Chevy Gives EV Refund as Car Prices Soar

When have you ever received a refund while keeping the product you bought? Chevy is offering a refund for some EV models purchased recently.

In fact, this refund is retroactive for two model years, making it possible for some Chevy EV owners to save a lot more than ever before. A strange situation, as if the current automotive market wasn’t full enough of strange things, has occurred, and some owners will receive part of their purchase price back from GM. This is something unprecedented and should go a long way to create some goodwill with the bowtie brand.

A Rocky Beginning for the Bolt EV

Technically, The Chevy Bolt EV didn’t have a rocky start, but it certainly hit a wall not long ago. The Bolt was the first affordable EV out of the gate, beating the Tesla Model 3 and new Nissan Leaf to market. Sales soared, and it seemed that Chevy had found the secret sauce to providing electric vehicles to the market. Suddenly, production was paused, and recalls were issued after a battery defect that could cause fires was discovered. Once resolved, Chevy got back to the business of building the EVs we want to drive.

What About this Refund?

Recently, Chevrolet announced the 2023 versions of the Bolt EV and EUV are priced much less than the previous model. In fact, some models of these two electric vehicles will cost nearly $6,000 less than their 2022 counterparts. Certainly, this isn’t going to make anyone happy that spent that much more for their EV earlier in the year. To handle this problem, Chevy offers a retroactive refund for EV models purchased at higher price points. This is certainly something that’s not expected but welcome, especially for those customers that spend the extra money.

Will All Bolt Drives Receive the Refund?

No, not everyone driving a Chevy Bolt EV or EUV will receive some money back on the vehicle. All leased models are ineligible for this refund, which leaves out a lot of EV drivers that pay less each month anyway. Customers who purchased a Bolt EV or EUV in 2022 are eligible for the reimbursement. These models don’t have to be the 2022 model year but can be any model from 2020-2022 that was purchased new in 2022. Each owner will receive a letter from Chevy telling them how they can receive the money-back on their car or SUV.

Do All Owners Receive the Full Amount?

Once again, the answer is “no.” The amount of the final refund for these EV models depends on the vehicle trim and model year. This makes a lot of sense when you think about the higher trims and how much more they cost. The refund amounts will be included in the letters. The maximum among for the Bolt EV is $5,900, while EUV owners could receive as much as $6,300 back for their purchase. Those letters will be sent to the current owners soon.

What Caused the Need for These EV Refunds?

At the beginning of 2022, there was a serious shortage of new vehicle inventory at dealerships and a lack of incentives to lower the prices when purchased. Customers buying their Bolt models during this time paid a lot more than a customer would today, even for the new 2023 models. Because of this situation, which was a bit odd, Chevy chose to extend a branch of goodwill to customers from the early part of the year. This refund should only impact a small number of Bolt owners, but it will help them feel much better about their purchase.

Chevy Makes the Bolt EVs the Cheapest in the Market

The lowest-priced electric vehicle you can buy right now is the Chevrolet Bolt EV. In the compact SUV market, that is the Chevrolet Bolt EUV. Even though GM ran out of Federal EV tax credits long ago, these two models are priced low and offer shoppers the electric drive desired. It’s not often you see the next model year of a vehicle at a lower price than the previous year, but that’s what’s happening with the Bolt models. This could be a trend that begins and shows us how affordable vehicles will reenter the market.

Not Many Changes for the Bolt

The 2023 Chevy Bolt EV is the most affordable electric car in the market, and it brings some new paint colors. Those are the only changes to this little EV. Of course, this is a vehicle that gives you the electric benefits you desire. You’ll never have to stop at a gas station to fill up and can drive for 259 miles on a full charge. The Regen On Demand braking system sends braking power back to the batteries to give you a bit more driving range when you need it.

The EUV Does Something Special

The SUV version of the Bolt is the Chevy Bolt EUV. This little crossover sits a little higher off the road and gives your rear passengers more legroom than the Bolt EV. If you opt for the highest trim, you’ll have the special experience of using Super Cruise, a hands-free driving system. With the Bolt EUV, you’ve never got to hit the gas station and can drive for 247 miles when the batteries are fully charged. The quick acceleration and added comfort could make this little SUV the right choice for you.

Will the Refund Do the Trick?

If you bought a car and then found out that the automaker was offering a refund for a portion of the price, would you feel better about your car? That’s what GM is hoping for with this refund for previously purchased EV models. Those shoppers that couldn’t take advantage of incentives early in the year will now have an impressive discount to give them some money back on their purchase. Hopefully, this will be what’s needed to make those Bolt EV and EUV owners feel great about the small electric vehicle they drive every day.

This post may contain affiliate links. Meaning a commission is given should you decide to make a purchase through these links, at no cost to you. All products shown are researched and tested to give an accurate review for you.

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