[mk116]

Hi there,

So, I’m a bit conflicted over what to do with my 2017 Bolt LT. I’ve owned it for 3 years and 5 months with zero issues and have accumulated 29K miles it’s been a great car for taking the kids to school and the range has been enough for long trips to Olympic and North ascades national parks. If I have any complaints it’s that the front seat is not great and I regret not having sprung for the Premier trim.
But I don’t know what to do in light of the buyback program and the steep discounts on newer models in light of the battery range issue. I don’t want a permanently reduced range and I’m not sure I can trust the promise of a software fix that will provide full range. And the offers for the newer models with the better seats and newer battery are enticing.
I’m not really liking any of the other EVs on the immediate horizon, so I don’t see myself switching to another model EV other than perhaps the Tesla 3, if I can ever get myself to accept the strange interface.
How are the buyback offers coming out? Are they pretty much the same as trade in value or better? I have the Costco coupon, so if I were to upgrade to a newer model, I’d have to do it soon.
WWYD and why? Thanks in advance.
M

 

[Jerry Duke]

Depending on which state you live in and whether you bought new or used, you could possible upgrade to a 2021 or 2022 for very little.

 

[Bolt Action]

I did the buyback, but wish I had gone with replace, as it would have been better for me financially. Even so, with the buyback, GM adds everything you paid into the vehicle: the down payment and all monthly payments, sales tax, registration, gap insurance, etc., and then subtracts the 'usage fee' which is based on the mileage. I had almost 60,000 miles on my 2017 Premier, had paid around $44,000, and GM bought it back for $25,000. This is probably double the current blue book value.

If I had gone with replace, my impression when shopping for the new Bolt from the salesman was, "Oh, you are returning your 2017 Bolt? Great, just go around the lot and pick out your new car." whereas with GM Financial they were more opaque on the replacement process, although I understand that they would pay the sales tax and registration fees.

 

[martinknutson]

I did the buyback, but wish I had gone with replace, as it would have been better for me financially. Even so, with the buyback, GM adds everything you paid into the vehicle: the down payment and all monthly payments, sales tax, registration, gap insurance, etc., and then subtracts the 'usage fee' which is based on the mileage. I had almost 60,000 miles on my 2017 Premier, had paid around $44,000, and GM bought it back for $25,000. This is probably double the current blue book value.

If I had gone with replace, my impression when shopping for the new Bolt from the salesman was, "Oh, you are returning your 2017 Bolt? Great, just go around the lot and pick out your new car." whereas with GM Financial they were more opaque on the replacement process, although I understand that they would pay the sales tax and registration fees.

So, I just got a letter from GM saying I was approved for either replacement or repurchase. It walks through the formula for the use deduction, as expected. The part I didn't expect was that it stated the use deduction may be applied in the "replace" process as well. In all cases on the forum, I've seen it discussed as a MSRP to MSRP swap.

Did anyone that went with the swap have the use deduction applied?

 

[mk116]

I did the buyback, but wish I had gone with replace, as it would have been better for me financially. Even so, with the buyback, GM adds everything you paid into the vehicle: the down payment and all monthly payments, sales tax, registration, gap insurance, etc., and then subtracts the 'usage fee' which is based on the mileage. I had almost 60,000 miles on my 2017 Premier, had paid around $44,000, and GM bought it back for $25,000. This is probably double the current blue book value.

If I had gone with replace, my impression when shopping for the new Bolt from the salesman was, "Oh, you are returning your 2017 Bolt? Great, just go around the lot and pick out your new car." whereas with GM Financial they were more opaque on the replacement process, although I understand that they would pay the sales tax and registration fees.

OK, so that's one of the reasons I'm so confused: if you say the buyback gave you nearly twice the blue book value, then why are you saying you wish you had gone with a replacement? My concern is that the blue book value won't cover what I still owe on my car.

 

[Packard V8]

If I had gone with replace, my impression when shopping for the new Bolt from the salesman was, "Oh, you are returning your 2017 Bolt? Great, just go around the lot and pick out your new car."

While we're completely happy with our 2017 and KBB trade-in on our low-miles Premier is $18-20,000, getting a 2021 with the few additional upgrades might be worth suffering through a conversation with the dealer.

Having said that, I've never had a conversation with a dealer which ended anything as positively as the above. More than likely, same as when I asked them about the lowball lease deals reported in some other areas, I was told, "Don't believe everything you read on the internet. GM isn't giving away new cars for old."

I'll stop in to Camp Chevrolet in Spokane next week and report back.

jack vines

 

[redpoint5]

Start with numbers, not speculation. Find out what GM is willing to purchase the vehicle for, vs what your cost to swap for new would be, vs the private party value.

Around here, private party value on an LT is around $14k. It's gone slightly up recently due to the stop sale limiting inventory.

