Want an $8,000 new Chevy Bolt in California? EV Life Can Help You Use EV Incentives to Save Big

GM has been one of the pioneers of electric vehicles, introducing the General Motors EV1 back in 1996 and the groundbreaking Chevy Volt in 2010. Today, Chevrolet has some of the best EV options on the market, with more scheduled for release in the next few years.

In addition to the Chevy Bolt EV, considered the top-rated electric vehicle in 2023 according to Edmunds, and its slightly more spacious cousin, the Bolt EUV, Chevrolet plans on releasing more electric options in 2024, including the Chevrolet Silverado EV, Chevrolet Equinox EV, and Chevrolet Blazer EV.

With an impressive 259 miles of range and a reasonable starting price tag of $26,500, the easy-to-drive and stylish Chevy Bolt EV is a great option for drivers looking to purchase their first electric vehicle. What’s more, the Bolt EV is eligible for a variety of federal and state tax credits, rebates, and incentives that can potentially bring the price down to $8000 for qualifying drivers.

Let’s take a look at how you can get a brand new Chevy Bolt EV or Bolt EUV for $8k.

Federal Tax Credit

Federal EV Tax Credit: $7,500

The Inflation Reduction Act of 2022 renewed and expanded funding for the federal EV tax credit through 2032 for qualified drivers looking to purchase an electric vehicle. Applicants can receive a non-refundable tax credit of up to $7,500.

From January 1, 2024, the federal EV tax credit is now available as an upfront discount applied at point of sale for qualified buyers.

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California Electric Car Rebates

Clean Cars 4 All: $9500

California's Clean Cars 4 All program helps lower-income consumers invest in EV vehicles by retiring their older, high-polluting vehicles. This is perfect for drivers who have an operational gas- or diesel-powered vehicle (model year 2005 or older) and are looking to upgrade to an EV option like the Chevy Bolt.

Residents of the Bay Area, South Coast Area (including Los Angeles), San Joaquin Valley, and Sacramento area who meet income and vehicle eligibility requirements for their area can receive a rebate of up to $9,500 toward the purchase of a new or used plug-in hybrid electric (PHEV), battery electric (BEV), or fuel cell electric vehicle (FCEV).

The highest incentive amount under this program is reserved for applicants with the lowest income who live in disadvantaged communities and choose the cleanest vehicle technology, such as fuel cell electric vehicles.

The Consumer Assistance Program (CAP): $1500

The Bureau of Automotive Repair’s (BAR) Consumer Assistance Program (CAP) offers consumers repair assistance and vehicle retirement options aimed at reducing motor vehicle emissions.

California residents meeting income eligibility requirements can receive up to $1,500 to retire their vehicle; those who exceed the income cap may still receive up to $1,000. Note that Californians may not qualify for more than one vehicle retirement program, so consider the qualifications for each to determine the maximum rebate for your situation (or apply for a loan and we'll help walk you through your options).

Subtract It All Up

While not everyone will qualify for all the programs above, some will, making their new Bolt cost $8,000 (at our best 5.99% interest rate, that's a monthly payment of less than $150).

What these incentives make clear is that now is a fantastic time to purchase an EV: these programs will eventually sunset as more people make the switch. Check EV Life’s Savings Calculator to see what you qualify for.

How EV Life Can Save You Money on Your Chevy Bolt EV

The high price tag for electric vehicles, even for affordable options like the Chevy Bolt, has always been one of the most prohibitive factors for drivers looking to make the switch to an EV. So, what’s the best way to maximize your savings with EV tax credits and rebates?

When you apply for the EV Climate Loan with EV Life, we help you:

• Pre-qualify for more than financing. EV Life’s application process is easy and fast. We’ll ensure that you qualify for every tax credit, rebate, and other incentive you’re eligible for, then help you file all the paperwork with our “Turbo Tax-style” incentive filing tools.
• Bundle charging. An EV Life loan enables you to get an instant quote for home charger installation and bundle it into auto financing, reducing your upfront costs.
• One low payment. The EV Life loan applies all your savings directly to your loan, significantly reducing your monthly payment.

So, if you’re looking to buy an electric vehicle, EV Life can help you get every dollar available to you, then skip the waiting period and put them to good use financing your purchase. Who knows? You may even qualify to get a Chevy Bolt EV for nearly free.

Ready to find out how much you could save? Pre-Qualify Now