Chevy canceled the Volt EV financing deal just as the Volt EV reclaimed a significant federal tax credit. According to a notice sent to Chevy dealers last week, both the Bolt EV and Bolt EUV are no longer eligible for promotional financing. If you buy rather than lease, this can severely limit your options.
A year ago around this time, Chevrolet Volt buyers could earn interest rates starting at 0% p.a., with 72-month financing deals starting at 1.9% p. But Bolt’s funding deals are getting worse and worse. A month ago, the highest loan rate available through GM Financial was he 6.49% for loans of up to 72 months.
The 2023 Chevrolet Volt EV benefited from a significant $5,900 year-over-year price cut, while the hatchback recently received a $900 price hike. EVs currently start at $27,495. As of this month, both the Volt EV and EUV are again eligible for his $7,500 tax credit, but only for cars with an MSRP under his $55,000.
Chevy is offering a $5,000 discount on the hatchback and $5,700 on the EUV if the 2022 Volt remains in stock. However, our analysis found these to be largely sold out at the moment, plus these rebates are down from $5,900 and $6,300 respectively this month. This means that the discount rate for hatchbacks has decreased by 15%.
For models that at one point had the cheapest EV leases and financing agreements like 0% APR for 72 months, this news could be disappointing for buyers. If you can successfully navigate the complex rules and still-evolving guidelines of anti-inflation laws, the Volt could be a good EV to buy.
That said, Bolt EV leasing isn’t as affordable as it used to be. This is because GM Financial does not pass the tax credit on to consumers as cash on the lease. Unfortunately, the cost of lower MSRPs for the Volt in 2023 remains a far worse incentive for manufacturers than we’ve seen in the past.
Check out Chevy Bolt EV prices and deals