General Motors’ low-cost 2023 Chevy Bolt EV now sells at under $20,000 with the new Internal Revenue Service (IRS) guidelines on the federal tax credits for electric vehicles.
For context, the new rules now enable customers to utilize the EV tax credits of up to $7,500 upfront, eliminating the need to wait for the next tax return filing to get the incentive.
2023 Chevy Bolt EV price
The Chevy Bolt EV is among the lucky 13 electric cars to retain eligibility for the IRA’s federal tax credit after the new rules on January 1.
For context, the new guidelines eliminate EV models equipped with battery components from “foreign entities of concern,” like China, Iran, North Korea, and Russia.
In effect, the 2023 Chevy Bolt EV currently has a base price of $26,500. The $7,500 tax credit further drops the pricing of the model to $19,000, according to Electrek. Even with the $995 destination fee, the model’s pricing will still fall below the $20,000 threshold.
Chevrolet also currently offers the 2023 Bolt EV LT under a lease program of 299/month for eligible customers.
Point-of-sale EV credits
As mentioned, the new IRS guidelines now allow electric vehicle buyers to use their tax credits at the point of sale. It essentially accelerates the process of benefitting from the federal tax credits in the US, which usually takes several months for the next tax return filing.
In hindsight, the initial guideline requires eligible customers to only use the incentive as a tax credit. If they owe $3750 or $7500 on taxes, they need to pay less for the year they purchased the car.
However, if customers did not owe that much money on taxes, the EV tax credit would not really help them. Finally, the recent update in the rules now allows customers to transfer the tax credit to the dealer to benefit from the incentive at the point of sale, as noted by CleanTechnica.
GM to introduce a next-gen Bolt EV
Chevrolet decided to halt the production of its popular Bolt EV at the end of 2023 amid the ramp-up of its Ultium-based offerings. Nonetheless, parent company GM confirmed plans to launch a next-gen Bolt EV in the future to continue the previous model’s legacy.
However, the planned model is expected to be an EUV version only. Therefore, it may be the perfect time for interested customers who prefer an electric hatch.
According to the report, GM plans to introduce the new Ultium-based Chevy Bolt EV as early as 2025. It will apparently offer an “even better driving, charging, and ownership experience,” as stated by Chief Executive Mary Barra. Excitingly, it will be the first-ever GM model to use an LFP battery, which can further reduce the model’s overall pricing.
All that said, customers who seek to take advantage of the current sub-$20,000 pricing of the Chevy Bolt EV must hurry while dealers still have thousands of units on their sales lots.
