Chevy Bolt EV Has A Hidden $253/mo "RightChoice" Deal

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Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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, Senior Pricing Analyst - March 29, 2024
Chevy Bolt EUV electric car on sand

The Chevy Bolt EV has a hidden way to cut its monthly payment in half. Despite being one of the most affordable electric cars for sale, Chevy Bolt lease incentives have been surprisingly expensive. Now, a special program called GM RightChoice uses balloon financing to offer a Chevy Bolt payment as low as $253 a month.

The deal in question is for the 2023 Chevy Bolt EV 1LT with an MSRP of $28,052. According to a bulletin sent to dealers, the EV is eligible for GM Financial RightChoice, a balloon financing program that promises lower payments than a traditional purchase with the option to buy the car at the end of the contract.

Sound like a lease? Not quite. Unlike a lease, balloon financing typically entails a "balloon payment" once the contract is up if you choose to keep your vehicle. The key difference with the lease is that the buyer can claim the $7,500 federal tax credit. That's not the case with leases, where the tax credits go to lenders.

Chevy Bolt EV white and black interior

GM says the Bolt LT can be had for just $253 per month. That's based on an interest rate of 8.32%, an allowance of 12,000 miles a year, and a 58% residual value for a 36-month contract. The total amount financed, GM says, is just $20,552. Meanwhile, the lender claims a lease for the same car has a payment of $510.

GM RightChoice is available in all states except Nevada, New Hampshire, North Carolina, and Washington D.C. Both the hatch and EUV are eligible for the program till April 30th. If you have good credit, qualify for the tax credit, and want low payments with the ability to buy or return your car, this may be a good deal.

Having said all of that, GM's example doesn't list what the balloon payment is, and there are a slew of cheap EV leases right now. Just this month, Hyundai began offering new 24-month leases on its EVs with payments as low as $213 per month on the IONIQ 5. The IONIQ 6 even has a zero-down option at $239 per month.

The notion of leveraging balloon financing to allow consumers to get a lease-like payment isn't exactly new. When the Mustang Mach-E was first introduced, Ford Options Plan promised the same benefits. Like Chevy, Ford didn't pass along the tax credit to customers as lease cash, making it an appealing choice for some.

For now, we think there isn't enough information to say if the Bolt RightChoice offer is truly a good deal. However, it could be an opportunity for buyers looking for more options. We recommend asking your local dealer about both the upfront costs as well as the contract-end process to fully understand if it's right for you.

Explore Chevy Bolt Prices & Deals

, Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

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