Starting at $26,500 and qualifying for a $7,500 federal tax credit, the Bolt has been repeatedly lauded as an example of an affordable EV by the Biden administration. A Chevrolet Bolt electric vehicle at the New York International Auto Show in 2022. Business | The Bolt, GM's first mass-market When hes not offering the latest tech how tos or insights, hes probably watching Chicago sports. US President Joe Biden, with General Motors CEO Mary Barra, looks at a Chevrolet Silverado EV as he tours the 2022 North American International Auto Show at Huntington Place Convention Center in Detroit, Michigan on September 14, 2022. Under the new rule, consumers can get up to $7,500 back in tax credits on eligible cars. Notice several previously qualifying models have been struck through per the guidance of the US Treasury as of April 18, 2023. For example, in the state of California, drivers can qualify for a $2,000-$4,500 rebate or a grant up to $5,000 under the Clean Vehicle Assistance Program on top of any federal credit received (all rebate and grant amounts are based on income). The Department of Energy can give a loan to build a battery manufacturing facility, Boylan said. The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032. To spur interest and make the Bolt more affordable, GM cut the starting prices by as much as $6,300 for the 2022 model year. Just because its now being implemented does not mean the US government has all of its ducks in a row yet. MSRPs for all other electric vehicles must be $55,000 or less. New Federal Tax Credits in the Inflation Reduction Act. The Chevy Bolt EV and EUV, a larger version of the car, make up the vast majority of the company's electric vehicle sales to date. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. "GM likely viewed the Bolt models as little more than stepping stones to its next-generation EV technology," Drury told CBS MoneyWatch. "Chevrolet will launch several new EVs later this year based on the Ultium platform in key segments, including the Silverado EV, Blazer EV and Equinox EV. This year, Chevrolet will launch two new Ultium-based electric cars - theBlazer EV (this summer) and the Equinox EV (this fall), which will be the new entry-level BEVs from the brand. The EUV's 65.0-kWh battery manages 247 miles of range, with 200 horsepower powering the front wheels. There are some terms to note however: Used vehicle qualifies for tax credit only once in its lifetime. Purchaser must be an individual (no businesses) to qualify for the used vehicle credit. Purchaser may only claim one used vehicle credit per three years. Used vehicle must be at least two model years old at time of sale. The original use of the vehicle must have occurred with an individual other than the one claiming the used tax credit. Used vehicle must be purchased from a dealer. Gross income cap of $75k for individuals, $112,500 for heads of households, and $150k for joint returns. Credit may be applied at time of sale by dealer. This benchmark is set to rise to 100%. The U.S. government is putting increased weight into the shift, with the EPA releasing .css-xtkis1{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#1C5f8B;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;font-weight:bold;}.css-xtkis1:hover{color:#000000;text-decoration-color:border-link-body-hover;}a full list of EVs eligible for tax incentives that went into effect starting April 18. While Fuel Economy doesn't yet list upcoming models like the Blazer EV, the government may not reward drivers with the $7,500 credit. Charge: Tax Credit: Effective Price: 2023 Chevrolet Bolt EV 1LT 17-inch: $26,500 +$995: $7,500: $19,995: 2023 Chevrolet Bolt EUV LT 17-inch
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