Just because something is priced low, doesn't mean it's cheap. Look at term life insurance, it costs almost nothing, but is NOT cheap because almost nobody collects on it. The same can be said for the VIX. In historical terms, the VIX is priced at a low level, a level it could be at for a while. Making matters worse, is that the VIX, while low, is not NEARLY as low as actual market volatility. Take a look at the chart below which shows 10 day realized volatility vs 30 day IV.