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The Chevy Bolt will start at $29,995 after federal tax credit

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Chevy Bolt drive gallery

The Chevy Bolt electric car will start at $29,995 after a federal tax credit of $7,500, GM announced today. For almost a year, GM had been saying that the car would start under $30,000, so it made that mark — just. That makes the Bolt the first electric car to achieve more than 200 miles of range for under $30k.

238 miles for $29,995

The catch is that buyers will need to pay at least $7,500 in federal income tax to receive the full benefit of the tax credit, as it is not a refundable credit. The standard disclosure about checking with your tax professional applies here, so it’s best to do your research before buying. For those looking to lease, the credit will get rolled into the price of the lease as the leasing company will receive the tax benefits. Some states offer additional credits as well.

Before the credit, the Bolt starts at $37,495 for the LT trim, with the higher-end Premier trim starting at $41,780. The base trim includes a number of standard features like a 10.2-inch touchscreen, the 60kWh battery that’s good for 238 all-electric miles according to the EPA, and the powertrain that’s good for 200 horsepower and 266 pound-feet of torque.

The Premier trim adds a 360-degree camera system, leather seats, several safety features like blind spot monitoring and rear cross traffic alert, and options for an upgraded audio system, forward collision alert, lane departure warning, and several other features.

The Bolt will go on sale later this year.

Correction: A previous version of the article listed the Premier trim at $40,905. That is before a $875 destination charge.