Both versions of the all-electric compact are great values, fun to drive and practical.

Even without a current Federal income tax credit, the Chevrolet Bolt remains one of the best deals on an EV that you can buy. That deal is likely to get even better on January 1, as the Bolt is likely to qualify for at least $3,750 in federal tax credits as well as $2,500 to $5,000 in Oregon state tax credits.

But that's not the reason to consider buying a Chevy Bolt. The main reason to consider this vehicle is that it's an excellent EV, a fun and useful car, and among the best values on the market right now.

There are two Bolt models — the Bolt hatchback and the slightly larger Bolt EUV. Chevy styles the EUV as a crossover, but it's really just a larger hatchback. That size difference is key, however. Where you might feel a little cramped in the basic Bolt, the Bolt EUV is spacious. Further, the price of the EUV is not that much higher than the basic Bolt.

Our test vehicle was a 2022 model, but let's talk about the 2023, since that's what you'll be looking at from here on out. The 2023 Bolt EUV is available in four different trim levels. The entry-level is the LT trim, and it starts with an MSRP of $28,195. This gets you 247 miles of range, a 10.2-inch touchscreen infotainment center and 6-speaker audio system, which supports smart phone integration. The base trim also includes wireless device charging, which is very handy. The upholstery is cloth, and the rest of the interior is pretty basic, but functional. There's also an LT Redline trim with some fancy wheels and accent decals, and this model retails for $28,690.

The upgrade model is the Premier trim, and that's what we tested. In this model, you get heated and ventilated leather front seats, heated leather steering wheel and rear seats, adaptive cruise control, and an HD surround vision maneuvering camera system. There's also a camera-based rear view mirror, blind spot monitor, and lane keeping assistance. That's a lot of content for $32,695, or $4,500 more than the base trim. The Premier Redline trim adds the same wheels and red accents for $33,190.

All trims carry a mandatory $995 destination charge. There are also option packages you can add like a Bose sound system, Super Cruise advanced hands-free driver assistance, and more. Those are all nice, but the value proposition is still a new EV that can cost about $20,000 if you can claim all the tax benefits.

Under the hood, the Bolt EUV offers 200 horsepower and 266 pound-feet of torque. That's enough to send the EUV from zero to sixty in 7.0 seconds. The Bolt feels quick and nimble on the road, and it's enjoyable to drive. There's plenty of power to get on a freeway, climb a hill, or make a quick pass.

We especially like the electrical regeneration paddle on the steering wheel. Squeeze it and the Bolt slows down like you're gently riding the brake pedal. It's a great way to manage variable traffic speeds once you get used to it, and you can watch your available range tick back up, which never happens in a gas-powered car.

When it comes time to use your Bolt EUV as an SUV, that's handled too. You've got up to 56.9 cubic feet of cargo space behind the front seats. If you need to haul people, four adults fit into the EUV with plenty of room.

Charging up the Bolt is similarly easy. DC fast charging capability is standard, and you can go from about half-charged to nearly full in the time it takes to grab a bite of lunch or a leisurely cup of coffee. There's also a 120-Volt charge cord included with the car for overnight charging wherever you might be. If you're concerned about battery life, Chevrolet covers the battery and charging system with an 8-year, 100,000-mile warranty. To address another issue, the Bolt EUV is extraordinarily unlikely to catch fire. Out of 140,000 Bolts made, just 19 caught fire. That only happened when two comparatively rare manufacturing defects were present in the same battery. To address that, Chevrolet has replaced all the defective batteries and has a software fix that prevents even defective batteries from catching fire before they can be replaced.

The bottom line is that the Chevrolet Bolt EUV is among the best values for any car on the market right now. If you're concerned about fuel prices rising again and you're thinking about going electric on a budget, the remaining 2022 and the upcoming 2023 Chevy Bolt hatchback or EUV are both great choices.

2022 Chevrolet Bolt EUV Premier

Base price: $33,690 (before incentives)

Price as tested: $43,585 (before incentives)

Type: Compact hatchback

Motor: Permanent magnetic drive (200 hp, 266 lbs-ft)

Transmission: Direct drive

EPA estimated mileage: 115 MPGe

Overall length: 169.5 inches

Curb weight: 3,715 pounds

Final assembly: Lake Orion, Michigan