2.9% Financing Offered On Chevrolet Bolt

NOV 3 2016 BY ERIC LOVEDAY 78

Chevrolet Bolt EV - in production now, arriving in December

Chevrolet Bolt EV – in production now, arriving in December

2017 Chevrolet Bolt

2017 Chevrolet Bolt

Though no lease terms have been released as of yet, we do have financing terms for the soon-to-launch Chevrolet Bolt.

Dealerships are reporting financing terms for the Bolt at 2.9%. Here’s the text from one dealership in Maryland:

“2017 CHEVROLET Bolt EV 2.9% APR for 60 months for qualified buyers. Monthly payment is $17.92 for every $1000 you finance. Example down payment: 18%. Some customers will not qualify. Take delivery by 11-30-2016. Residency restrictions apply. See Dealer for details.”

Maryland is unlikely to get the Bolt by 11-30-2016 as the ad states as the deadline, but we expect similar deals to be offered in other states where the Bolt may actually be available before the deal ends and it seems likely that this deal will be extended too.

Even at 2.9% financing, buying a Bolt is rather expensive. Hybrid Cars calculates the monthly payment as follows:

“Assuming qualified buyers put down the suggested 18 percent, and at a total sales price including tax and fees at $42,000, this would mean financing $34,440.”

“Multiplying 34.4 by $17.82, one arrives at a $616.45 monthly payment for 60 months.”

As with other electric cars, federal and state incentives are available. At $600-plus per month, we’re inclined to suggest that perhaps you wait to see what sort of lease deals are offered on the Bolt before solidifying your purchase.

Source: Hybrid Cars

Categories: Chevrolet

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78 Comments on "2.9% Financing Offered On Chevrolet Bolt"

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I really wish the government would change incentive to an instant rebate. It would make everything so much easier!

Purchase car for $30,000 (instant rebate!)
18% down brings financing to $24,600
Monthly payment = $440

MUCH easier to sell.

Agreed. What you do is loan yourself the 7500 federal rebate to put down, and then pay yourself back when you get your tax rebate next year. That presumes that you have the 7500 to loan yourself. P

Moreover, if you are looking to buy in January, you can update your W4 form to reduce your tax withholding. That way you are paid the $7500 incrementally over every paycheck rather than waiting until April 2018 for a single large check. Assuming you are paid monthly, that extra in your paycheck goes directly into your monthly payment. At least for the first year.

Because it’s a tax credit, not a rebate.

Rebate would mean people who didn’t pay taxes would also qualify. Granted, most people who buy $30K car would’ve paid substantial amount of taxes, but there could be some who will try to game the system.

Far better is to have unused tax credit roll over to subsequent years. That will be great for low income people with enough savings to get a new $30K car, such as retirees who already paid lots of taxes in the past.

It could also be attractive to young people who know their future will hold more taxes. But then, I don’t know about today’s young people…

That’s what Colorado does. It’s at point of sale, and it doesn’t matter if you paid that much in taxes.

Same in Ontario. A rebate up to $14,000 (CAN)depending on the purchase price of the car, and a few other conditions.

Somehow, I cannot picture Donald Trump in a Bolt EV…

Can you picture the clintons?

LOL! If they make an EV Suburban!

I’d do a 2-year lease if they offered one…..

This is not the way government work. If they want to do something, it seems, they find the most inefficient convoluted path to get there, and force those who wish to benefit from it to follow that path.

It’s still a pricey car for sure. Even at $30k, that’s expensive for a compact hatchback. But it’s a great leap forward for EVs.

If you lease, you get a smaller monthly payment. But if you buy, you get to keep the car. This is true of any car. The only thing special about leasing an EV is that you effectively get the $7500 tax credit up front.

Can You actually compare it to some ICE compact car similarly optioned?

Not really, no. Because there aren’t really such highly optioned ICEVs in that segment. Most people who are paying that kind of premium also expect to upgrade to a larger crossover/SUV segment. Which makes the Bolt still a hard sell against its ICEV competition. Against the EV competition? It has none at the moment.

