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Assistance with lease terms

10K views 15 replies 12 participants last post by  Lbrooks51115 
Run away!

Those lease estimates are horrific.

For not much more than those sky-high estimates you could BUY the Bolt.

By the way, in CO the lease tax credit is $2,500, not $5,000. The $5k credit only applies to purchases.

I took a quick look at the TrueCar pricing, and they’re showing an average $2,600 discount vs MSRP, not MSRP + $500 “handling”. I used the Denver ZIP to get that estimate.

As DiscoDan mentioned, there may be a temporary inventory shortage that’s keeping prices high, or you may have simply encountered a dealer who quoted a really lousy deal.

I would recommend doing your shopping online. Spec out the exact car you want including color and options, and email a few dealers for lease quotes. To keep it simple ask for 36 mo, 10k per year, zero down, nothing due at signing except first month’s payment.

Remember, the federal tax incentive of $7,500 goes to the leasing company, not the leasee. You would be eligible for the $2,500 from CO, which is worth about $70 a month on a 3 year lease.

Good luck!
 
I was considering leasing too, and I have never leased a vehicle either. The dealer told me that the cost of a three year lease is about half the price of the car purchased new. EVs don't hold their value, because of the battery life issue. And as mentioned above, the federal tax credit goes to the leasing agency. Yeah, I ended up buying my Bolt.
Yes, the Fed tax credit goes to the lessor, but that lowers the lease cost. Also, not everyone has $7,500 in federal income tax liability, and the tax credit is not refundable and any unused portion is lost as it does not carry-over into the next tax year.

As for the three year lease cost being half the MSRP, that may be true for a very high mileage lease, but my three year lease cost was $11,500, including all lease payments and my down payment, and many leasees have gotten even better lease deals. That’s less than 30% of the MSRP of my Bolt LT.

Leasing isn’t for everyone, just as purchasing isn’t for everyone, but it can be attractive, especially if you’re going to lose all or part of that $7,500 credit at tax time.
 
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