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Shoppers in Massachusetts who were on the fence about leasing a Chevy Bolt earlier this year (like your author) are now finding that the cost has increased dramatically with the arrival of the new 2022 Bolt.
Chevy Bolt Lease Price Increase
Prices posted on the handy Drivegreen organization’s website show that the lease price of a new Chevy Bolt LT has risen from $145 per month to $335. In both the old and new pricing the Commonwealth of Massachusetts EV rebate covered the cost of the $2,500 down payment. So, in effect, the cost to lease a bolt in this pro-EV ZEV state has more than doubled with the arrival of the newly refreshed Bolt for 2022.
Chevy Bolt - Is It Worth It?
Having just tested a new 2022 Chevrolet Bolt 2LT, the opinion of this writer is that it is an exceptionally good vehicle. The new price point seems fair. Buying with cash or financing will cost you about $28K for the new Bolt. However, by comparison to the $18K the Bolt cost just a few months ago, it is hard to swallow the price jump.
Related Story: Consumer Cost of Chevy's Bolt Increases by 35% - Yet Sales Surge 350%
What Does The New Bolt Add?
In addition to new styling, we found the new Bolt had important differences compare to outgoing Bolts. The new Bolt comes with DC fast-charging capability via a CCS connector in all trims. That came in very handy on a long-distance road trip we made of about 250 miles. The new Bolt also has better seats, wireless Android Auto and Apple CarPlay, and a redesigned infotainment system. Perhaps the biggest difference is the addition of a one-pedal-driving button.
Will Great Bolt Deals Return?
The current market is unusual. The prior lack of manufacturing ability and consumer hesitancy to venture to dealerships means that there is presently an unusually high demand for vehicles. Toyota RAV4 Primes are being listed at $20K over MSRP by some dealers looking to cash in on this consumer conundrum. While the Bolt is certainly not over-priced now, we do suspect that by spring of 2022 the Bolt may well be priced lower. And of course, the wildcard is a possible new tax bill incentivizing EV purchases using the federal income tax.
EV prices vary from market to market. Even within California prices of a given model can vary from county to county, region to region. We like the Massachusetts examples because the prices are printed and updated each month. That’s handy.
If you bought an outgoing Bolt at a great price, or leased and got a sweet deal, please tell us in the comments below.
John Goreham is a long-time New England Motor Press Association member and recovering engineer. John's interest in EVs goes back to 1990 when he designed the thermal control system for an EV battery as part of an academic team. After earning his mechanical engineering degree, John completed a marketing program at Northeastern University and worked with automotive component manufacturers, in the semiconductor industry, and in biotech. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on TikTok @ToknCars, on Twitter, and view his credentials at Linkedin
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Comments
The pricing difference is
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The pricing difference is unfortunate, but predictable. Automakers always heavily discount outgoing models to clear inventory from the dealership lots to make way for the newest models. And this was also affected by the 2017-2019 Bolt's tarnished reputation due to recalls and battery issues. Dealers offer fewer discounts for new models because the demand is higher, and people will pay more. With the Bolt, there is also the new EUV model, and the refreshed design addressed many of the design and engineering shortcomings of the older model. I also believe that Chevy is anticipating additional EV government subsidies coming from proposed EV support bills, now being voted on. It would appear greedy if they raised the MSRP by $12,500 once the EV bills passed, but it is an easier move to simply not offer the added incentive discounts now, and make more profits later.
I think you nailed it. A
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In reply to The pricing difference is by DeanMcManis (not verified)
I think you nailed it. A price increase ahead of a prediction of successful lobbying efforts. Still not a bad deal, but boy, there are owners on the Bolt club sites talking about $107 monthly lease payments on the prior model year cars. That's basically a free car.
Yeah, the fact that the Chevy
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In reply to I think you nailed it. A by John Goreham
Yeah, the fact that the Chevy Volt had a $250 a month lease cost, and that was the same as I was paying monthly for gasoline, was the main reason why I leased the car, and how I first got interested in EVs. Depending on the down payment and yearly mileage caps, $107 sounds unbelievable. But I did see similar deals here, which were very tempting even when you figure in all of the related costs of such a lease. I suspect that we will start to see similar EV deals offered over the next year. If not quite as amazingly low.