At the beginning of the month, the U.S. Treasury Department announced that consumers that lease an electric vehicle would be eligible to qualify for the full $7,500 commercial clean vehicle tax credit. This move helps most consumers since it makes EVs that are assembled outside of North America and EVs that don’t meet the necessary battery or critical components requirement eligible for the tax credit. According to a Chevrolet bulletin that the automaker sent to dealers recently, the $7,500 tax credit won’t be passed along to consumers for leases on the 2023 Bolt EV or Bolt EUV.
The bulletin indicates that Chevy isn't passing along a $7,500 federal tax credit in the form of lease cash to consumers that lease a new 2023 Bolt EV or Bolt EUV. A lot of Chevrolet’s competitors have responded to the loophole in the Inflation Reduction Act’s EV tax credit by passing the savings on to consumers. Since Chevy isn’t doing the same thing, the Bolt EV and Bolt EUV may have bad leases compared to other electric cars on the market.
Currently, Chevrolet has one lease deal for the 2023 Bolt EV and Bolt EUV. The Bolt EV 1LT is available for $299 for 36 months with $5,239 due at signing. The Bolt EUV 2LT requires $319 per month for 36 months with $5,269 due at signing.
Both lease deals assume 10,000 miles a year and include a $1,500 loyalty discount for GM lessees. These lease deals are available through February 28. Shoppers that don’t qualify for the loyalty discount will most likely have to put a lot more money down at signing.
The Bolt EV and Bolt EUV are eligible for the federal EV tax credit again because of changes in the Inflation Reduction Act that got rid of the cap on how many EVs an automaker could have sold. The vehicles compete against the Nissan Leaf, Mazda MX-30, Hyundai Kona Electric, and Kia Niro EV.