General Motors is producing an affordable all-electric car to take on the Tesla Model 3. We already know what it’s called – the Chevrolet Bolt – and now the company has finally confirmed the car’s price. The Chevy Bolt price is going to start at $29,995 and that’s after the $7,500 federal tax credit. When it was previously asked about the price, General Motors used to say that the Bolt would start below $30,000. With this price point, it has followed through on that claim.

If you take away the tax credit, the Chevy Bolt price starts at $37,495 for the LT trim while the high-end Premier model starts at $41,780.

This price point puts the Bolt in a unique position. After all, there aren’t a lot of electric cars right now that offer a claimed 238 miles on a single charge for $29,995 brand new. Talk about mass market appeal.

However, to take advantage of the full benefit of this tax credit, customers will need to pay at least $7,500 in federal income tax since this is not a refundable credit. If you’re planning to purchase one be sure to talk it through with the person that does your taxes to ensure that you qualify.

Those who are going to lease this car can rest assured as well, the tax credit will be rolled into the price of the lease as the leasing company gets the tax benefits.

Chevrolet Bolt is expected to be released later this year.

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