Main menu

Pages

GM Raises Chevy Bolt Price, But Raise Is Lower Than Expected

featured image

GM announced a price increase on the 2023 Chevy Bolt EV and EUV, citing higher production costs. But the increase is smaller than expected and lower than price increases in the rest of the industry, meaning Electrek’s Vehicle of the Year is still a big deal.

After announcing a roughly $6,000 price drop midway through last year, GM has now raised the Bolt’s price a bit. But the increase is lower than expected and lower than what we are seeing across much of the industry.

The Chevy Bolt now starts at $26,500, $900 above its previous base price. EUV saw a minor rise of $600 to a base price of $27,800. Both models are subject to a $995 destination fee in addition to these prices.

The price increase comes just days after the Bolt regained eligibility for the US federal EV tax credit due to the Inflation Reduction Act. This tax credit allows buyers to claim a $7,500 non-refundable credit on their federal taxes after purchasing an EV. Originally, it was thought that the Bolt would only qualify for $3,750, but when the IRS delayed implementing some battery guidelines, this made the Bolt eligible for the full $7,500 for the time being.

Even after this price increase, the Bolt remains the cheapest EV available in America. Next cheapest is the base model Nissan Leaf at $28,040. The Leaf is also made in America, which means it also qualifies for the federal EV tax credit.

Here is a list of cars that qualify for the EV tax credit – foreign-built cars only qualify if they are leased, not purchased.

GM sent us an emailed statement and said it “has nothing planned other than what we announced” in terms of the price increase:

Due to continued industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases beginning in 2023, but we expect it to remain America’s most affordable EV. Chevrolet remains committed to its longstanding role of delivering real value. We look forward to continuing to build on the record sales momentum we saw in 2022.

The Chevy Bolt is the first of GM’s modern EVs, first introduced in the 2017 model year. Since then, GM has implemented a new battery platform called “Ultium”, which underpins its future electric vehicle offerings. The Bolt doesn’t use Ultium, which means it will eventually disappear from the product lineup as GM unifies its offerings on its new battery platform.

Electrek socket

Many thought that the implementation of these credits would result in a price increase for the Bolt, but today’s increase of less than $1,000 is much less than expected, especially given the huge price cut on cars in the middle of last year and the increases we are seeing across the industry.

Which means the Bolt is still a screaming deal – at least until March.

Plus, there are thousands of dollars in additional cumulative deals that some buyers can take advantage of:

We still love this car, not just because it’s so cheap, but because it’s a well-made EV with a five-star safety rating and premium features like Wireless CarPlay/Android Auto – though we’d have liked it better if it had more speed DC charge speed.

So if you’re looking for an EV, especially in the coming months, this price increase doesn’t change our recommendation. While there are better EVs out there, the Bolt promises a lot of bang for your buck, and after tax credits and other incentives, for the right buyer, it can be even cheaper than America’s cheapest gas car. Seems like a no-brainer for us.

So if you’re thinking about buying an EV, check out your local dealers and see if you can find a Bolt close to the MSRP (which can be a tall order given that EV demand is so high right now). Regardless, consult a tax professional to ensure you qualify for these credits.

If you’d like, you can use our links to contact your local dealers about the 2023 Chevy Bolt EV or 2023 Chevy Bolt EUV and see if they have any in stock for delivery before “in March” when the EV tax credit is expected to be cut in half.

FTC: We use automatic affiliate links for income generation. Most.

Comments