Need some advice as to what to do with potential Bolt equity. I swapped a few months ago, and am really not happy with the EUV. I also think it will loose value like crazy in the next year or two. I checked online today, and it looks like I have about 12k in equity at the moment. If I were to sell it, which EV should I put it in?
I have a Mach-E on order, so am already taking advantage of the $7500 federal tax credit. I don’t think I’ll owe more than 10k in taxes this year, so another tax credit would not fully apply. So I’m thinking of leasing a car where most of that credit is passed on, and that also qualifies for state incentives like the Polestar 2.
Would it make sense to put the Bolt equity into a new lease for a better car, or am I going down a totally wrong track here? And are there leasable alternatives to Polestar? Thanks much in advance!
Seems like a Tesla or Toyota EV/PHEV would be the first to come to mind. Do you not like them?
My concerns with Polestar would be value retention. In 3-4 years I’d expect them to have close to the lowest % value retained among all 2022+ EV.
Interesting! What are your reasons behind your Polestar assessment?
Not a big fan of Teslas and I’d like to stick with fully EV rather than PHEV.
Volvo XC40 ReCharge maybe? - though I heard horrible things about their software.
If I could choose any car, it would probably be an EV6. But Kia doesn’t pass on the tax credit to leases. I’d have to wait til 2023 to purchase, and am worried that there won’t be much equity left in Bolt.
The only EV’s that are passing the $7500 along are the Chryslers and Older EVs like the Niro or the XC40 Recharge.
If that’s what you are looking for, well a Jeep 4xE is in your future…lol
I don’t think the Polestar is passing it along.
Put the profits in ethereum (or other investment of your choice) and get the cheapest car that gets the job done for you. This is not an economy to spread your smart dollars thin on an upgrade.
Toyota BZ4x maybe? The full $7,500 credit is around until 9/30/22 IIRC and then it’s $3,750 for the next one (two?) calendar quarters.
Polestar is just a dud in the US market, mainly because of the price and the shape. The small segment of EV buyers who want a sports sedan go for the Tesla 3, and the vast majority go for the SUV form factor of every other EV for the real or perceived space and utility.
“Small segment of EV buyer who want a sports sedan go for the Tesla 3”
The Tesla 3 outsells every other non-Tesla EV combined…how is that a small segment?
I bought a 3…never considered a sports sedan like a 3 series or A4. Nor do most owners I’ve talked with.
VW has $7,500 in lease cash on ID.4. The money factor is horrible, but perhaps you can buy it out early and finance with alternative means. Downside is the wait will likely be 6+ months. They only started production in Chattanooga, USA, recently.
I do agree that Bolt values (and therefore your equity) will drop quite rapidly, with the price reductions and new entrants into the market (like the Equinox EV which is supposed to start at $30K). There was a time not too long ago that used CPO Bolts sold for $14K; at the end of the day, it’s still an econobox, albeit a rather nice one.
Couple of dealers around me gave me a year eta on id4. Hopefully Chattanooga reduces that time frame soon.
Thanks! Maybe the thing to do is to take Bolt equity now, and get a cheap “bridge car” to get me to next year, then order EV6 (or other with tax credit) in early 2023.
I haven’t looked into ICE leases in a while, but maybe there’s a Forte / Civic / Elantra to be had in the $300/month range that is easily sellable with no equity loss in a year or so.
Polestar is passing 5k along according to their website.
Ok so decided to take the 12k equity and park that money til next year, then put it towards a new and better EV. In the meantime, trying to find an affordable ICE car under 25k to bridge that gap is not an easy feat. There are no Civics, Fortes, Elantras available around me at all. My only option available on a lot seems to be a Trailblazer 
Lease an etron then immediately refi it out. You lose acquisition fee but you get rest of the credit.
Or lease a tundra
If there were any etrons available that might be a good option. Thanks for the suggestion. Not sure how a Tundra would help.
Curious to know where you sold your Bolt. I’m in a similar situation.
I checked all the usual online places to get a quote on my Bolt, then called local Chevy dealers to see if they would match the highest offer (Vroom in this case). Two said they would - taking my Bolt there next week to close the deal. The price is ABOVE what a new Bolt would sell for. But there’s still such a scarcity of vehicles, and very few incoming, that it apparently make sense from a dealer’s point of view.
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