Ever since General Motors remedied the Chevy Bolt EV and Chevy Bolt EUV fire hazard recall, sales of the two all-electric vehicles have skyrocketed in recent months. Now, the 2023 Bolt EV and 2023 Bolt EUV have been recognized as one of the cheapest vehicles to own in a recent study.
According to a report from Kelley Blue Book, the 2023 Bolt EV and 2023 Bolt EUV are the least expensive EVs to own over the span of five years in their respective category. In fact, with an estimated five-year cost to own calculated at $28,610 and $31,581, respectively, the Bolt EV and Bolt EUV are $10,066 and $14,959 cheaper than the segment average, respectively.
It’s worth noting that the Nissan Leaf boasted the lowest estimated five-year cost of ownership for the 2022 rendition of this study. However, that edition only had one category for electric vehicles.
To calculate this figure, KBB collected data on projected resale value, while also taking into consideration factors like insurance costs, state fees, fuel, maintenance, and repair outlays. Each vehicle’s initial cost is calculated from KBB’s Fair Purchase Price. In addition, vehicles are sales-weighted, meaning that popular trims are given greater influence so that the average buyer has a better idea of what to expect from the ownership experience.
Despite this positive development, GM Authority recently reported that the Chevy Bolt EV and Chevy Bolt EUV will officially sunset production on November 7th, 2023. For reference, production of the 2023 model year kicked off in July 2022. In the meantime, General Motors is planning on building 70,000 units of the all-electric vehicles over the course of the 2023 calendar year.
As a reminder, both the Chevy Bolt EV and Chevy Bolt EUV are equipped with a 65 kWh battery pack, which supplies energy to the front-mounted electric motor. Total output is rated at 200 horsepower and 266 pound-feet of torque, while both models ride on the GM BEV2 platform for structure.