Costco’s big EV incentives are back, include 2022 Bolt EV/EUV and 2021 XC40 Recharge

From now through August 2, Costco members can save $1,000 on a 2022 Bolt EV and EUV, $3,000 on a 2020/2021 Chevrolet Bolt EV, and $2,000 on a Volvo XC40 Recharge Pure Electric. Those deals and much more have been added to our updated best Electric Vehicle prices and leases.

2022 Chevrolet Bolt EV and Bolt EUV

The redesigned 2022 Chevrolet Bolt lineup started trickling onto dealership lots a few weeks back with a starting price that’s thousands less than its predecessor. MSRP for the 259-mile 2022 Bolt EV is only $31,995, and the slightly larger 247-mile Bolt EUV is priced at $33,395, so the last thing anyone might expect is a $1,000 cash incentive this early in the game. What is expected (unfortunately) are dealerships that find no shame in trying to squeeze another $1,000 out of their customers. While conducting our nationwide search for electric vehicle lease deals and discounts, we ran across a number of dealers adding a $995 “market adjustment” over the MSRP of in-stock 2022 Bolt EVs and EUVs. These ridiculous offers can be ignored since the vast majority of Chevrolet dealers are listing what they have in stock at MSRP. In fact, we even found several dealerships already offering discounts on 2022 Bolt models. Quirk Chevrolet in Massachusetts ($1,000 off on a Bolt EV), Rydell Chevrolet in California ($500 off on a Bolt EV), Mike Anderson Chevrolet in Illinois ($1,575 off on a Bolt EUV), and Chevrolet of Columbus in Ohio ($1,112 off on a Bolt EUV) all seem to be good places to start shopping.

Thinking of leasing rather than buying? According to the payment estimator on Chevrolet’s website, the 2022 Bolt EV will set you back $420(nice)/month plus tax and license for three years on a 10,000 mile per year lease. The slightly larger Bolt EUV leases for a bit more at $453/month. Applying the $1,000 Costco incentive might trim $30/month off of these figures, but the resulting cost would still be significantly higher than the manufacturer lease offers on affordable 200-mile EVs from Nissan, Hyundai, and Kia.  However, we did find a couple of California dealers with relatively attractive lease offers that might be worth considering. Mission Bay Chevrolet in the San Diego area is offering a three-year lease on a 2022 Bolt EV at $259/month, $2,999 at signing before tax and license, which calculates to a palatable effective cost of $335/month. Stevens Creek Chevrolet in the San Francisco area is advertising $189/month, $5,999 at signing, which translates to an effective cost of $350/month. Costco membership is required for either of these deals. Check for availability and deals on a 2022 Chevrolet Bolt EV or Bolt EUV in your area.

2020/2021 Chevrolet Bolt EV

Prospective buyers that have been waiting to score killer deals on the outgoing first-generation Bolt EV may have missed the sweet spot, which started in March and ran through early May. At this point, most Chevy dealers we track have either sold out or zeroed out their discounts on remaining inventory, so the starting point of negotiation at most dealerships is simply MSRP minus factory incentives. The good news is that the factory incentives are still hefty, currently at $10,000 for a 2020 and $9,000 for a 2021, plus an additional $1,000 bonus cash incentive on particular in-stock vehicles. Piling on the $3,000 Costco member-only incentive takes the total cash back up to a range of $12,000 to $14,000, which should lower the cost of buying a 2020/2021 Bolt EV to well under $30,000 before tax and license.

We did find more than a handful of dealer discounts on a 2020/2021 Bolt, ranging from about $1,500 off to over $3,000 off before any of the above mentioned factory incentives. The total discount at some of these dealers can be well over $16,000 for Costco members. As far as lease deals, Quirk Chevrolet in Massachusetts and Simi Valley Chevrolet in California have great lease offers with an effective cost that’s under $200/month before tax and license. Check for deals on remaining 2020/2021 Chevrolet Bolt EV at a dealership near you.

2021 Volvo XC40 Recharge Pure Electric

Outside of loyalty incentives, Costco’s $2,000 incentive is the first we’ve seen on the 208-mile Volvo XC40 Recharge since its introduction earlier this year. With an MSRP of $55,300, this compact luxury SUV that seats five can now be had for just under $46,000 by Costco members that enjoy a tax bill high enough to take full advantage of the $7,500 Federal EV tax credit. That’s about $7,000 less than its closest competitor, the 326-mile Tesla Model Y, which is a cost difference that can be compelling to a buyer that doesn’t need the impressive segment-leading range of the Model Y, or perhaps prefers Volvo’s relatively mainstream styling. This all-wheel-drive XC40 Recharge is no slouch – it moves from 0 to 60mph in a very respectable 4.3 seconds, slightly quicker than the base Model Y. Its top speed is limited to 112 mph versus the Model Y’s 135 mph.

Dealer discounts on the XC40 Recharge are still few and far between, but that has been improving lately. We’ve seen advertised discounts range from $1,000 to nearly $4,000 at dealerships in Texas, Florida, Georgia, Maryland, and California. On lease offers, Weston Volvo Cars in Florida is the first Volvo dealership to make our list of electric vehicle lease deals with a fantastic offer of $499/month plus tax for 36 months, $999 plus tax and license at signing. With an average monthly cost of $513/month, Weston Volvo handily beats the XC40 Recharge 3-year factory lease terms of $599/month, $4,099 at signing, which works out to an average monthly cost of about $696/month. Costco members can apply their $2,000 incentive to these terms to effectively reduce the average monthly cost to around $650/month with no dealer discounts. Interestingly, this just happens to be slightly more than the average lease cost of a Model Y, which rings in at $633/month before tax and license.

Current members that have been with Costco since May 31, 2021, qualify for these limited-time incentives that expire on August 2, 2021. Not a member? If you’re planning to buy a new electric vehicle soon, a $60 annual membership could pay off in thousands. Consider that Costco has run these special auto incentives for years. Since January 2020, Chevrolet’s Bolt EV and Audi’s e-tron have each been included in these special offers three times, and Volvo has participated twice. As a side benefit, you’ll be able to enjoy a $1.50 hot-dog-and-a-Pepsi along with $4.99 rotisserie chickens as many times as you want while you wait for that coveted incentive to show up.

As always, be sure to check our monthly survey of best electric vehicle lease deals and best electric vehicle discounts. Information is current for manufacturer lease offers, Chevrolet dealer offers, and Volvo dealer offers. We are currently gathering dealer data from dealerships of other marques, so please check back throughout the month for additional updates.