For Chevy Bolt, discounts here, markups there
Just seven states into Chevrolet's gradual rollout of the Bolt EV, some dealerships already are discounting the car by several thousand dollars, even as others demand a markup above sticker price to take advantage of early demand.
The pricing disparity -- one dealer in Southern California was advertising a Bolt last week for $4,439 less than an identically equipped car at a store 5 miles away -- shows what happens when a new kind of vehicle meets a sprawling, old-line retail network that's only beginning to feel out the market for it.
California dealerships, which got the Bolt first, have been the quickest to mark it down. Fremont Chevrolet, which delivered the first three Bolts to retail customers in mid-December, raised the discounts advertised on its website from $2,000 in February to $3,000 in March. Another Bay Area dealership, Dublin Chevrolet, listed $3,000 discounts. Both were promoting three-year leases starting at about $260 a month, with $3,995 due at the time of sale.
Nationally, the average amount consumers paid below sticker price grew from $1,400 in January, a 3.4 percent discount, to $2,200 in February, a 5.3 percent discount, according to TrueCar.
The Bolts being marked up are generally in more rural areas where there are fewer dealerships and less inventory. Several dealers listing Bolts for as much as $5,000 above sticker price didn't return messages from
Automotive News seeking comment.
At Harbor Chevrolet in Long Beach, Calif., all 21 Bolts shown on its website are discounted by at least $1,285. One Bolt Premier is $4,160 off, a nearly 10 percent markdown. Another nearby dealership listed 32 Bolts in its inventory, with two priced at discounts of more than $5,200.