Key Takeaways
- Chevrolet Bolt qualifies for discounts that bring the base price down to $8,000.
- Three incentives applicable in California reduce the EV’s price by $18,500.
- Some incentives are aimed specifically at low-income households to try to speed up EV adoption.
The number of electric vehicles available in the US is growing at a rapid pace. Even though the rate of EV sales growth has slowed, it is still growing as more and more people get comfortable with the idea of going electric.
Aside from installing a charger at home, one of the big challenges faced by potential EV owners is price. Many EVs are less than affordable, which puts them out of reach for modest budgets. There are a variety of federal and state incentives to make buying an EV easier, and if you happen to live in California, you may be able to get a new Chevrolet Bolt EV for just $8,000.
A Trio Of Incentives
So, how can you get this EV for just 8,000 bucks? It’s a combination of three programs that make the Chevy Bolt EV such a steal. First, there’s the Inflation Reduction Act of 2022, which gives qualified drivers a tax credit of up to $7,500 on select EVs. This is available nationwide.
In California, there’s also something called the Clean Cars 4 All Program. It’s designed to help low-income owners of old gas vehicles get into an electric car. It gives qualified buyers whose current gas cars are 2005 model year or older a $9,500 rebate toward not just EVs, but also plug-in hybrids and fuel cell vehicles.
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The final piece of the equation is the Bureau of Automotive Repair’s Customer Assistance Program. This provides $1,500 to retire a vehicle, but only for low-income applicants. Altogether, that’s $18,500 in credits, which makes the Chevy Bolt EV just $8,000.
Value For Money
Even though the Bolt EV ended production last year, it is still available on some dealer lots. This affordable EV starts at just $26,500, which makes it a budget-friendly option even without any incentives.
It has a range of 259 miles to easily cover far more than what most people drive in a day. There’s seating for five people and great cargo room for the class with 57 cubic feet when you fold the second row. It’s also well-equipped with a 10.2-inch infotainment touchscreen, wireless Apple CarPlay and Android Auto, and Chevy Safety Assist. Despite its low price, it’s a well-equipped EV, but since it’s no longer in production, what’s on dealer lots is all that remains, so act fast if interested.
