Friend Considering Chevy Bolt vs Model 3

[danny]

A friend of mine wants to purchase an EV with a range of 200+ miles. He likes the Bolt, but likes the Model 3 even more. However, he is not really a car enthusiast and ultimately cares more about the financials.

I was helping him research, and I found some dealers in his area occasionally selling a standard Bolt LT for as low around $26,000 (before taxes and fees). This is a pretty massive discount over the MSRP and what it was selling for not long ago. So assuming he sells the car in 4-5 years time, he is wondering how much money he may save by going with the Bolt LT vs the Standard Range Model 3 at $35,400.

So the question here is how much we think each car will be worth on the used car market in 4-5 years time. I would think the Model 3 will sell for significantly more than the Bolt, although used Model S' may compete with used Model 3's. The Bolt on the other hand will not likely be in strong demand IMO in 4-5 years time as GM comes out with cheaper long range EVs and Model 3's continue to flood the market. However, at around $26,000 (assuming he can secure that price), the Bolt has a lot less potential value to lose than a $35,400 SR M3.

So at the prices, if the Model 3 ultimately costs say $3,000 more vs the Bolt once they are owned and sold theoretically in 4 years, I think that he would probably okay with that, however, if we are talking about a difference, wherein the Model 3 loses something like $6k or $7k more in value than the Bolt, then he may lean towards the Bolt, because while he appreciates the design, supercharger network, etc of Tesla, he just doesn't care enough to justify that kind of difference.

I would appreciate your thoughts on what you think will be the difference in value lost between the Bolt LT at $26k and SR Model 3 at $35,400 in 4-5 years time.

 

[jcarp09]

Based on Elon's claims, the Model 3 should be worth more as it will be able to be part of the Tesla RoboTaxi Network, earning money for the owner, if that's something your friend is open to. Of course, he should not make his sole decision based on a claim from Musk.

 

[S'toon]

People might be more reluctant to buy the Bolt considering its charging rate is only 50kw.

 

[M3BlueGeorgia]

A friend of mine wants to purchase an EV with a range of 200+ miles. He likes the Bolt, but likes the Model 3 even more. However, he is not really a car enthusiast and ultimately cares more about the financials.

I was helping him research, and I found some dealers in his area occasionally selling a standard Bolt LT for as low around $26,000 (before taxes and fees). This is a pretty massive discount over the MSRP and what it was selling for not long ago. So assuming he sells the car in 4-5 years time, he is wondering how much money he may save by going with the Bolt LT vs the Standard Range Model 3 at $35,400.

So the question here is how much we think each car will be worth on the used car market in 4-5 years time. I would think the Model 3 will sell for significantly more than the Bolt, although used Model S' may compete with used Model 3's. The Bolt on the other hand will not likely be in strong demand IMO in 4-5 years time as GM comes out with cheaper long range EVs and Model 3's continue to flood the market. However, at around $26,000 (assuming he can secure that price), the Bolt has a lot less potential value to lose than a $35,400 SR M3.

So at the prices, if the Model 3 ultimately costs say $3,000 more vs the Bolt once they are owned and sold theoretically in 4 years, I think that he would probably okay with that, however, if we are talking about a difference, wherein the Model 3 loses something like $6k or $7k more in value than the Bolt, then he may lean towards the Bolt, because while he appreciates the design, supercharger network, etc of Tesla, he just doesn't care enough to justify that kind of difference.

I would appreciate your thoughts on what you think will be the difference in value lost between the Bolt LT at $26k and SR Model 3 at $35,400 in 4-5 years time.

Actually the true comparison is between the Bolt and the SR+ at $40K. I think the Tesla will hold its value better than the Bolt because its more use than just an extended range commuter car. Right now a 4 year old BMW i3 can be bought from Carmax for $14K and a similar aged Leaf for under $10K, and the Bolt will no doubt suffer the same fate.
BTW: I see a used 2017 Bolt LT with 12K miles at Carmax for $27K, so not sure what configuration you are seeing new for $26K.

The 2019 Bolt LT starts at US$35K and the Bolt Premium at $42K, and even with a discount both those would be pretty poor comparisons to a Telsa Model 3 SR+. If the Chevy dealer is really offering $8K off MSRP to move it, that perhaps tells you everything you want to know, or are they just playing pricing games with you?

 

[BluestarE3]

Did your friend test drive both cars? I sat in a Bolt EV and found the seats extremely uncomfortable after a few minutes. Didn't even bother taking it out on the road.

That's too bad though. I had decided my next car would be an EV and the Bolt was a contender for me when it was introduced.

 

[danny]

Actually the true comparison is between the Bolt and the SR+ at $40K.

Perhaps, but for the purpose of this thread, I am comparing the standard range cheapest Model 3 available to the Bolt LT.

The 2019 Bolt LT starts at US$35K and the Bolt Premium at $42K, and even with a discount both those would be pretty poor comparisons to a Telsa Model 3 SR+. If the Chevy dealer is really offering $8K off MSRP to move it, that perhaps tells you everything you want to know, or are they just playing pricing games with you?

Yes the Bolt LT in theory starts at $35K, but it has been discounted heavily for some time, and on occasion can be gotten as low as around $26k. And yes, there are some used deals for $27k, perhaps relying on the fact that new deals like the $26k are not always available and not well known.

Also, pretty much all LT configurations are the same. There aren't that many options that would really affect the value.

