Shopping for an electric vehicle can be quite overwhelming if you’re on a budget. With cars like the Lucid Air and Porsche Taycan prices scratching at the $200,000 mark, it may seem hopeless to try to make the switch to EVs. Even the cheapest Tesla model is now nearly $50,000 after price increases. However, not every EV is seeing increases. In fact, the Chevy Bolt just saw a monumental drop in its price for the 2023 model year.

2023 Chevy Bolt is now the cheapest new EV you can buy in the U.S.

According to The Drive, the massive price decrease comes as an attempt from GM to keep EVs accessible to everyone. That’s a commendable cause, especially since this price drop allows a bit of a peek behind the curtain of how much money each Bolt sold was bringing it. Likely, Chevy cut some costs to make this price drop possible. Largely, though, there’s a good chance GM just accepted a massive ding in the profit from each Bolt sold.

“This change reflects our ongoing desire to make sure Bolt EV/EUV are competitive in the marketplace,” a GM spokesperson said. “As we’ve said, affordability has always been a priority for these vehicles.”

Of course, there’s a decent chance this price decrease comes to aid a bit in saving face for the monumental battery recall on the Bolt that affected every single 2019 through 2022 model year example.

At any rate, the 2023 Chevrolet Bolt is now the cheapest electric vehicle one can buy in the U.S., with a starting MSRP of $26,595, including the $995 destination fee. That shaves nearly $6,000 off the 2022 model year’s starting MSRP of $32,495. That also undercuts the next cheapest offering, the Nissan Leaf, by about $1,500.

The price cut is even more substantial at $6,300 in the case of the Bolt EUV, Chevy’s chunky crossover variant.

How far can a Chevy Bolt go?

According to Kelley Blue Book, the 2023 Chevy Bolt has a full charge range of 259 miles. It uses a 65-kilowatt-hour lithium-ion battery pack. Using DC fast charging, the Bolt can add up to 100 miles of driving range in just 30 minutes of charging. Additionally, when using a 220-volt home outlet, owners can fully charge the 2023 bolt in about 10 hours.

Of course, these specs don’t seem all that impressive when compared to the likes of the Tesla Model 3. However, for just a hair over half the price of a new Model 3, it seems like a fairly decent trade. After all, the nearly 260-mile range capability is plenty substantial for the daily use of most drivers.

Chevy will begin producing the 2023 Bolt and Bolt EUV later this year. Despite the price drop, though, it’s still likely going to be quite difficult to obtain one for MSRP. The best plan of action if you’re interested in buying the new Bolt is to get in contact with a dealer now!