the 2023 Chevrolet Bolt or 2023 Chevrolet Bolt EUVand see if they have any in stock for delivery before “sometime in March”.
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