 

[S'toon]

Note, there are other alternatives as well. Niro, Kona...

 

[Brando]

Please buy the BOLT - GM needs the business.

Test drive comparison?
safety? the Bolt isn't that bad - only some +42,000 fatalities each year - how dangerous is your drive?

 

[--1--]

I have both. The Bolt is solid, but I leased mine when there were no real discounts except for California. I started with a Prius Plug In, then BMW i3, Bolt Premier, and now a Model 3 Performance. Notice the progression. Check out my avatar.

 

[jgmartin]

I can’t imagine looking at a model 3 sitting next to a bolt and saying ‘yep, I’ll take the boxy one’. It’d have to be at least one order of magnitude greater price difference.

That said, if it’s just about getting the cheapest ev possible with a given range, they are giving them away. An acquaintance of mine just picked one up for right around 25k otd.

 

[jboy210]

I have both. The Bolt is solid, but I leased mine when there were no real discounts except for California. I started with a Prius Plug In, then BMW i3, Bolt Premier, and now a Model 3 Performance. Notice the progression. Check out my avatar.

Seems you are heading the correct direction. I see an S or X in your future.

And Wow, Chester. Lived in Williamsburg and worked in Richmond for many years.

 

[PhatCat]

Friends don't let friends drive ... Bolts.

 

[KerryOH]

I test drove a Bolt before an MS and then an MX. I had a reservation for an M3 at the time. The Bolt was ok but felt like a golf cart on steroids. The MS was great to drive but I needed more room and the MX was “just right” as Goldilocks might say.

 

[Cheburashka]

I test drove a Bolt before an MS and then an MX. I had a reservation for an M3 at the time. The Bolt was ok but felt like a golf cart on steroids. The MS was great to drive but I needed more room and the MX was “just right” as Goldilocks might say.

Yeah I hear where you're coming from - I test drove a Ford Focus once and ended up going with a Lamborghini Aventador instead since it was "just right"

 

[groovidad]

I offer this: 3, OTA updates. Bolt, no. Further, I never buy a vehicle thinking about my "re-sale" value. There are WAY too many variables that would impact the residual value in the future. My vote goes to the Model 3.

 

[Ocala.Joe]

Your friend needs to help me out and buy a tesla using my referral code
just kidding.
Think of it this way, he is considering an EV, thats great! If he chooses the tesla, he will have the greatest charging network in the work with reasonable fees and reliability. I cannot vouch for any other charging network that can be used on an extended trip. This may be something you may be a friend to him or her and mention, they will thank you for over looking that huge detail. Have them plan a trip on abetterrouteplanner.com and see what an extended trip will cost them in time and money.

 

[mtndrew1]

I find the Bolt to be a fine car with seats that don’t agree with me at all.

I always advise those considering the car to take a magazine to the dealer and ask if they can just sit in the seat for half an hour. Five minutes in the car don’t give me any grief but more than 20 minutes or so in a Bolt and I’m in serious pain.

The Bolt will be far less expensive and way more traditional than the Model 3. Some people are looking for a value play and the Bolt might fit that need. In my neck of the woods it’s not hard to find a Bolt for $10k off MSRP.

 

[Big Earl]

If they have to offer such steep discounts on the Bolt when new, that should be an indicator that resale value will be very poor... think Nissan LEAF. In my opinion, they Model 3 is the better financial choice.

The Model 3 might actually improve his outlook on driving. The Bolt almost certainly will not, especially the first time he goes to take a trip and spends a long time charging.

 

[Cheburashka]

The Bolt can be a better car than (in my experience) the Tesla Model S.

One big advantage is being able to use Google Maps and Waze natively on the MCU.

Another is reliability and dealer network.

Another is that you can lease one for less than half of what a Model 3 would cost.

 

[Fred42]

A friend of mine wants to purchase an EV with a range of 200+ miles. He likes the Bolt, but likes the Model 3 even more. However, he is not really a car enthusiast and ultimately cares more about the financials.

I was helping him research, and I found some dealers in his area occasionally selling a standard Bolt LT for as low around $26,000 (before taxes and fees). This is a pretty massive discount over the MSRP and what it was selling for not long ago. So assuming he sells the car in 4-5 years time, he is wondering how much money he may save by going with the Bolt LT vs the Standard Range Model 3 at $35,400.

So the question here is how much we think each car will be worth on the used car market in 4-5 years time. I would think the Model 3 will sell for significantly more than the Bolt, although used Model S' may compete with used Model 3's. The Bolt on the other hand will not likely be in strong demand IMO in 4-5 years time as GM comes out with cheaper long range EVs and Model 3's continue to flood the market. However, at around $26,000 (assuming he can secure that price), the Bolt has a lot less potential value to lose than a $35,400 SR M3.

So at the prices, if the Model 3 ultimately costs say $3,000 more vs the Bolt once they are owned and sold theoretically in 4 years, I think that he would probably okay with that, however, if we are talking about a difference, wherein the Model 3 loses something like $6k or $7k more in value than the Bolt, then he may lean towards the Bolt, because while he appreciates the design, supercharger network, etc of Tesla, he just doesn't care enough to justify that kind of difference.

I would appreciate your thoughts on what you think will be the difference in value lost between the Bolt LT at $26k and SR Model 3 at $35,400 in 4-5 years time.

The Bolt looks too much like a Spark for me to deal with.
If he's serious about the Bolt, did he consider the Leaf? I see Nissan is still offering a $199/mo lease.