Friday, May 20, 2022
News Chevrolet Bolt: Some Dealers are Buying Lots of Them in the Hopes...

Chevrolet Bolt: Some Dealers are Buying Lots of Them in the Hopes of a Buyback

Dealerships are hoping for a change of course in the Bolt recall

  • Every Chevrolet Bolt ever made is subject to a recall over a risk of fire

  • General Motors has recently communicated its plans to replace the defective batteries

  • Some dealers are hoping the company will buy the vehicles back, which would be beneficial for them

Even if General Motors has announced a plan to replace every defective Bolt battery, some people, especially dealerships, still hope the company will decide to do a buyback instead.

A buyback is when an automaker offers to buy vehicles affected by a serious problem because fixing them would prove uneconomical.

Usually, a buyback comes with attractive terms, in which the company pays more that the value of the vehicles. This is why some General Motors dealerships have begun to buy lightly used Chevrolet Bolt models, sometimes paying owners more than they had originally spent on the car.

These dealers are convinced GM will change its mind and announce a massive buyback of all 147,000 Chevrolet Bolt models ever produced when it realises this method would be cheaper than replacing the battery packs, which the company is supposed to start doing in October.

The last manufacturer buyback of more than 100,000 vehicles was a measure mandated to Volkswagen by the American government as a part of the Dieselgate scandal, in which the company had lied to owners and tried to hide the problem.

In this situation, the government is very unlikely to force General Motors to buyback the cars since the company acted quickly and launched a transparent recall campaign as soon as it became aware of the problem.

The reason put forth buy the dealers when asked why they think GM is going to turn around and launch a buyback is that they believe the company will have to spend close to half the value of each car to replace the batteries while a buyback is actually not very expensive for a manufacturer.

Trending Now

The Chevrolet Tahoe and Suburban Receive Super Cruise and a New Grille for 2023

Super Cruise will be available in the Premier and High-Country trim levels for the first time A new Grille can be had as...

The First Electric Bentley will Have 1,400 Horsepower!

Bentley is known for its extravagant cars and even its mid-size SUV, the Bentayga. However, the British automaker must also consider an electric shift...

Mercedes-Benz Teased the 2023 EQE SUV

The electric SUV will be launched later in the year and AMG versions are likely to follow early in 2023 This SUV will...

Canada’s Road Safety Week Highlights Good Driving Habits With a Real Pro

New cars are loaded with passive and active safety systems, but the driver is still in charge. Roughly 160,000 car accidents occur every...

Lamborghini will Make an Electric Urus, but Probably not in this Decade

Lamborghini said that the Urus would be the best candidate for electrification in its lineup The brand is committed to selling combustion engines...


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.