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.

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