Voltage Drop: Chevy Cuts Volt Pricing by up to $5000 [Update]

Update 8/6: Chevrolet announced today that it has cut another $1000 from the cost of the Volt, which will now start at $34,995  for 2014 models; those eligible for federal tax credits could pay as little as $27,495. More important, the Volt remains eligible for single occupancy in the high-occupancy lanes in California and New York. If you bought a plug-in electric car last year—well, how can we put this nicely—you made an absolutely terrible decision, financially speaking. Purchase prices on new EVs have plummeted by thousands of dollars and lease plans now run within shouting distance of similar gas-powered models. Nissan, Honda, Ford, and Fiat are buzzing at each other's throats with deals on their EV offerings, and now General Motors—two weeks after claiming the cheapest five-door EV on sale with its Chevrolet Spark EV—is discounting the Volt. For cash buyers, the 2013 Volt will now cost $35,995 after this recent $4000 price cut, or $36,995 if it's leased or financed through Ally Financial or Wells Fargo. Qualified buyers can get that $3000 cut with a zero-percent APR for up to 48 months. If you can find a 2012 Volt, GM will slash the price by $5000. The offers require customers to take delivery by July 1, but with such intense competition—the 2013 Nissan Leaf S starts at $29,650—expect the savings to last through the end of the year. The lease special, unchanged at $269 per month for 36 months with $2399 due at signing, is well below the Volt's $350-per-month offer when it debuted in 2011. Comparison Test: 2012 Chevrolet Volt vs. 2012 Fisker Karma EcoSport Comparison Test: 2011 Chevrolet Volt vs. Chevrolet Cruze Eco Instrumented Test: 2012 Ford Focus Electric Volt sales this year are up 1.4 percent through May, although at 7157 models delivered, that's less than the Nissan Leaf's 7614. Chevrolet dealers also have thousands of 2013 models in stock—roughly half a year's worth of inventory—so GM has good reason to hawk these cars off its lots. Still, we'd advise on-the-fence buyers to remain patient. Prices for EVs haven't dropped low enough, and by the time Tesla builds a new compact electric car by 2017, we'll not only have better deals but improved batteries and more public charging stations. Being the first person on the block to own a plug-in car, as anyone with a 2011 Volt can now tell you, costs a lot more than you think. from Car and Driver Blog http://blog.caranddriver.com

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