It’s a lot cheaper than the i3 and has double the range.

Regarding gassers, the closest size car we could compare it to is the 2010 Pontiac Vibe. Accounting for inflation, a Vibe would cost about $22K today. However we would have to add in a lot of money to cover all the standard features the Bolt EV has over the Vibe. Let’s spitball $5k, bringing the Vibe to $27K. That’s just $3k less than the Bolt EV. Now factor in gas/maintenance savings for the life of the car and you easily cover that amount. On top of that, you get the EV ownership experience, which is much better than the gasser owner experience.

“Because there aren’t really such highly optioned ICEVs in that segment”

VW Golf GTI or Golf R.

Why? because it got performance.

Bolt EV is faster than most of the hatch out there and performs like a “hot hatch”. So, there is a premium for that.

You make a really good point. Wish more people viewed it that way.

It is a bit bigger than compact by passenger volume inside. It would be mid-size car by EPA classification if it would be sedan.

Check Specs tab:
http://www.fueleconomy.gov/feg/Find.do?action=sbs&id=38187&id=38062&id=37463&id=37423
http://www.fueleconomy.gov/feg/Find.do?action=sbs&id=38187&id=37910&id=37940&id=38325

SparkEV-Fiat500-Leased - M3 Reserved - Bolt- TBD

Name an ICE vehicle to compare the specs in size, performance (0-60), and cargo space.

Most cheap subcompact CUV/hatchbacks have very poor performance numbers– ie not pocket rockets.

Indeed it does sound a lot but it should be contrasted with lower monthly costs. People should be comparing the total cost of ownership for the first 3 or 5 years instead

Compact? According to Wikipedia it is a mid-size sedan. The exterior profile is misleading since their design reimagines a vehicle not needing so much space under the hood.

https://en.wikipedia.org/wiki/Vehicle_size_class

Call me crazy, but I really don’t care for the new definitions of car sizing. They switched from footprint to interior volume. VOLUME. So a taller car is suddenly upgraded to a larger class? That unwanted extra vertical space gains me practically NOTHING, especially compared to a longer/wider car, and only serves to increase aero drag.

And don’t get me started on the “sedan” classification…

Haha! It seems like the volume of a car has much more importance to an end consumer than its footprint. Aside from needing to stay in the lanes, the former is more relevant don’t you think?

You have me curious about the ominous “sedan” reference. 🙂

Take two cars with equal interior volume. I will take the longer/wider/shorter (height) car any day. It will have more USEABLE interior space. For example, the Model S versus the Bolt. Both have about the same volume I hear. But the Model S has width, and the Bolt has useless headroom.

Model-S has 126 cu. ft. of interior space while Bolt has only 111 cu. ft.

In fact the Frunk space of Model-S may add another 10 cu. ft.

So Model-S is much bigger car.
More customers are going towards taller Crossovers because you sit somewhat higher which helps stretch your leg better.

Also the boxy stuff can get into taller vehicle, but not in the sedan. That’s why the sales of sedans have crashed in the last few years.

https://www.nada.org/nadamarketbeat/

Let’s just say that I, like most people, consider a Sedan to be a 3-box style vehicle. There is a hood, a passenger area, and a trunk. The Bolt is a station wagon, but that’s a dirty word for some reason which I don’t fully understand.

https://en.wikipedia.org/wiki/Sedan_%28automobile%29

Brian – The Bolt is not a station wagon, it is a hatchback and the Tesla Mode S is a liftback.

Well, I don’t know about the current classification but the EPA initially classified the BOLT as a “Mid Sized Station Wagon”.

Taller people should enjoy the BOLT. I had a friend in college who was a heavy-set 6′ 9″ and at first I couldn’t believe he’d be comfortable in a VW beetle. But he said he loved the car since it was tall and he didn’t hit his head.

