Will the Chevy Bolt’s leap in affordability make a huge difference?
We recently shared with you GM’s official launch of the refreshed 2022 Bolt EV and all-new Bolt EUV. Typically, with each new model year, automakers raise prices. This can be especially true if a vehicle is updated and improved. Moreover, there’s practically a rule that says larger vehicles cost more than smaller vehicles, provided they’re similar in most ways.
Regardless of whether or not you like the new Bolt EV design or are a fan of the Bolt EUV, you may have been pleasantly surprised by these EVs’ starting prices. The outgoing Bolt EV starts at $36,500 ($37,495 including destination). Interestingly, that starting price has remained virtually the same since the car launched for the 2017 model year.
Gallery: 2022 Chevrolet Bolt EV
Even as GM updated the Bolt and added range, the price didn’t change. However, when the electric car first came to market with its ~$37,000 price tag, it was eligible for a U.S. federal EV tax credit of $7,500. When that tax credit went away, GM didn’t drop the car’s price, though it has been offering incredible lease and financing deals.
Fast-forward to last week’s launch, and GM shared that the 2022 Bolt EV starts at just $31,995, including destination. This is a $5,500 price drop. What’s more, the larger Bolt EUV crossover starts at only $33,995, so you can now get a more practical version of the Bolt for $3,500 less than the outgoing model. If the Biden Administration renews the tax credit, some folks will be able to take advantage of another $7,000 or so off these prices.
Gallery: 2022 Chevrolet Bolt EUV
Keep in mind, the Nissan Leaf starts at $32,515, including destination. However, to get the longer-range Leaf Plus model, which doesn’t offer as much range as the Bolt EV or EUV, you’ll have to pay nearly $40,000.
The Tesla Model 3 starts at $39,190, including destination. In its entry-level Standard Range Plus configuration, it offers 263 miles of range, so right on par with the Bolt EV and EUV.
This is a solid value play by GM, but is it enough? Will people flock to buy the new Bolt EV and EUV? Will GM have to ramp up production and work to make more cars available? Let us know your thoughts on this in our comment section below.
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