Chevrolet Bolt EV, Bolt EUV Get Dramatic Price Cuts
【Summary】With the new price tag, the 2023 Chevrolet Bolt EV becomes the most affordable electric car in the U.S.
The majority of automakers are drastically increasing the prices of their vehicles. The COVID-19 pandemic, ship shortage, and ongoing war in Ukraine have caused everything to spike. Gas is $7 in some states and baby formula is nowhere to be found. It seems like automakers chose the worst time to push the increasing costs of materials onto consumers. In the midst of all the bad news, Chevrolet has some good news for shoppers, as the 2023 Bolt EV and Bolt EUV are getting massive price cuts.
Bolt EV Becomes Even Cheaper
For the 2023 model year, the Bolt EV will start at $26,595 (with destination) for the 1LT trim and $29,795 for the 2LT trim. Compared to the 2022 Bolt EV, prices for the 2023 model year have gone down by $5,900. The larger EUV has seen an even more drastic cut in pricing for 2023. The electric crossover starts at $28,195 for the LT trim and $32,695 for the Premier. This makes the Bolt EUV $6,300 less than before.
With the price drop, the Bolt EV becomes the most affordable electric car in the U.S. It's now priced more affordably than the Nissan Leaf that starts at $28,425. While the Bolt EV is more affordable than the Leaf, Nissan's electric car is still eligible for the full federal tax credit. If you include the $7,500 figure, the Leaf is far more affordable than the Bolt EV. Nissan is expected to hit the 200,000-vehicle mark for when its federal tax credit starts to get phased out later this year.
Why Chevy Cut Prices
While one would assume that massive price cuts like these would be accompanied by a decrease in features, that's not the case for 2023. A Chevrolet spokesperson told CNET that the features on the 2023 Bolt EV and Bolt EUV "are pretty much the same" as last year. The reason for the price cut comes down to what consumers are paying at dealerships.
"The new price reflects our ongoing desire to make sure Bolt EV/EUV is competitive in the marketplace and better aligns the MSRP with average transaction price, providing more price transparency to the customer," the spokesperson told the outlet. It sounds like Chevy dealers were selling the electric vehicles at a discount and wants to keep that trend going for more consumers across the country.
The last time the Bolt EV received a price update was for the 2022 model year when it received a facelift. Chevrolet dropped the electric car's price by $5,000 at the beginning of 2021. The Bolt EUV was introduced as a new EV for 2022.
Vineeth Joel Patel
Joel Patel has been covering all aspects of the automotive industry for four years as an editor and freelance writer for various websites. When it comes to cars, he enjoys covering the merger between technology and cars. In his spare time, Joel likes to watch baseball, work on his car, and try new foods
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