First Chevy Volt: Sold! for $225,000

volt_auction_car.top.jpgAn on-line charity auction for the first customer-ready Chevrolet Volt is scheduled to end at 6 p.m. Tuesday. by Peter Valdes-Dapena, senior writer


NEW YORK (CNNMoney.com) -- An online auction for the first sellable Chevrolet Volt ended at 6 p.m. on Tuesday with the car going for $225,000.

Proceeds from the auction will go to a foundation that supports science, math, and technology education in Detroit Public Schools.

The sticker price for the car, a Chevrolet Volt with the "Premium Trim Package" of options, including leather seats plus a back-up camera, is about $45,000, GM spokesman Monte Doran said.

The car is painted in Viridian Joule, a silver color with a subtle green tint that adds $995 to the price. The auction also includes the installation of a home charger for the car.

The Volt is eligible for a $7,500 federal tax credit for plug-in cars.

The auction is taking place at the website volt.charitybuzz.com. As of 9:30 a.m. ET, there had been only 12 bidders for the car, but the top bid rose rapidly following an opening bid of $50,000 on Nov. 30. The site requires bidders to pre-register.

Bidders in online auctions frequently wait until minutes before the bidding deadline to bid, said Monte, since there's no advantage to bidding early. It only drives up the price.

"It will be interesting to see what happens between 5:50 and 6:00 tonight," he said.

First unveiled in 2007 as a concept vehicle at the Detroit Auto Show, the Volt entered commercial production last week at a General Motors factory in Detroit. It can drive for about 35 miles, according to EPA estimates, on electricity alone before a gasoline engine comes on to provide power for further driving. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Find Your Next Car
Index Last Change % Change
Dow 18,070.40 46.34 0.26%
Nasdaq 5,016.93 11.54 0.23%
S&P 500 2,114.49 6.20 0.29%
Treasuries 2.14 0.02 0.85%
Data as of 12:23am ET
Company Price Change % Change
Bank of America Corp... 16.44 0.33 2.05%
Apple Inc 128.70 -0.25 -0.19%
Microsoft Corp 48.24 -0.42 -0.85%
General Electric Co 27.27 -0.04 -0.15%
Chesapeake Energy Co... 16.39 -0.15 -0.91%
Data as of May 4
Sponsors

Sections

President Vladimir Putin announced a new reserve fund for the BRICS nations that could attempt to rival the IMF. More

The London-based startup is on a quest to democratize access to technology and coding with its computer company. More

The London-based startup is on a quest to democratize access to technology and coding with its computer company. More

The financial costs and perks of getting hitched aren't limited to weddings. Your new marital status will be a factor when you file your taxes. For some couples, it means paying a higher tax bill. But others could see tax savings. More