Why My Used Chevy Bolt Is Worth So Much More Than Its Trade-In Value – CleanTechnica

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GM discontinued the Chevy Bolt EV and EUV at the end of the 2023 model year. During an early 2024 conference call with analysts, GM CEO Mary Barra agreed that environmental benefits of EVs continue to be compelling to the company. She also admitted that GM’s EVs need to be deployed in strategic segments as the nation continues to build out its charging infrastructure.

Just as the Chevy Bolt line seemed destined for collectors, 2023 became one of the Bolt’s best years yet, with record sales in the second quarter across multiple markets.

It’s still hard to wrap our heads around the fact that the Bolt EV and EUV are discontinued … at least for now. They’re two of the most successful electric cars sold in the US. I know: I own a Bolt EV. My decision to buy a used Bolt was a combination of its affordability, reliability, performance, range, and safety.

A new 2023 Chevrolet Bolt costs about $27,500 without any options. The 2LT trim raised the dealer price to $30,695. Edmunds says, “Since its introduction back in 2017, the Chevrolet Bolt has been a solid choice for buyers looking for a compact EV.” Sure, the price of my 2017 used Chevy Bolt has dropped since I purchased it in summer 2023. Now KBB says I could sell it to a private party for about $13,000. Nonetheless, I think there’s a value to owning a used Bolt that isn’t figured into this trade-in price at all. Let’s dig down and see.

Driving a Chevy Bolt allows us to experience all the perks of battery electric driving without the high cost of newer premium models. Not only is the Bolt an affordable EV to buy, it also will cost you less to maintain, insure, and run than an internal combustion engine vehicle (ICEV).

When a consumer makes the decision to buy an EV like a used Chevy Bolt, they help to provide a sustainable solution to mitigate the environmental and energy crises and help meet the targets for achieving carbon neutrality under the Paris Agreement.  It’s important to me to drive a battery electric vehicle to reduce transportation emissions — whether when at my year-round home or my vacation bungalow in the woods. Replacing gasoline with electricity greatly reduces the carbon emissions from driving.

A small electric SUV like the Chevy Bolt produces fewer life cycle greenhouse gas (GHG) emissions than a comparable gasoline vehicle. Electric vehicles have no tailpipe emissions — nearly three quarters of the GHG emissions from a gasoline vehicle come from the tailpipe during vehicle operation. For those folks concerned about the ability for the grid to support rising levels of EV sales, researchers have concluded that EVs have increased utility revenues more than they have increased utility costs, leading to downward pressure on electric rates for EV-owners and non-EV owners alike.

Having a brand new battery in the 2017 used vehicle was pivotal to my buying decision. The recall and replacement of 2017–2019 model year Bolts with a previously flawed battery meant consumers who purchase a pre-owned Bolt from a dealer in that year span now own a brand new battery with a 8 year and 80,000 mile warranty.

The EV’s regenerative braking is quite solid and nicely adds electricity back into an EV battery while driving — it’s so sensible and efficient.

A used Bolt offers great range at an affordable price. The cars feature a 65 kWh battery pack, which means the EV has a max 259-mile range (I start looking for a charger after 200 miles of travel, just to be sure). The Bolt EV returns a 120 MPGe or 28 kWh per 100 miles combined energy consumption estimate, while the EUV is slightly heavier on energy, with its 115 MPGe or 29 kWh per 100 miles returns.

Someday we won’t have to plan for EV charging. There will be enough charging stations in major metropolitan and tourist areas to accommodate everyone who needs to charge. There are many more chargers available this year than last, and who knows about 2025? Plus, it’s so exciting to think that the Bolt is slowly becoming available to the Tesla Supercharger network! It’s a whole new charging ballpark.

A used Chevy Bolt may be eligible for the Used Clean Vehicle Credit if no previous owner has already grabbed it. If yours is eligible, then you can reduce the sticker price by $4,000. (Get it while you can, as rumor has it EV tax credits are soon to become obsolete.)

The Bolt — like other electric vehicles — offers me quick acceleration when at the top of highway on-ramps and when I need to pass a slow driver in front of me. It responds nicely in most traffic situations (however, it does not have strong self-centering action in the steering).

And it’s a SUV! That means when I find a treasure on Facebook Marketplace, I can lift it into the just-spacious-enough back hatch area of my own vehicle without needing to borrow a friend’s truck and time.

The Bolt EV can tow a trailer, as our CleanTechnica colleague Jennifer Sensiba has chronicled. If you manage your towing and passenger loads, you can travel or haul at much less cost than a typical pickup truck.

There’s a regional-specific reason that a Chevy Bolt has more value that a trade-in seems. In Texas, General Motors is teaming up with Reliant Energy — the automaker’s home energy subsidiary —  to offer free nighttime charging to some Chevy electric vehicle owners in Texas. Chevy owners who enroll in Reliant’s EV charging plan will receive free nighttime charging through monthly bill credits that offset charges incurred between 11 pm and 6 sm, the companies said. Customers must also designate an EV to receive the charging credit through GM Energy’s Smart Charging Portal.

Final Thoughts

The reintroduction of the beloved Chevrolet Bolt EV will have residual positive effects on used Chevy Bolts. The anticipated new Bolt pricing in the $30,000 range will be strong for some entry level buyers, so the used models will have real appeal. From my perspective, GM will need to find a way to balance necessary profitability with the raison d’etre for the Bolt’s original success: it was a budget electric car that introduced a new audience to the world of transportation electrification.

Perhaps the new Chevy Bolt EUV will have long-range, better design, and hold a competitive edge to other EVs quickly emerging on the market.