Chevy’s Bolt EV is a steal at under $20,000 using the IRS tax credit upfront

Electric vehicles for under $20,000 are already here. You can score a 2023 Chevy Bolt EV for under $20,000 with new IRS rules allowing you to use the tax credit as a down payment. But you may want to act fast.

You can buy a Chevy Bolt EV for under $20,000

Rather than waiting until next year’s tax return, you can now use the EV tax credit at the point of sale.

Although new restrictions on Jan 1 disqualified most models, the Bolt EV was one of 13 electric cars that still qualify for the full $7,500 credit. The new restrictions disqualify models with battery components from “foreign entities of concern,” like China.

With the 2023 Chevy Bolt EV starting at $26,500, the $7,500 credit would bring the starting price down to $19,000.

Even with a $995 destination fee, you can buy a 2023 Chevy Bolt EV for under $20,000. According to Chevy’s website, the 2023 Bolt EV LT can also be leased for $299 per month for eligible lessees. However, you may want to hurry if you want to take advantage of the deals.

Chevy ended Bolt EV production at the end of the year as it focuses on ramping up its Ultium-based models. Although the current generation is being retired, GM confirmed a next-gen Bolt EV is in the works.

With the next-gen Bolt set for an EUV version only, it may be your last chance to hop into the electric hatch.

GM aims to launch the new Ultium-based Chevy Bolt in 2025. Barra said the new Bolt will feature “an even better driving, charging, and ownership experience.” It will also be the first Ultium-based EV in the US to feature LFP batteries, which should help keep prices down.

At under $20,000, the Chevy Bolt EV is a steal. If you’re looking to take advantage of the savings while the EV is still in stock, we can help you get started. Check out our link to find deals on the 2023 Chevy Bolt EV at a dealer near you today.