Getting a Chevrolet Spark EV has never been so affordable. Aside from cutting the sticker price of the battery electric minicar by $1,650, Chevrolet also added cash incentives so that buyers only have to pay $14,995 after federal and state tax breaks. In addition, Chevy has started offering the Spark EV with a $139 monthly lease for 39 months without asking for a downpayment.
Green cars have been difficult to sell lately with the drop in fuel prices. In fact, General Motors is only the latest automaker to reduce the prices of its EV. Last Monday, the U.S. Energy Information Administration revealed that the average price for regular gasoline was $2.41, lower than last year’s $3.65 selling price.
According to Chevy spokeswoman Annalisa Bluhm, the automaker hopes to reach more customers and that the declining fuel prices didn’t influence the price reduction and additional incentives. General Motors has been selling the Spark EV in several Oregon and California markets since the middle of 2013. The EV will be available in Maryland this summer.
Bluhm revealed that since its debut, a total of 2,116 units have been sold. With this price drop, the 2015 Spark EV 1LT (base trim) now has a sticker price of $25,995, which includes the destination cost. It used to cost $27,645. Majority of individual buyers may apply for a federal tax credit of up to $7,500.
Tax breaks are offered by some states. A $2,500 tax rebate is given by California for some buyers. Meanwhile, an excise-tax exemption of $2,300 is given by Maryland. Buyers will also be getting bonus cash to make the deal even harder to resist.
Chevy is giving a bonus of $1,000 in California, $1,200 in Maryland and $3,500 in Oregon, where state tax incentives aren't available to customers.
In a statement, Steve Majoros, director of car and crossover marketing for Chevy, said that Chevrolet is dedicated to making EV driving “more accessible, affordable and fun.” Sales have been slow for this car but interestingly, Chevrolet is attracting non-GM customers, particularly in California, where sales of the brand have been sluggish.
GM said that over 90% of Spark EV owners traded in a non-GM vehicle or added the car as a new vehicle to the household. On a full charge, the Spark EV offers an EPA estimated range of 82 miles and has a combined city and highway driving rating of the equivalent of 119 mpg.
Last October, Ford reduced the Focus EV’s price by $6,000 to $29,995, which includes destination costs. Electric cars such as Nissan's Leaf EV, the Chevy Volt plug-in, as well as others have sharply dropped in the past couple of years as demand has not met expectations. [source: Chevrolet]