Thinking of Buying a 2022 Chevy Bolt? You Might Want to Wait a Little Longer
Updated on Jul 29, 2022 · 4 min read
Looking for a new Chevy Bolt EV? You can get some pretty deep discounts on the upcoming model of GM's affordable electric vehicle.
As Green Car Reports writes, the 2023 Chevy Bolt EV is getting a price cut compared with the previous model year.
But consumers who don’t want to wait to save money on a new model can rejoice because GM is pricing its older model year Bolt EVs to move.
Priced to move
In June, GM made its 2022 Chevy Bolt EVs eligible for a $5,900 rebate, with the Bolt EUV getting a $6,300 rebate.
And if you can find one in stock, the 2021 Bolt is getting more than twice that discount, with a price cut of $12,900.
Combined with a $3,000 bonus incentive for equipping the vehicle with a DC fast charger as well as a loyalty discount of $3,750 for current Bolt leases, that's a total of $19,650 of savings on the purchase of a Chevy Bolt, per Green Car Reports.
Of course, you can just wait for the 2023 Chevy Bolt, which will still see a price drop of $5,900 and $6,400 for the Bolt EV and Bolt EUV. That means 2023 models now start below the $30,000 threshold, and that's before incentives.
Why are 2022 Chevy Bolts so cheap?
The price cuts are reportedly to make space for the new Chevy Blazer EV and Equinox EV.
The automaker has also previously leaned into the affordability aspect of the Chevy Bolt, which—priced at a starting MSRP of $26,595—is relatively inexpensive as far as fully electric vehicles go.
But it also might have something to do with moving inventory the automaker couldn't sell due to some inconvenient fire-related recalls of 2021 and 2022 Bolts.
Fire-related recalls halt production of 2022 Chevy Bolt
GM restarted production following a recall for 2017-2022 model year Chevy Bolt EVs and 2022 Bolt EUVs, totaling about 140,000 units because the Bolt could potentially catch fire due to battery defects.
GM and LG identified two manufacturing defects in the batteries supplied to the Bolt as the root cause of battery fires in certain units.
As part of the recall, the automaker stated it will swap the defective lithium-ion battery modules in Chevy Bolt EVs and EUVs with new lithium-ion modules.
GM stopped production of the Bolt in 2021 and pulled existing vehicles from dealer lots after NHTSA investigated a number of battery module fires afflicting the small EV. It expanded its recall in August of 2021.
Recalls aren't necessarily the best for a brand's image and domestic automakers are no strangers to recall actions affecting whole swaths of the lineup.
But the automaker’s marketing VP previously predicted record sales numbers for the Bolt EV and EUV despite the recall. It probably helps that—battery issues aside—the Bolt was named one of the best electric cars for 2021.
How do I know if my vehicle is recalled?
If you're in the U.S., pay attention to recall alerts from NHTSA to see if your vehicle is affected in the near future. You can find the agency's recall lookup tool here. You can also report safety problems on your vehicle to bring to the agency's attention.
Save more on insurance
While the Chevy Bolt is getting cheaper, car insurance rates are on the rise—and the best way to get the lowest rate is to shop around.
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