Dealerships Still Offering Deep Discounts of Up to $10,000 Off Chevy Volt
General Motors is reportedly offering steep discounts to boost sales of the Chevy Volt, which had failed to live up to sales expectations until GM started slashing prices earlier this year.
According to estimates posted on TrueCar.com, discounts on the Chevy Volt reach up to $10,000 per vehicle. Some examples of the types of incentives offered by GM include low-interest financing and heavily subsidized leases. With steep discounts, sales of the Volt hit a record high of 2,831 units in August.
Clearly, price is a key factor in determining whether or not to purchase an electrified vehicle. Prior to incentives, sales of the Volt were slow to get off the ground, but as the price dropped, buyers came in droves.
Reports indicate that discounts on the Volt are nearly three times as high as the industry average and GM execs have conceded that the automaker currently loses money of each Volt sold. How much? GM won't say exactly, but former product chief Bob Lutz recently discussed the matter in response to a report that the automaker loses more than $40,000 per vehicle. Lutz emphatically dismissed that claim.
Regardless, sales are booming and much of the Volt's recent success can be directly contributed to GM's aggressive lease strategies. GM spokesman Jim Cain claims that most of the Volt discounts come in the form of lease deals, which account for nearly two-thirds of sales. Deals such as $249 per month with $2,400 down seem to be the norm for the Volt, but as Cain says, "We’re trying to create a market for a brand-new technology."
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