Coronavirus has had an unprecedented and somewhat unpredictable impact on the car market. Despite the economic downturn, car sales are hot with new car inventory, in some cases, being limited due to factory closures and used car inventory at record highs. However, for some cars like the Bolt EV, the deals are pretty awesome.
A Jalopnik reader and Leasehakr forum member tipped me off to an absolutely incredible deal he got recently on a Chevy Bolt -
“This past Saturday I was able to lease a $43,735 MSRP Chevy Bolt Premier for a total of $5,618 out the door (36 month, 10k mile a year One Pay lease). I received about $4,500 in dealer discounts, $6,750 in lease cash, $3,000 that was a special Costco member incentive for the Bolt, and $1,500 in loyalty. I live in New Jersey so we pay zero sales tax on electric vehicles, and we receive a $5,000 dollar check post sale. Combined with the $640 dollars in rewards on my GM credit card, I will be paid a few dollars to drive this car for the next few years. Obviously this was a very particular scenario but I just wanted to point out the amazing saving opportunities people currently have on these...”
So I looked into the programs further. Currently, Chevy is offering up to an $8500 cash allowance or a combination of 0% APR for up to 72 months plus $4250 cash back on the remaining 2020 Bolts. Furthermore, there is an additional $3000 rebate for current Costco members. This means that even without the Federal Tax credit that has now expired for the Bolt, you can still score a heck of a value. Of course, the biggest benefit to these upfront discounts is they come off the price of the car right way to reduce your loan balance, unlike the tax credit that doesn’t come back to you until you file.
A quick search on Autotrader reveals well over 1000 new 2020 Bolts available for sale, some of which are advertised with pretty substantial discounts that go above and beyond the rebate money.
Of course, with many of these advertised prices, all possible rebates are combined including ones like “trade assistance” that you may not qualify for.
But even if you didn’t have the Costco and trade discount a combined total of $14,000 off a car with an MSRP of around $37,500 is a screaming deal, not to mention your fuel savings. While the Bolt may not be the ideal car for all drivers, it can be especially compelling for those folks who are now working from home and just need a car for short drives.