Chevrolet Is Giving Money Back to Bolt Owners Who Purchased the EV Prior to its Price Cut

The 2023 Chevy Bolt has undercut entry-level EV rivals from Tesla and Nissan in price.Photo: Chevrolet

Chevrolet is reimbursing Chevy Bolt buyers who bought the EV ahead of its latest discount. Eligible buyers will receive up to $6,000 from Chevrolet, in this rare case of an automaker offering a retroactive discount. So, if you’re one of the buyers of the Chevy Bolt EV or EUV who preempted the price cut, don’t worry; the discount that made the Bolt the cheapest EV in America still applies.

That discount came earlier this month, and reduced the price of the 2023 Chevy Bolt EV and EUV to $26,595 and $28,195, respectively. It seemed like a way for Chevrolet to restore faith in its EVs after the Bolt recalls made it less attractive; the price cut was, basically, an effort to buy back goodwill.

Chevrolet is calling this a goodwill program, too. While there are requirements Bolt buyers must satisfy, the biggest factor for eligibility seems to be the date of purchase. Chevrolet tells Automotive News that U.S. customers can request a reimbursement, so long as they bought their Chevy Bolt in 2022:

A small number of Bolt EV and EUV customers purchased their vehicles in [the] 2022 calendar year, when incentives were low due to limited inventory. As a result of the price reduction announced on the 2023 Chevrolet Bolt EV/EUV, we want to make sure these customers are satisfied with their purchase and ownership experience.

[…]

We will be reaching out to them in the coming weeks to inform them of a goodwill program that will provide reimbursements to make up the price difference.

Chevy specifically mentions the 2023 Chevy Bolt in its statement, but since the price reduction of this latest model year affected older model year Bolts, Chevrolet will reimburse those who bought new 2020-2022 Chevy Bolts, as well. It’s unclear if those buyers will receive the get the full $6,000 back, but Chevrolet is sending letters with the fine print and instructions for requesting reimbursements. The model year and trim level will likely affect refund amount.

Photo: Chevrolet

The retroactive discount, however, will not apply to Chevy Bolt leases; it’s only for those who bought a Chevy Bolt EV or EUV. I suppose that’s another point in the “Buy” column on the Lease-or-Buy pros and cons list. Automotive News reports that Chevrolet sold 358 Chevy Bolts in the first quarter of 2022, and second quarter figures are coming on Friday.

If we were to say that Chevy sold the same number of Bolts in the second quarter, that’d make for 716 EVs sold. And if every single one buyer of those Bolts was eligible for the full $6,000 reimbursement that’d come to $4,296,000 going back to early EV adopters. That’s not a small amount. But it’s not a lot of money to buy the confidence of both GM EV buyers and prospective buyers of the carmakers upcoming electric cars.

Photo: Chevrolet