CARS.COM — Chevrolet has announced that its new 2017 Bolt EV electric car will have a starting price of $37,495 including destination when it goes on sale at select dealerships nationwide later this year. After factoring a federal tax credit of up to $7,500 for which some buyers may qualify, the total price of a base Bolt EV could ring in as low as $29,995, according to Chevrolet. The Bolt’s direct competitor is the Tesla Model 3, which the automaker has said will cost around $35,000 (before incentives) when it goes on sale in 2018.
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That base price is for the entry-level Bolt LT model, which includes standard equipment such as a backup camera, Michelin run-flat tires and a 10.2-inch display screen on the center console. A Premier trim is also available, which adds heated front and rear leather seats, a 360-degree-view camera, and a novel rear camera mirror similar to this one.
It should be noted that the $7,500 figure is not a refund or rebate on the price of the car but an income tax credit that qualifying buyers may receive when claiming the purchase of a full electric car such as the Bolt EV on their annual taxes. When leasing the car, the credit may apply to allow the leasing company to reduce the price of the vehicle. Some states, municipalities and even employers offer additional tax and rebate incentives toward the purchase of an electric car, so it makes sense to look into what is available around you to reduce that initial cost. You can find additional state-specific EV incentive information at the U.S. Department of Energy’s Alternative Fuels Data Center website here.