It’s pretty common knowledge that every new car loses a significant part of its resale value as soon as you drive it off the dealer’s lot. Some depreciate a lot faster than others, though, due to legitimate problems or just bad buzz among consumers. In some cases, that can be a real boon for used car buyers — but the flip side of that is what happens when the original owner sells or trades the car.
Chevrolet, to its credit, has done a pretty solid job of damage control with a comprehensive recall program to address the problem. Will the perception linger when it comes to resale time? Let’s take a closer look at why this EV takes a beating in resale value.
2024 Chevrolet Bolt EV
- Engine
-
Permanent-magnet synchronous AC motor
- Transmission
-
Single-speed automatic
- Horsepower
-
200 HP
- Torque
-
266 LB-FT
- Driveline
-
Front-wheel drive
- Range
-
259 miles
- Charge Time
-
9.5 hourse @ 240V
- 0-60 MPH
-
6.5 seconds
In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from Chevrolet and other authoritative sources.
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The Chevy Bolt Depreciates More Than 50 Percent In Three Years
As the years wear on, the world seems to be shifting more and more toward electric vehicles, for all kinds of reasons. EVs have plenty of things to recommend them — zero emissions, no gas or oil needed through the entire life of the vehicle, abundant amounts of power, tons of innovations. But then again, some EVs have one big problem, and that is that they don’t hold their value. When it comes to depreciation over a three-year stretch, it’s the Chevrolet Bolt that takes home that distinction. So what is it that makes the Bolt such a poor prospect for resale, and why has it pulled in a poor reputation? Let’s go in for a closer look.
The Bolt’s Bad Reputation: Is It Justified?
First, let’s get straight on something: we’re talking about the Bolt, and not the similarly-named Chevrolet Volt, an earlier EV model from Chevrolet that was discontinued in 2019 (a similarity that’s caused Chevrolet some headaches when it comes to branding). Also, we’re talking specifically about the Bolt EV and not the Bolt EUV, a slightly bigger crossover that’s touted as the lowest-priced EV sold in the United States. The Bolt’s reputation for poor quality and reliability all centered around one thing: its battery.
Pre-2023 Bolts were fitted with a battery from LG Energy Solutions, and these earlier model Bolts had a tendency to catch fire (not good). Word spread fast, and things got to a point where Chevy Bolts were banned from even using some outdoor parking lots, citing a “public safety hazard” as the reason. Even if it’s just some isolated incidents, a tendency to self-combust is a really quick way to torpedo a model’s reputation for quality, and before it was over Chevrolet recalled 141,000 Bolts and spent $1.8 billion dollars on remedying the problem.
It was traced back to manufacturing defects from the LG factory, and out of an abundance of caution, Hyundai also had a massive recall of EVs that used battery packs from LG Energy Solutions. This horrendous issue ended up with Consumer Reports assigning the Bolt a reliability score of 5 (on a scale of 1-100).
The Bolt’s Performance Isn’t Terrible
So, with that being said, the performance of the Bolt isn’t as awful as its reputation might make you think:
Powertrain | Single Permanent-Magnet Motor |
|---|---|
Transmission | Single-Speed Automatic |
Horsepower | 200 HP |
Torque | 266 LB-FT |
Driveline | Front-Wheel Drive |
0-60 MPH | 6.5 Seconds |
Top Speed | 93 MPH |
Those are some pretty decent numbers for any vehicle, and a 6.5-second sprint to 60 mph isn’t bad at all. The Bolt’s range is 259 miles on a full charge, which lags behind what a lot of other EVs have to offer, but if your Bolt is mainly being used as a city car or commuter, a 259-mile range is fairly easy to manage. The Bolt also has a quick-charge feature that can allow another 100 miles of range on a 30-minute charge. 200 horsepower isn’t a lot for a vehicle that weighs almost 3600 pounds, but Chevrolet did design it to deliver plenty of scoot. In addition, later iterations of the Bolt can mark up 120 MPGe, which is a pretty respectable number.
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The Bolt Is Loaded With Features
So now we get to the good part: the features and innovations that the Chevrolet Bolt brings to the game. First off, the Bolt is surprisingly roomy on the inside, with an inviting rear seat that’s comfortable for two adults. Behind the rear seat there’s 17 cubic feet of cargo space, which becomes 57 cubic feet with the seat folded flat. The Bolt’s infotainment system features a 10.2-inch touchscreen that’s packed with the usual features like
Apple CarPlay
and Android Auto, with actual knobs for volume and radio tuning. It’s designed to receive over-the-air software updates from GM and includes built-in apps that work with Amazon Alexa and Spotify music streaming services.
