Chevy just released lease program details!

[WetEV]

I wouldn't necessarily put an obsolete label on all used EV's.

I get that it's "nice" to drive a new car every three years but the "per month", perpetual car payment model never made sense to me. Maybe I'm just old school.

Me too. I use and have used some fairly obsolete computers as well. Had a cell phone for 9 years. And so on.

The 2005 Prius is the next car to replace. Maybe next year, maybe the year after... Obsolete? Sure. But still runs and does it's job.

 

[michael]

I didn't say obsolete and I don't think that. Obsolescent...moving toward becoming obsolete. That I do believe.

It looks to me like a Bolt is roughly $4000 more than a comparably equipped Volt. Accordingly all other things being equal I'd expect the monthly payments to be about 2000/36 =$55 higher. My first Volt is $375 including tax so I'm hoping for about $430 on a Bolt once the prices settle down

In california there is an extra 1000/36=28 on a Bev effectively reducing the 55 to 27 deifferemce. That's my hope!

Very soon now Keyes will start releasing cars to new owners. They have historically been very aggressive in selling Volts so they will be a good indication of the bottom line fir the near future

 

[adamsocb]

I see the lease calculator just went live on the Chevrolet.com site "Build and Price" for the Bolt. Drive off is fixed and quite high (over $4,000). The calculator only let's you adjust annual mileage, and it has all of the fine print about taxes, fees, dealer sets actual price, etc.

For a base model, no options, MSRP $37,495 the calculator comes up with :
$288 per month
Due at signing $4,037
No security deposit required. Tax, title, license, and dealer fees extra.
Term 36 month
Annual Mileage 12,000

And for a loaded Premier MSRP $43,905:
$364 per month
Due at signing $4,542
No security deposit required. Tax, title, license, and dealer fees extra.
Term 36 Month
Annual Mileage 12,000

These numbers indicate a reasonable amount of cap reduction and/or residual inflation and a low cost of money. Not as good as the Volt and Spark EV, but still a deep discount. Also says it expires on 11/30/16 so there may be a new deal on Thursday. When I have some time I will dust off the Excel calculator I set up when I leased my Volt and Spark EV, and see what the details might be.

 

[dan2112]

Well the configurator just went live:
http://www.chevrolet.com/bolt-ev-electric-vehicle/build-your-own.html

And after pricing out a fully loaded orange ($43,900) Bolt with 4k down the lease comes out $357.

 

[roundpeg]

Page Not Found. Apparently offline again.

 

[DucRider]

Dealers love the above 2 posts - focused solely on the monthly payment.
Did either of you notice the $4K+ required at signing? That equates to another $100+/m.

 

[roundpeg]

Can you share a screenshot of the numbers you are using ... I must be using it wrong :?

Not sure what you are asking, but assuming a sales price of $42k (Premier) with no downpayment, no incentives, top drawer credit, and a 58% residual, the monthly comes out to $589. One way to get it down under $400 with these assumptions is a 60-month lease. Now if you could talk the leasing company into treating most of the federal tax credit as a discount on the purchase price, you'd be financing less, but of course the residual would bump up and probably wipe out a good part of those gains.

 

[Schnort]

Worse yet if the $4k "down" includes TTL or not.

That (in Texas) equates to ~$3K.

If it doesn't, that makes it $7K off the lot and $357/mo, for a grand total of almost $20k for 36 months. That's a total cost of ownership of $551/mo for leasing (not including electricity).

That's....pretty ludicrous.

 

[wwhitney]

The "Build & Price Your 2017 Bolt EV" page on chevrolet.com has an "Adjust Payments" link at the end once you've configured the car. For a fully loaded $43,905 Bolt, with $0 down, 36 months, and 15,000 miles/year, the payment comes out to $506/month plus TTL, per that link.

Cheers, Wayne

 

[roundpeg]

Still getting "Page Not Found" from that link.

Edit: the complete link: http://www.chevrolet.com/bolt-ev-electric-vehicle/build-your-own.html

 

[dan2112]

Still getting "Page Not Found" from that link.

Edit: the complete link: http://www.chevrolet.com/bolt-ev-electric-vehicle/build-your-own.html

Fixed - thanks for pointing that out.

 

[DucRider]

Can you share a screenshot of the numbers you are using ... I must be using it wrong :?

Not sure what you are asking, but assuming a sales price of $42k (Premier) with no downpayment, no incentives, top drawer credit, and a 58% residual, the monthly comes out to $589. One way to get it down under $400 with these assumptions is a 60-month lease. Now if you could talk the leasing company into treating most of the federal tax credit as a discount on the purchase price, you'd be financing less, but of course the residual would bump up and probably wipe out a good part of those gains.

No incentives?
You get $2500 from CA (unless your AGI is over $150K single/ $300K Joint).

The 58% residual you are using already represents about a $5-$7K increase over likely actual value, so you are getting a portion of the $7,500 tax credit that way. It works to your advantage to do it that way in CA because you pay sales tax on any CCR provided. I think that when you get an actual quote from your dealer, you'll find that the $2,500 CCR will be available. Another way to lower the payment is to reduce the miles/yr from the 15K associated with the 58% residual (unless you really need them).

