While we were disappointed to learn that the Chevy Bolt EV will not have a nationwide rollout until next year, GM is still going to deliver the electric car in California and Oregon by the end of the year and it is likely going to be one of the cheapest ways to get into electric vehicle ownership or leasing.
Yesterday, GM launched the Chevy Bolt EV’s leasing program and in short, you can get the Bolt EV for $309 a month and $0 cash down after incentives.
The Bolt has an MSRP of $37,500 before the $7,500 federal tax credit, but if you lease the vehicle, GM gets the tax credit – not the customer. Of course, the company still mostly gives back the incentive to the customer by lowering monthly payments or required cash down.
GM walked back from advertising the Bolt only with its after-incentive price of $30,000 when you purchase the car, but for the leasing program, it actually has a significant impact.
Leasehackr got a hold of the leasing program and calculated that if you qualify for the $2,500 CVRP mail-in rebate, and make sure you do because they changed the rules earlier this year, the Bolt EV in California can cost $309 a month to lease with virtually no cash down if you apply the rebate instead.
| Residual Values (36 Months) | |||
|---|---|---|---|
| Trim | 10,000 Miles/Year | 12,000 Miles/Year | 15,000 Miles/Year |
| Bolt EV LT | 61% | 60% | 58% |
| Bolt EV Premier | 60% | 58% | 57% |
| Rates | ||
|---|---|---|
| Credit Tier | Money Factor | Interest Rate Equivalent |
| Tier A+ and A1 | .00050 | 1.20% APR |
| Tier A2 | .00133 | 3.19% APR |
| Tier A3 | .00217 | 5.21% APR |
GM lists the program only as valid until the end of the year. When you take into account gas savings, you could virtually lease the car for free depending on your mileage.
A few dealerships accepted deposits for the electric car earlier this year and some are now reporting that they will get their first shipment next week. If you live in California or Oregon and you are interested in the Bolt EV, I would suggest contacting your local dealer soon if you want to get the car before the end of the year.
GM is also expected to make the vehicle available to Lyft drivers and deploy a few hundred units with the ride-sharing company.
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