Need help with leasing numbers in the bay area

[Anonymous]

I would need your folks input on a fully loaded bolt premium for 43905 MSRP.

So far I have negotiated

- 3 year lease / 12k Miles a year
- 300 dollars a month including taxes
- 6400 dollars drive off (all inclusive)

Do these numbers sound like a great deal? Anyone that can share some lease info on their end so I can compare how my numbers are since I am new to leasing. Is there anything else I need to watch out for on the lease?

I appreciate everyone’s input that has some feedback on this. Thx

 

[Anonymous]

Anyone? :roll:

 

[SparkE]

Compare to : http://ev-vin.blogspot.com/

Since you didn't bother saying where you live, nobody can tell you if it's a good deal or not (deals vary greatly by state).

 

[AyeJay]

My lease has a $600 processing fee at the end which seems a bit high for the damage inspection, etc... grrrr!

AJ

 

[Sperling3]

Seems a little high. I leased a fully loaded Premier from Dublin Chevrolet for $399/mo including taxes for 36 months and 45k miles. Drive-off was $1,800 (compared to your $6,400). Figuring (roughly) that $5400 of your down payment reduces the monthly payment by $150, it seems kind of a high lease cost.

 

[DucRider]

Seems a little high. I leased a fully loaded Premier from Dublin Chevrolet for $399/mo including taxes for 36 months and 45k miles. Drive-off was $1,800 (compared to your $6,400). Figuring (roughly) that $5400 of your down payment reduces the monthly payment by $150, it seems kind of a high lease cost.

Once again, location is everything (and not near enough info in the post).
Bay area dealers have lot's of inventory, move big volume, and get incentives from GM.
The OP may be in an area where there are only one or two Bolt's anywhere near them.

What is the "agreed upon price"?
How much CCR is being offered?
What is the residual (% and/or $)
What is the MF?
What is the Tax rate? Is it applied to the entire purchase price? Or only to the lease payments?
Any junk fees rolled in?

 

[SparkE]

Looking at http://ev-vin.blogspot.com/ , it looks like Dailey Chevy and Fremont Chevy both offer better deals (but for 10K annual miles).

Both have offers with 'true cost' (full payments divided by # of months) around $355/$360 per month. (Dailey has $500 down, $350/mo, and Fremont has $6K down and $200/mo).

Fremont, Momentum (in San Jose), and Capitol (also in SJ) seem to move a lot of them, and have decent prices, if you know how to haggle.

 

[paulgipe]

Agree with SparkE I only look at total cost of ownership--and I learned that from these forums.

Total costs over 36 months. That's the only way to compare. vin-blogspot does most of the work for you. Use it, but remember he has to strip out costs and add costs back in to make all the offers comparable.

Paul
Our total costs for an LT with DCFC, heated seats, and some safety stuff, 10,000 miles/yr, was $250.00/mo. No one is offering that deal right now.

 

[SparkE]

There *might* be deals available in late 2018, after (if) the 2019 model year is available in the last few months of 2018 AND there are still 2018s available. That happened in the beginning of 2018 when all the remaining 2017s got discounted once the 2018s started shipping.

Disadvantage : you have to chose from what's still available.

 

[Campfamily]

I've been working with a number of Chevy dealers here in the SoCal area to try to find a decent lease deal, and so far the best I've found has been in the low 400's with zero down. None of the dealers are really doing any kind of big discounts, and the GM rebates are pretty skimpy as well. Nothing like the crazy deals I saw at the end of 2017. I'm in no hurry to switch EVs, not until the end of the year when my carpool lane sticker expires, so here's to hoping that what you say is true and there are a bunch of leftover 2018s that the dealers will be willing to make good deals on.

Keith

 

[DucRider]

There *might* be deals available in late 2018, after (if) the 2019 model year is available in the last few months of 2018 AND there are still 2018s available. That happened in the beginning of 2018 when all the remaining 2017s got discounted once the 2018s started shipping.

Disadvantage : you have to chose from what's still available.

The 2017 MY was also different in that it received more ZEV credits and those credits traveled to and from other Section 177 States with no penalties or discounts. ZEV credits have value (as Tesla knows very well) and GM was willing to put some cash on the hood to stockpile some credits.

It is also possible that GM is restricting supply to delay the 200K trigger for the sunset of the Federal Tax Credit.

 

[winterescape]

It is also possible that GM is restricting supply to delay the 200K trigger for the sunset of the Federal Tax Credit.

My money is on this, ship more Bolts worldwide rather than domestically, ramp up supply of 2019s, delay loss of Ferderal Tax credit

 

[SparkE]

Yeah, they already flooded Korea with Bolts this year (until their tax break numbers were exceeded), and it shouldn't be too hard to make it to Oct 1st without hitting the limit, but getting to Jan 1, 2019 is going to be a challenge (Volts count in the total as well).

