It was standard practice to wave or quick flash the lights when I had my Mini, but I've only waved a few times with the Volt. The reception from other Volt drivers seems to be lukewarm at best. Perhaps it's just not as widely known in the Volt community.
Back in the sixties and seventies all sports car drivers waved at each other, and of course, I was one of them. In the last twelve years or so I had a series of Corvettes, and found that they do the same thing. However, I seldom notice another Volt especially a Gen 2 on the road, unless they're sitting next to me at a light. So I guess the answer is no.
Both generations are pretty rare in my area but someone who sells Volt accessories (I'm lookin at you Scarlet) told me the proper wave is the V. I do it all the time but have never had a response. I have found that many of the Ford products have a lot of chromed up grille and it takes a bit to determine if it is an oncoming Volt or a Ford.
As a long time Corvette owner (since 1972) the "wave" or "V" finger wave was protocol and a cool part of the community. But lately that bit of history and commerade seems to be dying. I will flash my lights when I see an approaching Volt and wave if the owner is attentive.
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