Chevy Bolt Named Best Electric Car For 5-Year Cost of Ownership
This story won't be a big surprise to those lucky owners of Chevrolet Bolt battery-electric vehicles (BEVs). The Bolt is a very popular electric vehicle among all shoppers, but value shoppers discovered long ago that the Bolt was one of the most affordable cars in America to own.
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A new study confirms this widely held belief. A study by KBB published in late April names category winners of the 5-Year Cost to Own Awards. These awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period. The Bolt takes home the award for the Best Electric Car.
“Many car shoppers would be shocked if they understood that cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time,” said Janice Yoell, senior manager of valuations for Kelley Blue Book. “Paying attention to a vehicle’s cost of ownership is imperative to make a smart purchase decision. For the third year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2023. Both brands feature several models with high residual values – meaning the vehicle holds its value well over time – leading to low vehicle depreciation, which is a key factor in determining cost of ownership.”
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KBB’s 5-Year Cost to Own evaluation is comprehensive. It takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and even state fees. The Bolt shines in this analysis. With a low entry point and a high value retention, the Bolt starts out ahead of the curve. Factor in its ridiculously high 120 MPGe Combined fuel efficiency rating for the EPA and a crazy-low $600 annual average energy cost, and the Bolt is hard to beat among EVs.
Those who wish to join the many happy Bolt owners and enjoy this very low cost of ownership vehicle should hurry to find a Bolt. Reports are that, just like the Volt, Chevy plans to discontinue the Bolt due to its high popularity and smashing success in the marketplace.
John Goreham is an experienced New England Motor Press Association member and expert vehicle tester. John completed an engineering program with a focus on electric vehicles, followed by two decades of work in high-tech, biopharma, and the automotive supply chain before becoming a news contributor. In addition to his ten years of work at Torque News, John has published thousands of articles and reviews at American news outlets. He is known for offering unfiltered opinions on vehicle topics. You can follow John on Twitter, and TikTok @ToknCars, and view his credentials at Linkedin
Image of Chevy Bolt by John Goreham. Chevy Bolt fuel economy image courtesy of EPA.