The best financial decision is almost always to keep what you have.

 

[Packard V8]

The best financial decision is almost always to keep what you have.

Agree. Here in WA, it's complicated by the 9% sales tax. The state will deduct the dealer-provided trade-in value from the MSRP, which could cut the tax due by half. However, if one takes the buy-back and then replaces it without a trade-in, Washington taxes vehicle purchases before rebates or incentives are applied to the price, which means that the buyer in this scenario will pay taxes on the vehicle as if it cost the full MSRP. The two different deals could have a $2000 vs $4000 sales tax variance.

jack vines

P.S. - this little wrinkle is to stifle the individual selling his own car and try to force more retail into the dealerships.

 

[tomae]

Agree. Here in WA, it's complicated by the 9% sales tax. The state will deduct the dealer-provided trade-in value from the MSRP, which could cut the tax due by half. However, if one takes the buy-back and then replaces it without a trade-in, Washington taxes vehicle purchases before rebates or incentives are applied to the price, which means that the buyer in this scenario will pay taxes on the vehicle as if it cost the full MSRP. The two different deals could have a $2000 vs $4000 sales tax variance.

jack vines

P.S. - this little wrinkle is to stifle the individual selling his own car and try to force more retail into the dealerships.

This is true, but remember that for EVs you're exempt from WA sales tax up to $25k.

Here's how this is working out for me in WA: I have a 2017 Premier with ~35k miles on it. GM are offering me ~$30k for the buyback. I am able to get a fully loaded 2021 Premier for $29k including all taxes and fees, so for me doing the buyback is a no brainer.

They initially offered me an MSRP swap but that would have required me to pay an additional $11k.

 

[xylhim]

Hi there,

So, I’m a bit conflicted over what to do with my 2017 Bolt LT. I’ve owned it for 3 years and 5 months with zero issues and have accumulated 29K miles it’s been a great car for taking the kids to school and the range has been enough for long trips to Olympic and North ascades national parks. If I have any complaints it’s that the front seat is not great and I regret not having sprung for the Premier trim.
But I don’t know what to do in light of the buyback program and the steep discounts on newer models in light of the battery range issue. I don’t want a permanently reduced range and I’m not sure I can trust the promise of a software fix that will provide full range. And the offers for the newer models with the better seats and newer battery are enticing.
I’m not really liking any of the other EVs on the immediate horizon, so I don’t see myself switching to another model EV other than perhaps the Tesla 3, if I can ever get myself to accept the strange interface.
How are the buyback offers coming out? Are they pretty much the same as trade in value or better? I have the Costco coupon, so if I were to upgrade to a newer model, I’d have to do it soon.
WWYD and why? Thanks in advance.
M

I'm currently in the process for the replacement option. Originally I thought this might be the best solution for a high mileage vehicle, but we'll see if it actually works out like that. For example, it seems like in Oregon (based upon another users experience), that if you have below 24000 miles, then there is no deduction applied to your swap. However, this is based upon Oregon lemon laws. For California, I think that you'd have to have less than 12000 miles in order to not incur a deduction for the replacement option. However, I could be missing other variables that GM might take into consideration (for example, if you are the original owner or second owner).

 

[surgeonFWW]

The lower prices of the new Bolt EV and Bolt EUV make the resale price of my 2017 Bolt EV Premier less. My base price was $42.5K. I did qualify for the full $7.5K tax credit making my OOP expense $35K. After the software fix, when the EV again becomes sellable, I will be lucky to get $20K for it. However, by actual calculation, we spend ~$200/year more for electricity and ~$2200/year less for gasoline, oil changes, and other maintenance (which we have not had). So instead of looking at a $15K "loss", it seems more like $8K in 4 years. I knew I would pay for the privilege of being an "early adopter". (The "innovators" paid much more, I am sure.) Still, I have no regrets. However, I don't share the OP's comment that "I'm not really liking any of the other EVs on the immediate horizon". The Nissan Ariya, VW ID.4, Volvo XC40 Recharge, Mustang Mach E, and the Hyundai Ioniq 5 all make me look in their direction. I really want a faster max DCFC charging rate, a (slightly) larger battery, AWD, OTA updates, built-in navigation, adaptive cruise control, and a decent lane centering function (rather than the Bolt EVs lane departure warning with insufficient lane-keep assist). Good luck to all. I'll keep ya posted!

