Chevrolet Bolt EV and Chevrolet Volt: Federal Tax Credit & Incentives
At Castle Chevrolet, we want you to get the most out of your vehicle. If you’re looking to purchase a Chevrolet Bolt EV or Chevrolet Volt, we want you to take advantage of all the benefits an electric vehicle can give you. If you’re in the market searching for a vehicle to save money on your commutes to work or to the grocery store the Chevrolet Bolt EV and Chevrolet Volt are guaranteed to give you the maximum amount of savings through multiple ways.
Here are all the ways you can save money by purchasing a Chevrolet Bolt EV or Chevrolet Volt!
Federal Tax Credit
By taking advantage of the federal tax credit you could get up to $7,500 while it’s still available. The credit amount will vary based on the capacity of the battery used to power the vehicle. State and/or local incentives may also apply. We would recommend going over Illinois or Indiana State incentives prior to claiming your tax credit.
Fuel & Maintenance Savings
Fuel and maintenance is the second largest expense for fleet managers. Purchasing an electric vehicle like the Chevrolet Volt or Chevrolet Bolt EV will cut the maintenance cost by half. This is due to electricity being significantly cheaper than gasoline on a per kilometer basis. Most importantly, it is significant to note that electric vehicles do not need regular maintenance items such as oil changes and transmission fluid changes. The Chevrolet Bolt EV and Chevrolet Volt are guaranteed to give you the maximum fuel efficiency benefits.
The depreciation cost of internal combustion engine vehicles is considerably higher than electric vehicles. You are estimated to save between $600-800 per year on depreciation cost.
Overall, if you’re looking to purchase a cost-efficient vehicle an electric vehicle is the smartest decision for fuel cost, maintenance cost, depreciation value, and guarantees more federal tax credit opposed to an internal combustion engine (ICE). Additionally to these savings, the Chevrolet Bolt EV and Chevrolet VOLT can help you reduce greenhouse gases (GHG) and assist in achieving climate targets.