Not everyone may find switching to an electric vehicle (EV) feasible, but for some, it presents a compelling option to swap traditional fuel for electricity. However, the hurdle often lies in the upfront cost, even with federal incentives like tax credits, coupled with the additional expense of setting up a charging system at home for homeowners.
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EV
Considering this, the lower the initial purchase price of an EV, the more attractive it becomes to potential buyers. What if you could snag one for less than $10,000? Well, the 2023 Chevrolet Bolt EV could be yours for approximately $8,700, or the Bolt EUV for about $10,300, as reported by CarScoops.
Before you get too excited about trading in your gas guzzler for a shiny new electric Chevy and potentially saving money, there are specific criteria to meet to qualify for this price. Primarily, you must be a “low-income” resident in certain regions of California, as part of the state government’s “Clean Cars 4 All” program. Additionally, you’ll need to retire an internal combustion engine (ICE) car built in 2005 or earlier.
Let’s break down the numbers, according to CarScoops. Retiring an eligible ICE vehicle can earn you a maximum rebate of $9,500. Add to that the $7,500 federal EV tax credit, still applicable on top of the California rebate. Furthermore, the Bureau of Automotive Repair’s Consumer Assistance Program offers up to $1,500 in California for vehicle retirement, bringing the total discounts to $18,500.
Subtracting these incentives from the starting price of the 2023 Chevrolet Bolt at $27,165, it brings the effective cost down to $8,665. For the Bolt EUV, the price drops to $10,295 after the discounts. However, you’ll need to consider the value of the old gas car you’ll be retiring. Moreover, since Chevrolet has ceased production on the Bolt EV, there may be deals available, so it’s wise to shop around for the best offer.
With its impressive range and enjoyable driving experience, getting a Bolt EV for $8,665 while retiring an old ICE car presents an enticing opportunity, provided you meet the eligibility criteria.
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