A Guide to Getting an Epic Bolt EV Deal This April ($133/Month if All Stars Align)
You may have heard that GM is offering incredible leases on the 2021 Chevrolet Bolt EV right now. With release of the refreshed 2022 Bolt EV and all-new 2022 Bolt EUV just around the corner, deals on existing inventory can be had. Here’s what you need to know to score one.
1. Your Incentives Will Vary
The 2021 Bolt EV can be a phenomenal lease — maybe even sub-$133 per month, if all the stars align. A big factor will be the incentives you qualify for.
$3,000 Costco Member-Only Incentive
The biggest factor is the $3,000 Costco Member-Only Incentive, which is valid through April 30, 2021. To qualify, you must have been a current Costco member by March 1, 2021. (In other words, you can’t sign up for Costco now just to get this incentive.) Over a three year lease, this $3,000 Costco Member-Only Incentive will lower your monthly payment by $83 per month.
$1,500 Lease Conquest or Loyalty Incentive
Do you currently lease a car? If so, you qualify for an additional $1,500 Lease Conquest rebate. In select markets, existing GM vehicle owners can qualify for a $1,500 Loyalty Incentive, in lieu of Lease Conquest rebate. This saves $42 per month.
$1,400 Select Market Incremental Cash Incentive
In select markets, such as Northern California, near the San Francisco Bay area, there’s an additional $1,400 Select Market Incremental Cash incentive that can be applied only towards leases. Eligibility is based on where the vehicle is registered, not the dealer location. In other words, a Southern California resident cannot qualify for this incentive by leasing a Bolt EV from a Bay Area dealer. This incentive saves $39 per month.
$1,000 DC Fast Charging Incremental Cash Incentive
All Bolt EVs equipped with the $750 DC Fast Charging feature (option code CBT) are eligible for an additional $1,000 cash incentive that can be applied only towards leases. The good news is that nearly every Bolt EV is optioned with DC Fast Charging, which is a must if you plan on taking road trips.
All together, these four rebates from GM and Costco total $6,900, which lower the cost of the lease by a whopping $192 per month!
2. Don’t Forget State, Regional, and Utility Incentives
Depending on where you live, as well as your income level, you may qualify for public incentives in addition to those from GM.
For example, in California, residents who have not leased or owned an electric vehicle before may qualify for a $2,000 Clean Vehicle Rebate Project post-sale rebate, or $4,500 if your household does not exceed certain income thresholds. There is also an additional $1,500 California Clean Fuel Reward rebate from electric utility companies that is applied immediately at the point of sale. This means most California residents qualify for $3,500 in state and utility incentives, saving $97 per month over a three-year lease.
Check out this guide from Tesla for a national summary of state, local, and utility rebates for electric vehicles here. The majority of states offer some form of EV incentive.
3. Negotiate A Good Discount Off MSRP
You should not expect to pay full price on a Bolt EV right now. The vehicle selling price, which is independent of any incentives, will vary depending on a number of factors. Every dealer sets its price differently. For example, a large dealership in a competitive metro area may be willing to sell Bolt EVs at a loss in order to reach their overall volume goal, whereas a smaller dealer in a rural area may be more focused on maximizing gross profit on each unit sold.
Search the Leasehackr Forum to get a sense of the dealer discounts other consumers are getting in your particular region. Knowing how to use the Leasehackr Calculator will be crucial to making sure you’re getting a fair deal (click here for a video tutorial).
Click here for an example of a 2021 Chevrolet Bolt EV LT with DC Fast Charging lease, shown on the Leasehackr Calculator, for a resident of San Francisco, CA, assuming all GM and Costco incentives apply. This hypothetical deal assumes a $2,000 dealer discount off MSRP, and the $1,500 Clean Fuel Reward utility incentive applied at the time of sale. It amounts to just $133 per month with $1,679 due at signing, including sales tax and registration fees. Your net cost will be even lower after the Clean Vehicle Rebate Project rebate.
4. Or, Skip the Negotiation and Browse the Marketplace
On the Leasehackr Forum Marketplace, you’ll find sellers who work closely with the Leasehackr community to offer competitive deals, including on 2021 Chevrolet Bolt EV. Use the Find A Deal function to search by brand, location, and price range.
The peppy Chevrolet Bolt EV is a Leasehackr favorite and is one of the best vehicles for commuting thanks to its refined driving experience and long driving range. While the 2022 models offer promising updates, the compelling value of the 2021 Bolt EV is unbeatable.