Chevy has canceled financing deals on the Bolt EV just as the vehicle regains an important federal tax credit. According to a bulletin sent to Chevy dealers last week, both the Bolt EV and Bolt EUV are no longer eligible for promotional financing. This could severely limit your options if you're buying rather than leasing.
Around this time a year ago, Chevy Bolt buyers could score interest rates starting at 0% APR, with 72-month financing deals from 1.9% APR. However, financing deals on Bolts have gotten progressively worse. A month ago, the best financing rate available through GM Financial was 6.49% on loans of up to 72 months.
While the 2023 Chevy Bolt EV did benefit from a whopping $5,900 price cut versus the previous year, the hatchback recently saw a $900 price increase. Now, the EV starts at $27,495. As of this month, both the Bolt EV and EUV once again qualify for a $7,500 tax credit, though only on cars with an MSRP under $55,000.
If you can still find a 2022 Bolt left in stock, Chevy is offering a $5,000 rebate on the hatchback and $5,700 off the EUV. However, our analysis found that these have largely sold out at this point. What's more, these rebates are down from $5,900 and $6,300 this month, respectively. That's a 15% drop in the hatchback's discount.
For a model that, at one point, featured some of the cheapest EV leases and financing deals like 0% APR for 72 months, the news could be disappointing for buyers. If you can manage to navigate the complex rules and still-evolving guidelines of the Inflation Reduction Act, the Bolt could still be a good EV to buy.
Having said that, Bolt EV leases are nowhere near as affordable as they once were. This is because GM Financial is not passing along the tax credit as lease cash to consumers. Unfortunately, the cost of lower Bolt MSRPs for 2023 remains significantly worse manufacturer incentives than what we've seen in the past.