Thinking about going electric? Well, there’s a way to get your hands on a brand-new EV for less than $10,000, but it requires meeting specific criteria and residing in a particular state. And if you’re eyeing the Chevy Bolt, you might just be in luck.
While electric vehicles aren’t everyone’s cup of tea, they’re gaining popularity among those looking to switch from traditional gas-powered cars. However, the upfront cost of EVs, coupled with the expense of installing a home charging system, can be a barrier for many. That’s where affordability comes into play.
For those willing to forego a spacious ride, CarScoops reports that the 2023 Chevrolet Bolt EV could be snagged for around $8,700, while its slightly taller counterpart, the Bolt EUV, could be yours for about $10,300. But hold your horses. There are some conditions to meet.
To qualify for these bargain prices, you must be a “low-income” resident in select areas of California. This enticing discount is part of California’s “Clean Cars 4 All” program, and there’s another catch you’ll need to retire an internal combustion engine (ICE) vehicle built in 2005 or earlier. Now, let’s crunch the numbers.
By retiring an eligible ICE vehicle, you could receive a maximum rebate of $9,500. Add to that the $7,500 federal EV tax credit, which still applies, and the Bureau of Automotive Repair’s Consumer Assistance Program providing up to $1,500 in California for vehicle retirement. This combination of incentives amounts to a whopping $18,500 in discounts.
Apply these incentives to the starting price of the 2023 Chevrolet Bolt at $27,165, and you’re looking at a reduced price of $8,665. Similarly, the Bolt EUV’s effective price drops to $10,295 after factoring in the incentives. Remember, you’ll also need to consider the retirement of your old gas car in the equation
With Chevrolet having already halted production on the Bolt EV, there are plenty of them available at dealerships, potentially allowing you to snag one for an even lower price. As always, it’s wise to shop around for the best deal.
With its impressive range and enjoyable driving experience, getting behind the wheel of a Bolt EV for $8,665 while bidding farewell to an old ICE car is an opportunity that’s hard to pass up, if you meet the requirements, that is.