 

[kendallg]

Hi there,

So, I’m a bit conflicted over what to do with my 2017 Bolt LT. I’ve owned it for 3 years and 5 months with zero issues and have accumulated 29K miles it’s been a great car for taking the kids to school and the range has been enough for long trips to Olympic and North ascades national parks. If I have any complaints it’s that the front seat is not great and I regret not having sprung for the Premier trim.
But I don’t know what to do in light of the buyback program and the steep discounts on newer models in light of the battery range issue. I don’t want a permanently reduced range and I’m not sure I can trust the promise of a software fix that will provide full range. And the offers for the newer models with the better seats and newer battery are enticing.
I’m not really liking any of the other EVs on the immediate horizon, so I don’t see myself switching to another model EV other than perhaps the Tesla 3, if I can ever get myself to accept the strange interface.
How are the buyback offers coming out? Are they pretty much the same as trade in value or better? I have the Costco coupon, so if I were to upgrade to a newer model, I’d have to do it soon.
WWYD and why? Thanks in advance.
M

Hi there! I can't recall what the response has been for buyback inquiries by Washington state based people. What I will say, as having gone through the process once before and being back in it now, is that nothing will force you to move forward with a potential offer they make. You can submit a case to GM customer service, see if a buyback is even approved, then get the numbers and run your calculations. Once they make an offer it's yours to accept or decline based on the data in front of you.

It does seem that most cases are now taking over 2 months and it appears that GM's response is becoming more and more that the fix is imminent. With that in mind I'm not even sure what the approval rate could be in initiating today. But, if you are at all desiring to pursue the possibility you should get in touch with GM ASAP to get it started.

 

[JMetras]

I went through the buy back process, but it took 3 months! Because I bought my 2017 Bolt LT used ($15,600 + tax and license), General Motors said that I would owe $20,000 to do a swap (for a base LT model, though GM would pay for tax and license). This seemed like a bad deal, because I would be close to paying list price for the vehicle, instead of with all the 2020 incentives. Instead, I initiated a straight buyback where I could pick one of the heavily discounted new 2020s with heated seats, safety packages etc. and get all the incentives. I received my check today from GM today and I'm really happy with the new 2020 I purchased. I should also mention that the impetus for me to seek out a buyback was because I had a serious issue with the battery because of a faulty cell. After sitting in the shop for almost 2 weeks, a new set of cells were sent and installed and appeared to fix the problem. However after going from 88 miles on the GOM to zero and having my car towed to the dealer I didn't feel like I wanted to risk further problems.

 

[mk116]

However, I don't share the OP's comment that "I'm not really liking any of the other EVs on the immediate horizon". The Nissan Ariya, VW ID.4, Volvo XC40 Recharge, Mustang Mach E, and the Hyundai Ioniq 5 all make me look in their direction.

Different strokes for different folks. The cars you list either have less range than the Bolt which makes them less useful for my long weekend excursions or they have questionable design. I find the Mustang Mach E hideous and its interior space utilization is less than ideal. A lot of the wheelbase's potential is wasted on a ridiculously long hood that no EV needs.

What's also important is to look at how efficient the electric drive really is, i.e. how many kwh you use per 100 miles. At this price range, for this combination of range, efficiency and spaciousness, there really is only the Bolt, the Tesla 3 in the regular range version, Hyundai Kona and Kia Niro. For everything else you either start spending a lot more money, get less range or expend more energy driving.

Thanks to everyone for their helpful comments. I've started the buyback process. Will see where it leads.

 

[gonnabolt]

Agree. Here in WA, it's complicated by the 9% sales tax. The state will deduct the dealer-provided trade-in value from the MSRP, which could cut the tax due by half. However, if one takes the buy-back and then replaces it without a trade-in, Washington taxes vehicle purchases before rebates or incentives are applied to the price, which means that the buyer in this scenario will pay taxes on the vehicle as if it cost the full MSRP. The two different deals could have a $2000 vs $4000 sales tax variance.

jack vines
...

Washington does not tax the first $16,000 of EVs under $30k, if that can be arranged. I paid about $400 tax on my used Bolt.

 

[Bolt Action]

OK, so that's one of the reasons I'm so confused: if you say the buyback gave you nearly twice the blue book value, then why are you saying you wish you had gone with a replacement? My concern is that the blue book value won't cover what I still owe on my car.

Although I hadn't gone the replacement route, what I had read was GM would have replaced the vehicle with a 'similar' vehicle, and they would have paid the sales tax, as well. What I am unsure of is what that process would have entailed since I had a lien on the 2017. With the buyback, GM paid off the existing lien and gave me what was left over. It wasn't enough to cover the costs of a new 2020, and the gap was more than the original outstanding balance. The credit union said it's an easy thing to swap the VINs whenever there's a vehicle swap, so I would have had to just continue to pay down the original loan. Whether the replacement entailed just that, a swap with no other costs, then a replacement seemed like the better route. Unfortunately, the day after I chose the buyback route, the GM rep said she couldn't discuss anything about a replacement, until I go through the long buyback process and reject their offer, and start the process over again.

 

[Jerry Duke]

At the very beginning of my dealings with GM I was told I would be offered both the swap and repurchase and could decide which I wanted.
But both choices would be offered at the end of their process.