It turns out GM is offering discounts following the federal tax credit reduction.
A few weeks ago, we reported that Chevrolet had no plans to reduce MSRP on its Bolt EV despite the halving of the federal EV tax credit. However, the automaker did say it would work with dealers on discounts. Now that the credit has actually dropped to $3,750, the automaker is moving forward with leasing incentives in select areas. Still, due to a notable drop in the Bolt's residual value, lease prices are not offset significantly.
Related EV Tax Credit Coverage:
According to CarsDirect, beginning April 2, Chevrolet introduced a $3,000 leasing promotion for buyers on the west coast (California and Oregon). Previously, manufacturer-sponsored lease discounts were around $3,750. Beginning this month, those incentives are up to $6,750. In addition, the $500 competitor discount (for those coming from a non-GM lease) is still in place. This means total MSRP reductions can add up to $7,250. Current automaker promotions are valid through April 30.
CarsDirect points out that there is a caveat, however. The story explains that even though the interest rate is nearly the same as it was in the past, the Bolt's residual value has dropped significantly. The publication shares:
While its underlying interest rate remains almost unchanged, the Bolt's residual value has plummeted. Last month's 56% residual on the 2019 Bolt LT has fallen to just 51%, based on a 36-month lease with 12,000 miles per year. Lower residuals typically translate to more costly leases.
So is the Bolt still a good car to lease? That will probably depend on where you live.
Here in California, the Bolt LT is listed at $279 for 36 months with $3,959 due at signing. That's based on 10,000 miles per year and equates to an effective cost of $389/month. Chevy's national lease is $429 for 36 months with $6,109 at signing, which equates to $599/month.
With all of that being said, you can save an effective cost of some $210 per month prior to taxes and fees, IF you are leasing a Chevy Bolt in these west coast locales. Moreover, rebates like the $2,500 Clean Vehicle Rebate make the situation even more appealing.
For shoppers who'd rather finance than lease, GM is offering the choice of up to 15% off MSRP or 0% APR over 72 months.
Hat tip to Joe!