You’ve heard it by now: There is a glut of Chevy Volts on dealer lots–6,200 in inventory as of June 1 per Automotive News. And, since fewer than 800 Volts sell per month on average, well, that’s a lot of inventory. Many advisors are saying, “Buy your Volt now!” But should you?
True, there are plenty of reasons to buy one now: 1) The supply/demand imbalance above. 2) A recently introduced $1,500 additional cash-back incentive from Chevrolet (check your state at chevrolet.com). 3) The fact that the Volt MSRP was reduced by $5,000 last year. Data points that show typical Volt transaction prices hovering at around $30,000–BEFORE the $7,500 tax credit (plus a state tax credit in some states). And 4) The fact that it is a great car that combines the benefits of an electric vehicle and a gas one (trust me on this point–I own one).
Two reasons to wait
So if you are thinking about a Volt, buy it now, right?
Not so fast.
(Don’t miss out on car rebates and incentives. Click here.)
First, the 2016 Volt will be available this fall and is a much better vehicle than the 2015. Better gas mileage, better electric range, seating for five instead of four, better interior and instrumentation (including Apple CarPlay support), and a $1,175 price drop! As far as model year improvements go, this is way up there.
Additionally, the value of the 2015 on the used market will not be good–it will have to be priced significantly and consistently lower than a used 2016 Volt in order to sell, since the 2016 is so much more attractive. This means that you should buy a 2015 Volt now only if you are desperate, you intend to own the vehicle for a long time, or if the price is very, very good and not likely to get better.
And that’s the second point. GM and its dealers have to sell at least 6,000 Volts over the next few months, and the closer it gets to the date that the 2016 model is available, the fewer the buyers who will settle for the 2015. This means you can expect truly significant incentives and discounts toward the end of the summer and into the fall.
If you can buy a Volt today for around $30K, it would not be unreasonable to think that you might save thousands of dollars more by waiting a couple of months–maybe you can get that car for $25,000, before the $7,500 tax credit.
Personally, I’d wait for the 2016 (in fact, that is exactly what I am going to do). But if you want a really, really, really great deal on a new 2015 Volt, August or September may be your time.