After its debut in 2010 as a frontrunner in the category of mass-acceptable plug-in hybrid electric vehicles, the Chevrolet Volt has had an interesting journey. The Volt was initially thought to be a great disruptor of the automotive industry since GM never fulfilled what it wanted from it by the number sold. However, during all of those years, the Volt had a hard core of devoted followers who sold their cars well on the auction market.
Chevrolet Volt will be the object of a study of price trends and bidding patterns in both live and online auctions in this article. We shall study how the prices have changed over time, what commanding bids are, and how the Volt is compared with other used electric cars. Thanks to over 15 years of auction data available, we can appreciate significant know-how about the residency and collectibility of the Volt cars. Join us on a journey through the ebbs and flows of Chevrolet Volt bid history over the years.
Volt Sales Trends
Since its 2010 introduction, sales estimates for the Chevrolet Volt have varied. In the US, GM sold 7,671 Volts in its first year. Sales increased to 23,461 in 2012 but fell over the following years, reaching just 15,393 in 2014 and 18,805 in 2013.
The high sticker price of the car, competition from all-electric vehicles with greater ranges, like the Tesla Model S, and declining gas costs, which decreased demand for alternative fuel vehicles, have all been blamed for the dip in sales between 2013 and 2014.
In the US, sales of Volts increased in 2015 and 2016, totaling 24,739 and 24,739 units, respectively. Sales decreased to 20,349 units in 2017, nevertheless, once again.
In general, the Volt has had difficulty capturing a significant portion of the market compared to market leaders like the Toyota Prius. For instance, the Volt accounted for just 0.7% of all passenger car sales in the US in 2016 during its peak sales. In contrast, the market share of the Toyota Prius in 2016 was more than 3%.
Also, competitors like the Ford Fusion Energi Hybrid have thrived in this little segment of the green vehicles markets insisting great competition for GM. Despite this, and insisting that the Volt is still the best-selling plug-in hybrid car: in 2017, the Volt sold more than the Ford Fusion almost two to one. With a view to remain competitive among the producers of hybrid cars and to enhance Volt deliveries, the company is set to focus on electrification.
Factors Influencing Volt Prices
The following important variables have an impact on used Chevrolet Volt auction prices:
- Gas Prices and Electricity Costs – With its ability to run on electricity for shorter trips, the Volt offers potential fuel savings compared to traditional gas-powered cars. These savings, however, are mostly dependent on the price differential between gas and electricity. When gas prices fall or electricity rates rise, the fuel efficiency advantage of the Volt diminishes, lowering resale value. The Volt gains appeal when gas costs are high and electricity rates are cheap.
- Competition from Other EVs – The Volt has faced increased competition in recent years as more automakers introduce affordable long-range EVs. The market for used Volts may contract as more EV choices become available, which would drive down resale values. New EV models with longer electric ranges like the Chevy Bolt reduce the Volt’s competitive edge.
- Government Incentives – The availability of federal or state tax credits and rebates can significantly impact Volt pricing. Reductions or eliminations of purchase incentives for new Volts also influence used pricing. Buyers can obtain a larger discount on a used Volt versus paying full price on a new model without tax credits. However, used Volt prices tend to decline when incentives are phased out.
Volt Prices Over Time
Since being available for purchase in 2010, the Chevrolet Volt—one of the first plug-in hybrid electric vehicles for the mainstream market—has witnessed some intriguing price patterns.
In 2011, the Volt was a new model with an MSRP of around $40,000. The mid-$30,000s was generally the buying price once federal tax incentives were applied. But as the stock increased, dealers started to mark down new Volts, and by 2013, the average price was closer to $35,000.
With used Volts entering the market, pricing became more dynamic. In 2013, 2011 models with over 30,000 kilometers were transferred for between $15,000 and $20,000, indicating a depreciation of almost 50%. However, the value of the following model years held up better, with the 2013 Volt falling to about $18,000.
Used Volts with fewer than 50,000 kilometers were selling for between $13,000 and $17,000 by 2016. As the Volt aged, prices continued to slide. By 2020, even lower mileage Volts were trading for $10,000 to $13,000. High mileage models could be had for under $10k.
Interestingly, 2021 brought a resurgence in Chevrolet Volt prices, likely owing to renewed interest in used electric vehicles. Recent sales of 2011-2013 Volts are averaging back up to $15,000 for lower mileage examples. Still, most longitudinal pricing charts show a gradual decline of 50% or more over the Volt’s first 5-6 years.
Regional Variations
The Chevy Volt has seen varying sales trends and bidding activity across different geographic markets, influenced by regional factors like incentives, regulations, and charging infrastructure.
In certain regions, Volt sales and resale values have increased thanks to incentives for electric cars. The state of California, for instance, is offering sizable state refunds of up to $4,500 for the purchase of brand-new PHEVs, such as the Volt. This encouraged purchasing, which raised the state’s used inventory and could have decreased resale values. Other regions lacked generous EV incentives, contributing to lower Volt adoption rates.
State regulations around emissions and programs like California’s Zero Emission Vehicle mandate also impacted Volt demand. Markets like California promoted PHEVs to help meet environmental goals, while other areas lacked regulatory pressures. This affected regional sales and used pricing trends.
The availability of public charging stations has also influenced Volt’s adoption and auction bidding. Regions with more robust charging networks reduced range anxiety, making PHEVs more practical. Market areas with limited public charging access generally saw lower interest and sales of EVs like the Volt, in turn impacting used values. Factors like home charging access in urban versus rural areas also contributed to geographic differences.
In summary, regional variations in incentives, regulations, and charging infrastructure availability all contributed to geographic differences in Volt sales trends, used inventory levels, and auction bidding activity. Analyzing these factors helps explain the Volt’s varying traction across different market areas.
Factors Influencing Bids
The bids on Chevrolet Volt auctions can vary significantly depending on several key factors:
- Mileage and Condition – Lower mileage Volts in excellent condition tend to attract higher bids. Than models with higher mileage or more wear and tear. Well-maintained Volts with complete service records also tend to get higher bids than those without documentation.
- Location and Regional Variables – Volt prices can vary greatly by region. For example, hybrid and EV models tend to have higher demand. And sell for more in coastal states like California compared to some midwestern states. Regional gas prices, weather, EV incentives, and environmental preferences can all impact bidding.
- Timing and Market Factors – The market for used EVs like the Volt is still developing, so timing plays a role. Volt bids tend to be higher when gas prices rise or during spikes in environmental concern. Bids also influence the use car market in general and factors like inventory levels and consumer demand. Recession fears or gas price drops can lower bids.
For example, in the context of the Chevy Silverado VIN, understanding these variables remains pertinent. Just like the Volt, factors such as mileage, condition, and regional preferences. And market dynamics influence bidding for other trucks in auctions. A Chevy Silverado vin decoder provides crucial details about the truck’s history, aiding bidders in assessing. Its value and making informed decisions.
Conclusions
The Chevrolet Volt has seen fluctuating sales and bidding trends over its lifetime. As one of the first mainstream plug-in hybrids, interest was high when it first launched. However, sales slumped in the middle years as competition arrived. More recently, used Volt prices have risen as dealerships have inventory shortages amidst supply chain disruptions.
In summary, the Volt continues to value based on practical factors like supply, gas prices, and condition rather than collectibility. The Volt may eventually regard as a trailblazing vehicle as the plug-in hybrid industry develops. But that day is yet off in the distance. Values should remain tied to market conditions for the foreseeable future.