How Much I Paid for My Bolt

[tedkidd]

Here is my deal on a Bolt Premier. The only options were Orange color, driver assistance, and Bose audio package. Didn't want the fast charger. Never thought about using it on our old Leaf, and any roadtrips we take, which are rare to begin with, we'll take one of the gassers.

MSRP: $43155
Sale Price: $38995
Additional Rebate: $1000
$3000 driveoff (including 1st payment)
15,000 miles/year
Payment: $335.80 including tax
36 month lease

How did I do?

Looks like $419 a month all in.

 

[sundar]

Here is my deal on a Bolt Premier. The only options were Orange color, driver assistance, and Bose audio package. Didn't want the fast charger. Never thought about using it on our old Leaf, and any roadtrips we take, which are rare to begin with, we'll take one of the gassers.

MSRP: $43155
Sale Price: $38995
Additional Rebate: $1000
$3000 driveoff (including 1st payment)
15,000 miles/year
Payment: $335.80 including tax
36 month lease

How did I do?

Looks like $419 a month all in.

I don't understand, how $419?

I also got similar deal on 3/31 in socal for premier...

Orange Tintcoat: $395
DC Fast charging : $750
Driver Confidence II: $495
Infotainment packages: $485
$3000 driveoff (including 1st payment)
12,000 miles/year
Payment: $332.80 including tax
36 month lease

 

[LeftieBiker]

I don't understand, how $419?

Presumably it's with the $3k down divided among the payments. Think of it as the "zero down payment" although that may not be true for an actual zero down lease.

 

[Schnort]

I don't understand, how $419?

Total cost divided by length of lease.

 

[michael]

Actually I figure it as $410 since there are only 35 payments

3000 + (35x336). = 14760

14760/36=410


That's a price I can live with

 

[sundar]

Actually I figure it as $410 since there are only 35 payments

3000 + (35x336). = 14760

14760/36=410


That's a price I can live with

What about $2500 rebate we get back?

 

[lmitano]

Paid 39k out the door, Garden Grove Chevrolet, two months ago. Fast charger, lane assist mirrors, white.

 

[michael]

Actually I figure it as $410 since there are only 35 payments

3000 + (35x336). = 14760

14760/36=410


That's a price I can live with

What about $2500 rebate we get back?

I don't figure that in and treat it like "bonus" money that yes, further reduces the effective cost. But for lease comparisons I leave that out. Some people get less or more than $2500.

 

[DNAinaGoodWay]

Current LT lease offers through the Drive Green program in MA:



Details at http://massenergywebservices.com/drivegreen/table-all.php#bolt

 

[DTANGAS]

Here is my deal on a Bolt Premier. The only options were Orange color, driver assistance, and Bose audio package. Didn't want the fast charger. Never thought about using it on our old Leaf, and any roadtrips we take, which are rare to begin with, we'll take one of the gassers.

MSRP: $43155
Sale Price: $38995
Additional Rebate: $1000
$3000 driveoff (including 1st payment)
15,000 miles/year
Payment: $335.80 including tax
36 month lease

How did I do?

That's a pretty good deal for now, I think. I got a deal similar to yours with total end costs almost identical.

MSRP $43510 (has the fast charger)
$2500 Drive Off(including 1st month, taxes, registration etc.)
15000 miles/year
Payment $355 after taxes
36 month lease.

 

[LeftieBiker]

Can you two post your residuals?

 

[schan2464]

Here is my deal on a Bolt Premier. The only options were Orange color, driver assistance, and Bose audio package. Didn't want the fast charger. Never thought about using it on our old Leaf, and any roadtrips we take, which are rare to begin with, we'll take one of the gassers.

MSRP: $43155
Sale Price: $38995
Additional Rebate: $1000
$3000 driveoff (including 1st payment)
15,000 miles/year
Payment: $335.80 including tax
36 month lease

How did I do?

My residual was $24598.35.

 

[DTANGAS]

Mine was $24800.70

 

[LeftieBiker]

Thanks. Those Premiere residuals are going to have to be discounted, unless GM just wants to take the cars back and resell them. Can some folks post their LT residuals? I think those might be more marginally acceptable.

 

[Schnort]

Thanks. Those Premiere residuals are going to have to be discounted, unless GM just wants to take the cars back and resell them.

This is how pretty much every EV lease has been since the beginning.

 

[oftheseven]

My LT residual is $23,577
Retail: $39,259
Gross cap cost: $36,520

3yr/12,000 miles/yr

 

[sparkyps]

Thanks. Those Premiere residuals are going to have to be discounted, unless GM just wants to take the cars back and resell them. Can some folks post their LT residuals? I think those might be more marginally acceptable.

You want the residual to be as high as possible. High residuals are what make leasing EVs far more attractive than buying.

 

[GetOffYourGas]

Thanks. Those Premiere residuals are going to have to be discounted, unless GM just wants to take the cars back and resell them. Can some folks post their LT residuals? I think those might be more marginally acceptable.

You want the residual to be as high as possible. High residuals are what make leasing EVs far more attractive than buying.

In a normal, properly functioning market (not the EV market yet), don't the residuals track what the car is truly expected to be worth at the end of the term? Of course, that doesn't really apply here. Likely GM will take back these Bolts and sell them at a loss. Thanks to tax codes, they can then write off that loss, and partly recuperate it via lower taxes. I believe that is their game here.

 

[Schnort]

Yes, ideally (for the leasing company) the residual would equal the real world value at the end of the lease. If the residual is higher than market value at the end, it's advantageous for the lesee because he paid for less car than he used. If it's lower, then it's also advantageous because the lesee could purchase the car below market value and resell it at market value and capture that value (or keep the car and get it for less than market value)

 

[sparkyps]

Yes, ideally (for the leasing company) the residual would equal the real world value at the end of the lease. If the residual is higher than market value at the end, it's advantageous for the lesee because he paid for less car than he used. If it's lower, then it's also advantageous because the lesee could purchase the car below market value and resell it at market value and capture that value (or keep the car and get it for less than market value)

If the residual is low that isn't advantageous as it forces you to either purchase the vehicle at the end of the lease or lose the money you spent paying down the vehicle below market price.

A lease with a residual of $0 is the same as purchasing a vehicle.

A lease with a residual equal to the original value of the vehicle amounts to just paying interest on the value of the vehicle over the term of the lease but not paying for any of the loss of value of the car.

You don't want a lease with a residual of $0, you would love a lease with a residual equal to the initial value of the vehicle. The higher the residual the better.

For example, a lease of a $43,000 car with an equivalent interest rate of 4% would only cost you $160/mo. That's as good as it gets (unless they want to make the residual HIGHER than the initial price of the vehicle). Any residual less than $43,000 is worse and the lower the residual the worse the deal.