America’s least-expensive electric vehicle (EV) starts at under $20,000, including destination and freight charges, for most buyers.
If you’re interested, you’ll need to act fast. The 2023 Chevrolet Bolt EV is out of production, with General Motors shuttering the factory at the end of 2023. But dealers still have thousands of Bolt EVs on sales lots.
They officially carry a starting price of $26,500 plus a $995 destination fee, pushing the window sticker to $27,495.
But a change to federal EV tax credit law for 2024 allows most Americans to use the Bolt’s $7,500 tax credit as a down payment. There’s no longer a need to wait to claim the credit on your taxes – buyers can transfer it to the dealership today.
Related: How Do Federal EV Tax Credits Work?
That brings the out-the-door price down to $19,995 for many (subject to income restrictions – $150,000 for single people and up to $300,000 for married couples filing jointly).
Many states also have EV tax credits, which can further lower the price.
Related: Electric Car Rebates and Incentives – What to Know By State
Our expert test driver found the Bolt “easy to live with,” noting that it “rides smoothly and quietly, provides useful bursts of acceleration when required, and gives you a slightly elevated driving position.” Despite its affordable price, its cabin provides a few creature comforts, including “comfortable front seats, a flat-bottomed steering wheel, standard 8-inch digital driver information display, and a 10.2-inch infotainment touchscreen.”
With the discount, the Bolt becomes a member of a vanishingly small class of cars priced under $20,000. In 2017, manufacturers built more than 30. This year, the number could fall under 10.