I’m guessing you aren’t close to 6 feet tall.

Nope. And nor do I care whether such a person can fit in my personal car. I want a car that fits me, not someone is 2″ taller than average.

I still don’t really get why you are tied to external dimensions so much. Is it an implied handling difference? The sporty look of the car? Something else?

Either way, with the Bolt the room isn’t all headroom. People who are real tall have put the seat far back and still had plenty of room to then sit behind themselves in the rear seats.

And in the end, in your own example, you still bought a Leaf which has many similar dimensions. My hope is that, similar to your case with the Leaf, people will buy the Bolt because it is an EV that suits their needs well, and not pass because an arbitrary measurement of external dimensions doesn’t match their expectations.

I bought the Leaf because it was the EV that was available, not because it is the EV that I want.

The Bolt is a decent form factor for what the market seems to want. But I want something different. Is that not allowed? Do I have to want only what is available?

Hummm, you need a Caddy CT6 PHEV, Gm’s largest sedan. Supposedly to be announced in January, if the car can get past ev-hater DeNyschen, head of Cadillac.

Since LG is selling ‘packaged’ 30 and 60 kwh battery modules, I’d think they’d be great for superhuge PHEV apps, like 100 mile AER in a Chevy Suburban, or Lincoln Navigator.

“Do I have to want only what is available?”

Yes! Kidding aside, just trying to make sure I understand your preferences. I think there could be many Americans (not you) who call it too small because they infer the interior from the exterior. Seems worth the discussion to point out the Bolt will challenge these preconceptions. 🙂

Getting the $7,500 fed tax credit up front on a lease requires the leasing company to pass on the full tax credit. They do so by reducing the Capitalized Cost by the full amount of the fed tax credit. While companies like Nissan and BMW pass the full tax credit to the leasing customer, GM financing has Not done so (nationwide) in the past. It’ll be interesting to see if GM financing continues to steal the fed tax credit or start passing it on to the customer.

Not following your comment. GM passes the tax credit savings on in the form of cheap lease payments.

No they don’t. I wanted to lease a 2017 Volt and they refused to give me the 7500. I ended up buying the Volt to get that credit and my state credit.

But, but, but… this was supposed to be the first 200-mile “affordable” mass-market car!!!

Yes, $600/mo is “affordable”, didn’t you know that?

The Bolt is not affordable, but the $36.2k base Model 3 will be. Lol right

Lease payment should be roughly half the purchase monthly.

Who is talking about the Model 3? Oh, that’s right, GM and its fanbois.

Somewhere down the road someone decided that Honda Cicvic’s, Toyota Tercell’s, Nissan Sentra’s, Ford Focus and Chevy Cruze were no longer considered “Affordable”.

Makes no damn sense!!!

Average price of a new car is $33k….Bolt after tax credit is $30k. Sounds like a deal to me!

Average new car is much larger than the Bolt. Americans are willing to spend more on a larger car. What is the average price of a new car in the Bolt’s class? Probably closer to $23k.

Remember, the inside of the car is mid-size class.

Yeah, yeah. Interior volume and all that. See my rant above. It’s still smaller than a CRV, for example, which will be cheaper. If I look at any given parking lot, the majority of the cars are larger than the Bolt.

I saw this bumper sticker the other day on a smaller car (I forget which brand), and it made me chuckle. Would work well for the Bolt EV.

“Average new car is much larger than the Bolt. Americans are willing to spend more on a larger car. What is the average price of a new car in the Bolt’s class? Probably closer to $23k.”

So a $30K Bolt isn’t affordable but a LEAF SL that cost $27K with less than half of the range about half of the performance is affordable, right?

Not sure why this comment is tagged to mine, as if you are implying that would be my argument. The difference in MSRP between the Bolt and Leaf SL is trivial. Both are “affordable” by some measure, but both are very expensive for their class (compared to ICEVs). Let’s not kid ourselves here. EV prices are coming down, but there is still a premium price just to purchase an EV. Whether you make that up over the years in TCO depends on several factors. I probably won’t for my Leaf, but I’m still happy to be part of the revolution.

