Yesterday, GM Financial announced the supported lease program for 2017 Chevrolet Bolt EV, the remarkable battery electric vehicle with 238 miles of range and an MSRP of under $30,000 (after $7,500 federal tax credit). Here's how much it costs to lease one right now.
(Note: 2017 Bolt EV will launch first in California and Oregon; nationwide rollout will occur at a later date.)
The Lease Program
The cost of leasing a particular car is determined by its lease program, which is set by the manufacturer, and the selling price, which is set by the dealer. Here is GM Financial's lease program for 2017 Bolt EV through the end of this year:
|Residual Values (36 Months)|
|Trim||10,000 Miles/Year||12,000 Miles/Year||15,000 Miles/Year|
|Bolt EV LT||61%||60%||58%|
|Bolt EV Premier||60%||58%||57%|
|Credit Tier||Money Factor||Interest Rate Equivalent|
|Tier A+ and A1||.00050||1.20% APR|
|Tier A2||.00133||3.19% APR|
|Tier A3||.00217||5.21% APR|
As for rebates and incentives, there's a $2,500 Incremental CCR incentive through GM Financial (CA or OR only). Given how Bolt EV qualifies for the full $7,500 federal tax credit, we frankly expected the CCR to be higher. But it looks like GM is passing only a fraction of that amount to lessees -- and using the rest to inflate the residuals (which also lowers the payment).
There are no other incentives from GM at the time (no competitive owner/lessee cash, no Farm Bureau rebate, and the like). However, like all battery electric vehicles, Bolt EV does qualify for the $2,500 CVRP mail-in rebate from the California Air Resources Board.
Putting It Together
A base 2017 Bolt EV has an MSRP of $37,495, and the invoice is $35,155 (both include destination charge). We expect most Bolt EVs to initially sell for close to MSRP. Costco or GM Supplier pricing, which is typically close to invoice, has not been released yet.
Use the lease calculator below to customize your own inputs, such as mileage and selling price. Here's a sample deal of a base Bolt EV LT assuming a selling price of $36,495 (a discount of $1,000), excellent credit, Los Angeles County sales tax, and 10,000 miles per year. Bolt EV qualifies for a $2,500 CVRP rebate, which we've fronted as a down payment in this example.