Time to Bolt for a Bolt

Time is running out for people who want to take advantage of the federal tax credit on environmentally friendly vehicles, so its time to bolt for that Bolt – the Chevy one that is.

Chevrolet Bolt

The federal tax credit program is set to expire soon, well, to be clear the rebates on electric vehicles are tied to specific production quotas that basically state that when a company sells over two hundred thousand electrified vehicles the total rebate gets cut by 50% for the next six months and then another 50% in the next three months and the last 50% in the following three months after the date at which the company hit it 200,000 threshold.  To put in perspective, the current Federal government rebate is $7,500, which wold make the Chevrolet Bolt, retail priced at about thirty seven thousand, come in at around $30k.  When you add in the incremental state and local incentives to get you into a new electric car that number somewhat lower than that and when you think about it, getting into an electric, or hybrid plug in car, which is brand new for a mid twenty thousand dollar price tag, its a pretty sweet deal.

The caveat is that if you are thinking about getting into a new Chevy Bolt, you’ll need to pick up your game as the company is forecasting that it will hit the two hundred thousand Bolt sales mark before the end of 2018.  This whole scenario is causing some consumers to get a bit concerned as to whether any of the manufacturers will continue to build, and more importantly offer maintenance, these hybrid plug in and pure electric vehicles if the incentives are no longer available.    General Motors for its part says that its planning on staying the course and that it plans on having at least two more versions of the electric Bolt ready for dealer delivery before the end of next year and that in its broader plan its aiming to boost its overall production of electric vehicles to over 20 models before 2023.  Regardless of that, what we do know is that the rebates will be going away, although some think the government will step up and augment the program going forward, but there’s no guarantee, so if you’re thinking about getting into a new electric vehicle its probably a good idea for you to bolt for that Bolt.