Chevrolet has updated the Bolt’s interior with more soft-touch surfaces and driver-assistance technology that includes automatic high beams, forward-collision warning, automatic emergency braking, lane departure alerts, lane-keeping assist and adaptive cruise control. And speaking of braking, the Bolt has an optional one-pedal driving mode via a button on the center console) that enhances the car’s regenerative braking setup so that the driver rarely has to touch the brakes to slow down.
The Bolt’s 2LT trim level ups the comfort game, with heated leather seats, a heated steering wheel, upgraded audio, and a suite of extra driver safety features, including a 360-degree camera.
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Autonomous Bolt EV And EUVs
Like a lot of other EVs, the Bolt is available with semi-autonomous features. Chevrolet’s Super Cruise package includes a system of cameras, LIDAR mapping, radars, and infrared sensors to keep a vehicle centered in its lane. The Super Cruise package comes with three years worth of data connectivity, after which point the owner must pay to stay connected with the feature. In addition, Chevrolet supplied pre-production Bolts to Cruise Automation, a California self-driving car company, for use as test beds for their technology.
Chevrolet is planning on rolling out the next-generation Bolt as its robotaxi, having scrapped the weird-looking Origin self-driving ride-sharing van (which was actually designed without a steering wheel). The robo-Bolt would then be competing head-to-head with Waymo in the robotaxi arena.
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About That Battery Recall
So, after the recalls of older Bolts, GM had to issue a recall of 2020-22 model Bolts as well. There were concerns about the diagnostic software that manages charging and charging capacity, and Chevrolet advised drivers to set their chargers to a 90 percent charge, charge more frequently, avoid depleting the battery to a point where only 70 miles worth of range was left, and don’t charge the vehicle indoors overnight. In the end, LG has had to pay GM nearly $2 billion to reimburse them for the expenses involved with the battery recall; it’s only fair, since the problems were due to manufacturing defects from LG.
Used Chevy Bolts: A Good Call?
So, with all that taken into account, is a used Bolt a good buy? If you’re certain that it’s been to a dealership and has had the battery serviced or replaced, it might not be a bad idea. The limited range of the Bolt is a little problematic, but it can make for a pretty good city car that gets you to work and back. The Bolt has a reputation for being a little stodgy and dorky, but that’s not exactly a deal breaker for a lot of people. Some have pointed out that the interior of the Bolt is a bit on the cheesy side when compared to some of the competition, but that’s when the plummeting resale value of Bolt models can actually work in your favor and help you when it’s time to run down a good deal on a used car.
The Chevy Bolt — Discontinued, Then Resurrected?
Sales of the Bolt tapered off over the course of its model run, and it was discontinued in 2023, with production at the Bolt plant being retooled for the Equinox EV. A next-generation Bolt is on the way for model year 2026, though, with
next-generation Ultium battery technology
that’s shared with the Cadillac Lyriq and GMC Hummer EV. The Ultium battery tech features different battery chemistry and a lithium-ion phosphate design that’s less expensive to produce and should offer upwards of a 300-mile range.
The next-gen Bolt could be offered with front-wheel-drive (an all-wheel-drive drivetrain still won’t be available) and maybe a more robust motor, although details are still sketchy. While some see the lack of all-wheel-drive as a drawback, Chevrolet’s thinking is that an AWD platform would overlap too much with their other EV models.
The Bolt for 2025 will only be available with the crossover/SUV body style, and GM promises a retuned chassis and suspension for better ride and handling properties. Chevrolet also promises more trim levels, a more aerodynamic body style, and options like a sunroof that weren’t available in the previous Bolt lineup. And while details are still a little sparse, GM is talking about a price tag that’s not a lot different from the previous Bolt, and maybe an even less-pricey model might be rolled out.
So it’s never good when vehicles start dragging around a tendency toward catching fire, obviously, but it does sound like Chevrolet has done its due diligence on the Bolt and has addressed the problem. That crash in resale value can work out in your favor if you’re looking for a used EV, but unfortunately, the flip side of that is that you’re going to take a beating if you’re a Bolt owner who wants to trade or sell your car, you’re likely to take a beating on it.
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