Chevy has canceled all financing deals on this car.
According to a bulletin sent to dealers last week, Chevrolet has canceled financing deals on the Bolt EV.
The Bolt EV and Bolt EUV will no longer be eligible for promotional financing, which is a big blow for those looking to buy instead of lease. The Chevrolet Bolt EV is one of North America's most affordable electric vehicles. Up until recently, it was offered with some impressive financing deals, including interest rates starting at 0% APR and 72-month financing deals from 1.9% APR.
Financing deals on the Chevy Bolt have blown up in recent months: last month, the best deal you could get on a Bolt EV was 6.49% on loans stretching up to 72 months. This comes as the Bolt EV gains a federal tax credit.
The 2023 model year, which recently saw a $900 price increase, benefitted from a $5,900 price cut earlier in 2022. As a result of the massive decrease and the minor increase, the Bolt now starts at $27,495. The top-spec 2LT now has an MSRP of $30,695.
Since the start of 2023, the Bolt EV has been eligible for a $7,500 tax credit through the US Inflation Reduction Act. While the Bolt and its battery pack are built in the USA, the government still has to publish the final tax credit guidelines.
Chevy is still offering some sweet deals, however. 2022 model-year Bolt EVs are being offered with a $5,000 rebate, and EUVs are available with a $5,700 rebate. These rebates are down from the more substantial $5,900 and $6,300, respectively, representing a 15% drop in discount.
The Bolt EV used to be the go-to low-cost EV, but the new deal is bound to send certain buyers in another direction. If you look hard enough, there should still be some good deals to be had.
GM is doing its best to keep costs down by not passing along tax credits as lease cash. Owning a Chevrolet Bolt EV or Bolt EUV may have become more difficult, but considering its price and real-world performance, it's still a good deal.