We recently shared that the upcoming 2023 Chevrolet Bolt EV and Bolt EUV would arrive with much lower starting prices. Now, we've learned from CarsDirect that Chevy is already offering comparable discounts on the 2022 model. In fact, the publication says the Bolt family of EVs is now seeing discounts that exceed 1,100 percent.
According to the publication, starting on June 8, 2022 Bolt EV hatchbacks became available with a $5,900 rebate. Meanwhile, based on the latest incentives, the Bolt EUV crossover sees a $6,300 price cut. The current promotions are valid through July 5, 2022.
Chevrolet has almost always provided compelling incentives on the Bolt EV, but nothing quite like what we're seeing today. It all seems to coincide with GM CEO Mary Barra's promise that the automaker is working to offer cheaper electric vehicles. Prior to the upcoming value-priced models arriving, such as the Equinox EV, GM is already proving that it's willing to offer incredible discounts.
While you'll probably have a difficult time tracking down a "new" 2021 Bolt EV, it's certainly worth considering. CarsDirect shares that the savings on the 2021 model start at $12,900. However, there's also a $3,000 discount for 2021 models with DC Fast Charging, and current Bolt lessees can get an additional $3,750 in loyalty cash. Stacking all these savings could get you into a 2021 Bolt EV with a whopping $20,000 discount. In some areas, local rebates could provide more savings on top of the $20,000.
As shoppers may be waiting for the upcoming 2023 Bolt EV and Bolt EUV to arrive thanks to the recently reported price cuts, it appears Chevy is hoping to encourage shoppers to move more quickly. If you can pick up a 2022 Bolt EV or EUV for the same low price as the 2023 model, it may be a no-brainer, especially if you're already in the market for a new car.
That said, it's important to look very carefully at the available incentives since they tend to have restrictions. As noted above, the additional cash related to the 2021 Bolt EV is only for current lessees. Moreover, "cash on the hood" is typically only available to shoppers who are buying rather than leasing.
Leasing incentives on the 2022 Bolt EV and EUV are impressive, but they aren't currently offered nationally, and the best lease deals are reserved for current lessees. For these reasons, it arguably makes more sense for most consumers to buy and take advantage of the massive discounts.