Chevrolet Volt Named 2011 North American Car of the Year

If you’re in the market for a new car, you may want to consider a Chevrolet. The automaker won the 2011 North American Car of the Year award for its Chevrolet Volt.

The winner was announced Monday at the North American International Auto Show in Detroit. This is the third time Chevrolet has won the North American Car of the Year award, and was the fourth win for General Motors. Most recently, the Chevrolet Malibu was the 2008 North American Car of the Year.

"It’s a great honor to be recognized as the North American Car of the Year," said GM CEO Dan Akerson. "Since development began, we believed the Volt had the potential to transform the automotive industry. Today, the Volt is the first electric vehicle to win the prestigious North American Car of the Year award, and the first vehicle ever to receive the industry’s highest automotive, technology, and environmental recognitions."

The 2011 Chevrolet Volt can be leased for $350 a month for 36 months with $2,500 due at lease signing. Buyers can also purchase the Volt for as low as $32,780, which reflects a $7,500 price reduction for the full $7,500 federal tax credit. Some buyers may not receive the full tax credit, so the price may differ.

The Volt won with 233 points while the Hyundai Sonata had 163 points and the Nissan LEAF had 94 points.

To be eligible for the award, vehicles must be "all-new" or "substantially changed" from the previous model. Winners were chosen based on factors like innovation, design, safety, handling, driver satisfaction and value for the dollar. A jury of 49 veteran automotive journalists voted on the vehicles.