The average American is also 5 foot 10 and weighs 196 pounds. They ain’t fitting in that Bolt too comfortably.

When a 6’5″ guy fits comfortably, why would sub-6′ people not fit comfortably?

6’5″ reviewer of a Bolt said he could sit behind himself comfortably even with the driver’s seat set to his liking. Let see you do that in a Model S, let alone 3. Lol

Damnit!!!
I’m above average in that weight category.
(◣◢)

Time to grow taller?

SAM: Whatcha up to Norm?
NORM: My ideal weight if I were eleven feet tall

Hmm.

Can anyone run those calculations with explanations?

“1000 cost You 17.82” shouldn’t mean:

34440 (base) * 1.01782 (cost of capital) / 60 (months)

=

585$ per month

Or am I missing something?

PS with tax credit included (with loans and leases its institution that owns car who get incentive so You will get it whole usually even if You Yourself can’t get it):

26940 * 1.01782 / 60 = 458$ per month.

Of course after hose 5 years car still hold some value, so actual TCO will be different number.

Unfortunately you don’t get the credit at the point of sale, you get it in April of the following year when you file for you income taxes, IF you qualify for it. This means you will have to finance the purchase price.

Are You sure? Is financing meaning that buyer is immediately the owner of the car?

If it’s financing institution then credit goes to them and they most probably push it down to customer.

It work that way for leasing at least. Institution must be the owner for that to happen.

vdiv explained the purchase…With the lease you are correct that the lender gets the tax credit but it’s up to them to the lender to determine how much, if any…GM tends to get close to the credit amount when leasing in the CARB states…

You lease it or it owns you for a very long time.

If you owe the bank $100 that’s your problem.

If you owe the bank $100 million, that’s the bank’s problem.

After the lease it is still not my problem.

Chevy better have a great lease pr they will have a huge problem.

I can’t wait to have the Bolt EV out. It will knock down another reason naysayers have against driving EVs. It will put even more pressure on all automakers to make available better and longer range plugins. It will even give Tesla some things to think about.

C’mon GM! Let’s make this happen globally! Let’s bring to market other EV models too! Let’s show the world you are indeed a new company, a progressive company, a company able to change, a company able to make a difference, a company able to lead!

Amen brother!

2017 volt has 0% 60 month financing. Seems like GM feels confident about the bolt moving units, less so the volt. Fingers crossed for December Bolt 72 month 0%.

The 2017 Bolt shows up on the Build and Price Configurator on the GM Family First website when I checked this morning, things are moving fast with the Bolt

Says it’s not eligible for discount pricing though. I’m guessing they just haven’t updated the pricing yet, since Costco pricing is already available.

Yet I bet they have 0% for an ICE.

The $7500 tax incentive is financed in your loan and amortized.

You won’t ever see a -$7500 on the purchase order.

Problem with this is several credit unions offer better terms than this…King of the deal sites are:

https://www.dcu.org/loans/auto-choices.html

1.74% over 65 months…

But let’s see what the lease numbers were, expect some cheap ones like the Volt…

“Take delivery by 11-30-2016.”

Um, does this financing only last for the month of November?

That’s the way the get you to hurry and by the car irregardless of the huge stealership markup.

GM’s financing/lease offers are always updated on a monthly basis, so that’s why it’s only through 30 Nov. I’m sure for December, the same financing offer will be available.

It IS an indication November Bolt deliveries are possible though! Why else would GM set up a financing offer unless there was a chance some people would take delivery this month.

The dealers will be GM’s only problem.

Idk why everyone doesn’t go to a credit union Instead? I always get much better rates from them. Currently on 1.99% for 84 months on my Model X loan.

2.9%? No thanks.

PenFed will give me 1.49% for 3 years or 1.99% for 5 years.