Not too long ago, Chevrolet announced a remarkable price reduction for the 2022 model year Chevrolet Bolt. It didn’t just make it more affordable for people. Instead, the price drop actually made it the cheapest EV for sale in the U.S. Now; Chevy is sweetening the deal by offering a refund to those who paid the higher price for a 2022 model year.

2022 Chevy Bolt owners may get $5,000 back

According to The Detroit News, Chevrolet announced that they’d be offering these reimbursements to 2022 Chevy Bolt buyers since they dropped the price significantly in a short period of time since selling the 2022 models.

Customers that qualify for this refund are limited, evidently. Chevrolet says it will be offered to buyers who got a Bolt while incentives were low due to a lack of inventory. If you recall, the past six months have effectively reflected a “lack of inventory” for many automakers.

The shortage of inventory also came from the total production shutdown for the Bolt models. In August 2021, Chevy announced a recall of over 141,000 Bolt vehicles from 2017 to 2022. The EV’s batteries were a fire risk, and Chevrolet set out to solve this issue instead of producing new Bolts.

“As a result of the price reduction announced on the 2023 Chevrolet Bolt EV/EUV, we want to make sure these customers are satisfied with their purchase and ownership experience,” Chevrolet said in a statement.

According to Chevrolet, all Chevy Bolt EVs and Bolt EUVs are eligible for a refund. Chevrolet plans on reaching out to eligible customers in the coming weeks to notify them of their refund offers. The amount Chevy will refund owners depends on the model year and trim level. However, some 2022 Chevy Bolt buyers will see up to $5,000 in refunds.

That’s a pretty substantial refund. Especially when you consider the fact that the new Bolt’s price dropped by $5,900. So, in some cases, Chevrolet is offering a refund of almost the entire difference. That’s not something you’ll see in the auto industry often!

Chevy plans for a record-breaking EV year

Chevy anticipates selling a record number of Bolts in the coming months. In Q1 of 2022, Chevy managed only to sell 358 examples. However, that number jumped for Q2, with the Detroit giant selling nearly 7,000 units. Though, that still puts them down 36 percent compared to last year’s Q2 Bolt sales, according to GM Authority. The substantial price drop, though, should help move inventory relatively quickly.

The 2023 Bolt EV will start at $26,595, down from the 2022 starting price of $32,495. The 2023 Bolt EUV will start at $28,195, down from last year’s starting price of $34,495.

Only time will tell if Chevy does indeed sell a record number of Bolts by the year’s end. However, it doesn’t seem out of the question with the monumental cost of gas driving many to hybrid and electric cars. It’s a lot more reasonable, too, when you remember that the Bolt is now the cheapest EV available in the U.S.