Back when it was still being produced, the first-gen Chevy Bolt EV was lauded as an affordable option to enter the all-electric market as compared to competitors. While it may have been an attractive electric vehicle offering then, a new report has found that the Bolt EV saw one of the largest price drops over the past year.
According to a report from iSeeCars, the average price of the Chevy Bolt EV in August 2024 was $17,863, which is an 18.3-percent drop – or $3,997 decrease – on a year-over-year basis. Notably, this means that the Bolt EV saw the sixth-largest percentage drop during that time period.
“The 25-percent drop in used electric vehicle prices over the past year remains several times higher than gasoline or hybrid cars,” iSeeCars Executive Analyst Karl Brauer stated in a prepared statement. “But it’s lower than the 30- to 40-percent drops we were seeing at the end of 2023 and first half of 2024. And the substantial drop in EV prices over the past year appears to have brought them in line with demand, with used EV days-on-market much lower today, reflecting a faster selling rate compared to a year ago.”
“People waiting for a good deal on a used electric car have been rewarded for their patience,” Brauer continued. “If you bought a used EV a year ago you probably bought too soon, but at today’s prices a used EV is starting to make sense – assuming your lifestyle and vehicle needs line up with the benefits and limitations of an EV.”
As a reminder, the Bolt EV is due for a second generation that’s currently expected to arrive for the 2026 model year. Based on the first-gen Bolt EUV rather than a clean-sheet design, General Motors is aiming to make the second-gen Bolt EV the most affordable all-electric vehicle in the United States.
Beyond that, the next-gen Bolt will feature GM Ultium-based technologies and be equipped with lithium iron phosphate (LFP) batteries, which will be purchased from a supplier. Interestingly, the GM Ultium batteries found in other GM electric vehicles boast a nickel-cobalt-manganese-aluminum (NCMA) composition.
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My 2017 Bolt with 145k miles is worth about $3000. The car could easily go 3-5 more years and 50+k miles while still driving like the first year I bought it. That´s why I will trade it in for another EV. Based on the depreciation though either a short lease or plan on keeping it for 10 years are the way to go.
Meanwhile, a 25 year old S10 is still driving around and worth just as much or more.
What needs to be reported along side (within) articles such as this is what the same/similar new vehicle is selling for. Example: I had my first 2023 Bolt EV that I ordered back in 2022 and got in January of 2023. Since the prices were high then and most dealers were charging over MSRP, I ordered the base model with a couple safety features. And I loved that car. Especially the color (light blue). Then came GM saying they were killing the Bolt line and that was the first value killer. Then came GM 3 months later saying the Bolt line would live on but we don't know exactly when it will be out. Second value killer. In this new announcement, it was made clear that the new one would be based off the CUV style Bolt EUV. Not good news for me. So I started looking at the remaining Bolt EV's on dealer lots and found that the deal, with the point of sale tax incentive, was an amazing deal. And that is what needs to be made clear.
Resale value of any brand/model of vehicle, no matter if EV or ICE, will drop when the deals on the new ones are so good. In my case, I sold my blue Bolt to CarMax and got $3,000 less than I really wanted. However, I didn't really care that much because I was buying another brand new Bolt EV with an MSRP of $33,515 and I paid just under $25,000 for it. In other words, the deal was so good that it offset the lower value of my blue one.
Now I have the exact car I wanted from the start, with the leather/bose/surround camera and adaptive cruise. I'm not as fond of the black color and would prefer the light blue, but when shined up it looks great.
I like how, even in the face of a very poor fiscal decision, some EV owners ignore the facts.
Is an electric car a long-term ownership proposition? In other words, will someone in the future still have a pristine 35 or 40 or 50 year old EV?
There was a story here a few days ago about a 1978 Oldsmobile Delta 88 Royale that someone had bought new, drove seldomly and was now being sold by the original owner’s family for the first time. It’s 45 years old but like a time capsule that could still be put on the road and used.. There are many old cars out there that have similar stories and are still cherished.
Will someone 45 years from now still have their grandfather’s Bolt “saved” and tucked away? I just don’t know but if not, if EVs are more disposable, then I think that too is going to impact their resale value.
As more electric car models are designed, I would think some cool designs will become classics. Right now probably the most expensive electrics would be the most likely.
Nobody saves obsolete smart phones. They go in the trash or for recycling. Same with EV. That sweet old Delta 88 is still as functional as it was on the day it was born, not obsolete in the same way. Automakers, back in the day, would change the styling of their cars yearly, it was called "planned obsolescence". That practice waned, since cars look the same for years at a time now... with EV, they have a chance to return to those days when ppl HAD TO get a new car more often. I am sure this 12.5 year average vehicle age thing is sticking in automakers' craws, and EV is their way back to that sales model.
Again if you are car of the month club guy resale matters. I keep my cars as long as I can. Resale means nothing for those who keep their cars for a long time.
Amazing that no one has brought up the battery woes of the first Gen Bolt. Remember don't park them in your garage, don't charge them more than 70%.
And then there was the recall of all 149,000 Chevy Bolts that were produced between 2017 and 2023. And after years of this nonsense some got new batteries, and some did not.
Does anyone think that may have an effect on resale value?
I have been a Chevy fan my whole life, and that is one Chevy I will not own.