An ideal storm for Chevrolet Bolt EV and Bolt EUV gross sales has hit, however the sudden spike in gross sales is placing sellers within the driver’s seat.
Some Background
Chevy’s Bolt EV and Bolt EUV aren’t one of the best EVs round. Most EVs cost sooner than they do, and plenty of are available in rear- and all-wheel drive configurations. Many different fashions have extra seats, extra inside house, and extra cargo house. However one space the place no one else is thrashing GM proper now could be on the worth.
For many individuals, an EV that begins beneath $30,000 is right as a result of it’s what we will afford. Even amongst individuals who can afford a $50,000+ Tesla, they’d moderately preserve their month-to-month price range open for different issues. Whereas there are shortcomings, particularly the DC quick charging velocity (55 kW max), Bolts have confirmed themselves to be reliable autos that don’t collapse or endure a variety of battery degradation. Earlier than the recall, there have been drivers pushing 150,000 miles with solely round 10% degradation, which is spectacular.
Plus, Individuals are coo coo for crossovers, and now the Bolt has a crossover model with the extra truck-like entrance strains, extra rear legroom, and a suspension tuned to absorb the bumps extra. That extra fascinating configuration, mixed with the non permanent 2022 worth cuts made everlasting for the 2023 mannequin 12 months, made it a tricky automobile to get for many of 2022.
In the course of the worst shortages of Bolts and Bolt EUVs, many sellers have been charging a $5,000–$10,000 premium on prime of MSRP, and sadly, some individuals have been dumb sufficient to encourage that conduct by paying it. It took me a number of months and a fortunate break at one in every of my native sellers to get one beneath MSRP, and I jumped on that.
However this example all of a sudden modified when phrase got here out that the tax credit have been coming again. As a substitute of wanting a Bolt or Bolt EUV immediately, many consumers wished to search out one to purchase in January. Even higher, the Bolts are going to qualify for the complete $7,500 tax credit score for no less than the following few months. So, Bolts began stacking up on seller tons once more, and the few individuals who weren’t wanting to attend for the tax credit score have been in a position to get regular sub-MSRP pricing once more.
Now, it’s January, and the tax credit are on! As ordinary, a sudden spike in buyer curiosity normally means sellers are attempting to take a minimize of the financial savings for themselves. On a number of Fb teams devoted to GM EVs, I’m beginning to see some wild tales like this one under. It’s from a non-public group, so I received’t identify the one who posted it.
As predicted, sellers are actually going to renew benefiting from individuals, although:
“Went to purchase a Bolt EUV immediately from [dealer name removed to protect privacy of poster]. Had contacted salesperson weeks prior to go to who suggested three that match my parameters have been in transit and accessible in January, and that they bought for msrp with no markup and solely add-on was tint at $299. They wouldn’t take deposit and mentioned first come first serve. Wouldn’t do deal sheet (big pink flag). Confirmed final Friday that one in every of them was now in inventory and accessible, set appointment for 1st factor immediately as they have been closed Sunday.
“Present up, automobile is there and prepared lastly, get consumers order and naturally $3495 “safety bundle” magically seems. Not one of the bundle had been achieved to the automobile. I say I’ll do the cope with no add ons as beforehand mentioned, gross sales supervisor comes again and says he’ll knock it all the way down to their “price” which is $1296. I counter and we find yourself at $1000 in the event that they throw within the OEM black wheel inserts. He goes to examine availability of the inserts, comes again and says $3495 bundle is now required and no negotiation.”
I’ve been seeing a lot of different tales like this round social media, individuals who had made a seemingly strong deal to buy a Bolt or Bolt EUV present as much as signal on the dotted line, solely to search out that the sellers have bumped the worth up on them.
GM Made A Very Modest Worth Enhance
There was a variety of hypothesis that GM itself was going to boost the bill costs as soon as tax credit got here into play, and that occurred as predicted. However what I didn’t predict was that they’d make it a really modest worth enhance.
In response to GM Authority, the Bolt EV noticed a $900 worth enhance for the 1LT and 2LT fashions. The 2LT typically comes with a a nicer leather-based inside and different upgrades, however continues to be under the Premier bundle in different respects. Different media shops present that the Bolt EUV is seeing solely a $600 enhance, which is smart as a result of it was already a costlier mannequin, and GM in all probability thought EUV clients would already be just a little extra worth delicate.
As Normal, I’m Impressed With GM However Upset In Most Sellers
As I mentioned above, most individuals have been pondering GM would take again the reductions they gave out in 2022 and made everlasting. With a $7,500 tax credit score, it in all probability wouldn’t have damage their gross sales all that a lot. However, additionally they needed to contemplate that the consumers of a price range EV won’t have sufficient tax legal responsibility to even benefit from a tax credit score. In 2024, these credit change into transferrable and may come off the worth of the automobile, however for now you’ve obtained to owe taxes to profit from the credit score.
Nonetheless, seller conduct at this level (jacking up costs) exhibits us that the transferable credit won’t even profit many consumers. It appears prone to me that sellers will persuade somebody that they’re getting a barely sub-MSRP deal, however not inform them that a part of the paperwork is signing $7500 over to the seller. Many individuals are going to get fleeced by sellers.
Should you’re available in the market for a Bolt or Bolt EUV, be affected person. Don’t let a seller persuade you to pay 1000’s extra due to a tax credit score. Don’t allow them to steal your tax credit score subsequent 12 months. It could take months to provide you with a automobile, however the worst factor you are able to do proper now could be pay a ton additional for a brand new automobile that’s going to lose worth from MSRP once you drive it off the lot.
Featured picture by GM.
Full our 2022 CleanTechnica reader survey for an opportunity to win an electrical bike.
Respect CleanTechnica’s originality and cleantech information protection? Take into account changing into a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
Do not need to miss a cleantech story? Join each day information updates from CleanTechnica on electronic mail. Or observe us on Google Information!
Have a tip for CleanTechnica, need to promote, or need to recommend a visitor for our CleanTech Discuss podcast? Contact us right here.
