The Chevy Bolt is already a big enough deal to earn our Electrek Vehicle of the Year award, but after the US Treasury delayed its guidance on battery supply requirements, this deal could be even better – but only in the coming months. .
At $25,600 MSRP for a base model Chevy Bolt, it’s already well below the average transaction price for a new car in the US. Even better, due to the Inflation Reduction Act, the car will again qualify for federal EV tax credits starting January 1st. GM had already hit the tax credit limit in 2019, so its cars didn’t qualify 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 – cars also need to have their battery components manufactured or assembled in the US and have their critical battery minerals sourced from the US or countries with which the US has a free trade agreement. If the battery only meets one of these two battery requirements, it will only qualify for half of the credit.
Previously, GM stated that once these requirements were implemented, the Bolt would likely qualify for $3,750 in government credits.
And those requirements are set to go into effect 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 it will need a little more time to prepare specific rules on these battery supply requirements and that they will be ready “in March”. This can give some cars a “short eligibility window” for full credit they wouldn’t otherwise get.
However, other provisions of the Inflation Reduction Act are still in effect on January 1. That is, the suspension of the credit limit per manufacturer. That’s what previously disqualified Tesla and GM from getting credits, as those two companies hit the cap, but starting in January their credits will be updated.
What that means is that between January 1st and “sometime in March” the Chevy Bolt could qualify for an additional $3,750 in credits that it won’t qualify for after March. Giving you access to a total of $7,500 in tax credits.
While this is also true for some other vehicles (low-end Tesla Model Y and Model 3s), the Bolt occupies the unique space of being the lowest priced EV on the market, and going from zero credit availability to full credit availability of $7,500 on January 1, and be well below the new price limits (as of January 1st, cars over $55,000 and SUVs/trucks over $80,000 MSRP do not qualify), and potentially losing half of that credit after March (although that depends on the details of Treasury guidance).
This means that a base model Bolt, assuming it can be purchased at the MSRP and assuming the buyer can take full advantage of the tax credit, can be had for a price of $18,100 – or even less if you factor in the state and the site incentives. Potentially, this could be America’s cheapest new car for the right buyer.
Bonus: There are also nearly $4,000 worth of stackable offers that may or may not end on January 3, including:
Even if you just parked this thing in your garage with an EVextend V2L adapter and a cheap inverter, the 65kWh battery can provide more backup power than 4 Tesla Powerwalls (4 × 14.4kWh, $33,000).
There are a lot of guesswork, especially at a time when any car for MSRP is hard to find, but even at full price, a Bolt is still a good deal. We really love the car, and not just because it’s cheap, but because it’s a well-made EV with a 5-star safety rating, premium features like Wireless CarPlay/Android Auto – although, of course, we’d love it more if it had speed of faster DC charge.
However, it looks like the Bolt is set to be an even more screaming deal, but potentially only for a few months until the Treasury releases its guidance. 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. You may end up with the best deal down the road. And regardless, always consult a tax professional first 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 “sometime in March”.
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