In your earlier posts, you mentioned not qualifying for the full $7500 after this year (retirement?). If your AGI for 2017 is likely to be < 300% of poverty level (~$48K for a 2 person household), the CA rebate bumps by $2K to $4500. If you leased on/after Jan 1, your total incentives would then be $12K. Maybe a lease on Jan 1 is the best plan?

I'm in the same boat as you as far as car financing. The last car we financed was in 1986 until we leased the Fit EV. While the Fit is available ONLY as a lease, we likely would have done it that way anyway. I'm also 99% sure I'll lease the Bolt EV for many of the reasons covered previously. You seem set on purchasing right out of the gate, but if you do you may wind up paying more for your Bolt than those that lease and then buy out the lease (at a lower cost than the residual in the leasing contract - this concept seems to be a "sticking point" for you). It is a strategy that has worked for many in the past, and unless the Bolt is the very first EV that holds it's value better than any ICE vehicle, it is likely to pencil out the same. I'm waiting to drive the Bolt before starting any actual negotiations on price and terms, but it's likely you can get an actual lease quote from your dealer at this time and stop speculating/assuming what the terms will be.

When a finance company bumps the residual, they are not "keeping the rebate" unless they never sell the vehicle (i.e. it is totaled in an accident and they get paid off). If you don't buy it at the end of the lease it will go to auction and they will get a wholesale price for it. They'll likely listen to a reasonable offer. In 3 years you can look again at new vehicles and the 2-3 year old used EV market and decide from there.

 

[roundpeg]

I asked my dealer this question just yesterday. No incentives.

The $2,500 goes to a California buyer as a cash rebate. It is not an incentive from the manufacturer.

I'd rather get the full value of the $7,500 tax credit than whatever part of it the leasing company decides to build into the leasing cost. Games of Three Card Monte don't appeal to me very much. I will qualify for the full tax credit this year for certain. I might also next year but I don't expect the tax credits to be around much longer.

My concern about the car holding value is less than what it might be for someone who is accustomed to turning their cars in every three years, a time period during which a car's depreciation is maximized. I keep mine for far longer than that as a rule

 

[michael]

OK so I just ran it...Premier with DCFC, 15000 miles no down (not zero driveaway) 36 month


488/month with 488 due at signing.

So that is the absolute retail price and not considering the California rebate. Sales tax isn't stated so I'd assume not included...call it $525 (in California) plus allocation of the due-at-signing over 36 months. Maybe another $50 so $575 all-in

My goal is to get that number down by $100, so I need to wait until there is $3600 combined between offers, dealer discount, factory incentives, etc.

Within a week I hope we will be getting reports of the actual price as of today. Once the initial buying flurry dies down, we will see the actual numbers. I still expect to hit my goal.


Also...I just ran the same for a Volt....similarly equipped 434/ month with 434 due at signing.

So....like I said in an earlier post, $50/month more than a comparable Volt, all else equal

So find out what Volts are ACTUALLY going for, at places like Rydell, Keyes, and others who are serious about moving Volts. Add $50 and there's your target lease price. Nobody should be paying $434 plus tax for a Volt...the real number is much lower

 

[wwhitney]

The 58% residual you are using already represents about a $5-$7K increase over likely actual value, so you are getting a portion of the $7,500 tax credit that way. It works to your advantage to do it that way in CA because you pay sales tax on any CCR provided.

The benefit of sales tax avoidance from an inflated residual versus a capital cost reduction is diminished by having to pay interest on that inflated residual over the term of the lease. E.g. If the lease interest rate is a 1.5% APR, then that interest totals approximately 4.5% on a 3 year lease. 4.5% is still less than 9% sales tax, but as you can see the net benefit is halved.

Cheers, Wayne

 

[michael]

I hadn't considered that, you're right. Narrows advantage of increased residual.

 

[Schnort]

Interestingly, it's exactly opposite in some states that require you to pay tax on the full price of the car on leases.

 

[michael]

Please don't mention that or California will change the law to grab more money.

Here we pay "as you go" on the payments. Another advantage of leasing.

 

[bren]

The 58% residual you are using already represents about a $5-$7K increase over likely actual value, so you are getting a portion of the $7,500 tax credit that way. It works to your advantage to do it that way in CA because you pay sales tax on any CCR provided.

The benefit of sales tax avoidance from an inflated residual versus a capital cost reduction is diminished by having to pay interest on that inflated residual over the term of the lease. E.g. If the lease interest rate is a 1.5% APR, then that interest totals approximately 4.5% on a 3 year lease. 4.5% is still less than 9% sales tax, but as you can see the net benefit is halved.

Cheers, Wayne

Inflated residuals LOWER your lease interest (and sales tax in CA) not raise it. You payment is based on depreciation over the lease term. The higher the residual, the lower the depreciation, resulting in lower monthly payments, and LOWER interest.

 

[wwhitney]

Inflated residuals LOWER your lease interest (and sales tax in CA) not raise it. You payment is based on depreciation over the lease term.

You are also paying interest on the entire residual amount over the entire lease term. Since the financing company is, in effect, loaning you the residual amount until the end of the lease.

Cheers, Wayne