So there might be a flood of deals in 4th quarter 2018.

 

[Campfamily]

Yeah, they already flooded Korea with Bolts this year (until their tax break numbers were exceeded), and it shouldn't be too hard to make it to Oct 1st without hitting the limit, but getting to Jan 1, 2019 is going to be a challenge (Volts count in the total as well).

So there might be a flood of deals in 4th quarter 2018.

In early 2019 there will also be a bunch more competition for the Bolt, with the extended range Leaf and the Hyundai Kona. Right now Chevy has the >200 mile affordable EV market to themselves, but that's going to change here soon.

 

[winterescape]

In early 2019 there will also be a bunch more competition for the Bolt, with the extended range Leaf and the Hyundai Kona. Right now Chevy has the >200 mile affordable EV market to themselves, but that's going to change here soon.

True, but also by mid '19 GM should have two new BEV's launched. (GM, Oct 2017, "within 18 months")
My guess is a Buick Enspire and a Chevy Joule?

 

[user 124]

True, but also by mid '19 GM should have two new BEV's launched. (GM, Oct 2017, "within 18 months")
My guess is a Buick Enspire and a Chevy Joule?

Ah, but did GM specify the market for those new EVs? There has been zero information on them, so they may only be sold in China. That is the real EV market.

 

[BarfOMatic]

Yeah, they already flooded Korea with Bolts this year (until their tax break numbers were exceeded), and it shouldn't be too hard to make it to Oct 1st without hitting the limit, but getting to Jan 1, 2019 is going to be a challenge (Volts count in the total as well).

So there might be a flood of deals in 4th quarter 2018.

In early 2019 there will also be a bunch more competition for the Bolt, with the extended range Leaf and the Hyundai Kona. Right now Chevy has the >200 mile affordable EV market to themselves, but that's going to change here soon.

Yup, and logically enough, they are trying to get as much money out of the Bolt while they can (no deals while the competition is thin). At the moment, the Bolt is the ONLY 220+ mile BEV that you can buy for under $42K, and as little as $38K (the model 3s that are being sold today must be configured with the extended range battery, and start at over $45K).

Also, when the newer (longer range) LEAF2 and the BEV Kona arrive, GM will still be selling the Bolt with a $7500 tax credit, so still competitive (unlike the model 3, which will only be eligible for $3750 or lower in 2019). The Kona (definitely) will have a long run with the $7500 fed tax credit (in the U.S.), while the LEAF will start losing it at about the same time as the Bolt (if not earlier) - so, again, staying competetive (as long as possible).

It makes perfect sense to me - fill your pockets while you can, and stay 'in the ballpark' with the competition.

 

[Campfamily]

It makes perfect sense to me - fill your pockets while you can, and stay 'in the ballpark' with the competition.

Exactly.....and the reason why I'll be sitting it out until late 18 / early 19, when the desire to upgrade to a longer range EV will be higher, due to expiration of carpool lane access on my current EV.

Keith

 

[Sperling3]

Are you guys having the same problem with this forum as I? When I click on "Need help with leasing numbers in the bay area", I seem to pull up a discussion about what new GM EV models will be coming out in 2019.

 

[BarfOMatic]

It makes perfect sense to me - fill your pockets while you can, and stay 'in the ballpark' with the competition.

Speaking of "the competition" to the Bolt in the US - at the moment, it's only Tesla and the Nissan LEAF (and maybe the BMW i3). I'm basing that conclusion off of sales volume of battery-only EVs. The Tesla models and the LEAF are the ONLY vehicles that are selling over 1000 units a month on a regular basis. Heck, those are the only ones selling over *300* units a month! (It's hard to tell with the i3, as the BEV and REx sales are lumped together into one number.) The next BEV by sales volume is (... drum roll ...) the Fiat 500e !!

https://insideevs.com/monthly-plug-in-sales-scorecard/

So, at the moment, only 3 companies are serious about selling battery-powered vehicles. This might change over the next 18 months or so (depending on how many vehicles the other companies actually produce, even after they are theoretically available - the Hyundai IONIQ EV sold only in token quantities, and that only in Calif). So it isn't surprising that it is difficult to find good lease deals at the moment - Nissan and Chevy are the only companies actually shipping BEVs under $40K in volume (you can't touch a Tesla model 3 for under $50K at the moment - but that should change over the next quarter or two).

So ... Chevy is filling their pockets while they can, and probably will until there is more competition (and/or they go past 200K EV sales in the US, at which point they may open the floodgates a bit).