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Loan vs. lease a Bolt?

27K views 54 replies 28 participants last post by  ScarletJohnson 
#1 ·
I'm looking to purchase a Bolt but I'm struggling to decide between leasing or purchasing the Bolt. Given the high depreciation for the Nissan Leaf, I'm worried if Bolt would be falling into the same boat. If that is the case, then leasing is more attractive than purchasing.

How are you doing it? Did you lease or buy?

Thanks.
 
#3 ·
I leased my Honda EVPlus back in 1997 because there was no other option. They allowed me to renew the lease twice (for two years, then for one year). After CARB cancelled the zero emission mandate, they took it back in 2003.

When Nissan announced the Leaf, I signed up in May of 2010 and got my car in August of 2011. I wasn't going to let them take it away from me, so I bought it. Now my niece is driving it.

I put a deposit down on a Bolt in early November of 2016 and bought it in any art of 2017. GM won't take take this from me
 
#11 ·
I'd love to hear about your experience(s) with the LEAF, including any battery loss or any other great/poor things about the vehicle. (Such as your 12V battery dying every 2-3 years.)

But that should go on a different thread (prob in 'off-topic). But, seriously, I'd LOVE to hear your impressions of the LEAF.
 
#4 ·
I often question this a lot myself as I haven't reached a decision yet.

For me, I think I'd go for lease (right now at least) because when the next "updated" Bolt comes out, I'll probably want that one and I won't have to deal with much other than returning the lease and getting the next one.
 
#6 ·
I like to own because I don't like perpetual car payments. Buy the car with a loan, pay it off in five years and then drive it another five years with no payments. At the end of ten years, you still have a fully functioning vehicle you can sell for something.

Yes, in ten years time the EVs will be way better, but I figure that if the Bolt works for you today, it should work just as well for you ten years from now. (all battery degradation aside) I find people tend to be very optimistic and predict advances in batteries and EVs to be much more rapid than reality. All manor of miracles are predicted for 2020, but I'm skeptical and fully prepared to be underwhelmed by all the fantastic technological advances and wide variety of offerings.
 
#7 ·
I like to own because I don't like perpetual car payments. Buy the car with a loan, pay it off in five years and then drive it another five years with no payments. At the end of ten years, you still have a fully functioning vehicle you can sell for something.
Yep, I totally agree with you. Buy it and then run it for as long as you can.

...All manor of miracles are predicted for 2020, but I'm skeptical and fully prepared to be underwhelmed by all the fantastic technological advances and wide variety of offerings.
Changes are generally incremental and not particularly compelling from one year to another, but over a five year period all those changes add up. You just have to compare a current EV like the Bolt with one from 5 years ago like the Leaf to see how big those differences can get.
 
#8 ·
If you live in central California it is worth to buy. It is $13,500 in rebates and credits for me. This makes the car about $25,000 and the depreciation doesn't hurt as bad. I have never leased, I always pay off cars within three years and enjoy time with no car payments.


The rest of California I would consider a lease, but only at payments around $300 a month and you are able to get the $2500 state rebate. BTW, don't expect the state rebate for about 4 months. I was finally approved with all paperwork submitted perfectly the first time after 5 weeks. However, I drive my car about 20,000 miles a year and would get killed on a lease. To be honest if you don't put much mileage on a vehicle you should be looking at a Leaf or a Volt. The Bolt is perfect for my 130 mile commute.


If you want a new car every three years a lease will be your best bet. Some people I know do this and love having new cars. Just do what makes you happy and what you can afford. I wouldn't worry much about the Bolt being outdated any time soon. 240 mile range can only be beat right now by cars that are $80,000. The Model 3 won't be able to be purchased until late 2018 or 2019 depending how production goes. If you didn't put a reserve on a Model 3 it might be 2020 before you can get your hands on one. The Nissan Leaf now knows there car has to get over 200 mile range, which I think may delay production for them. It was supposed to be out this year, but now it looks like mid 2018. The Bolt is years ahead of other cars and wont depreciate as much as you think in three years.
 
#10 ·
I tried to reply earlier, but it would not let me. Trying again. I leased my 2012 Nissan Leaf new. I am in Ohio, and getting one from a dealer in California. The amount of incentive Chevy is giving for Bolts is less than 1/4 what Nissan gave me back in 2012. So, I decided to go with purchase. More money than I wanted to spend, but it makes more sense to me financially. I figured when I purchased my Leaf back in 2012 that the technology would be significantly better, so I leased. It took two lease extensions for it to be better with the release of the Bolt, but hey, I wasn't ALL wrong...:laugh:
 
#12 ·
I normally purchase cars, but decided to lease my Bolt just to see how things develop over the next 3 years in terms of technology development, prices, incentives, etc. At that point, I have lots of options - buy mine out, get a new Bolt, or switch to another EV if there's anything else better out there.

Just keep in mind that the $7,500 federal rebate is kept by the leasing company, of which GM Financial is only giving back around $3,000-3,500 right now, if I remember correctly (I only got $2,500 in mid-March).
 
#13 ·
Purchased our 2014 Volt and took the massive depreciation hit the first year. Didn't like the feel of that experience. We just submitted our order for our Bolt and we're likely going to lease this time around. In three years we'll have a MCE or possibly even a Gen 1.5/Gen2 Bolt so I like the idea of upgrading. With my commute I had to extend the miles to 15,000 / year (or just save a little each month and pay the mileage fee).

BTW - the reason EV's take that first-year depreciation his is BECAUSE of all the incentives (state/fed/etc). It's a two-edged sword... you do end up "paying less" but the car is also therefore "worth less". Can't truly get it both ways.
 
#14 ·
However, you don't know about, or care about the depreciation if you don't sell. Of course if the car is stolen, or totaled for some reason, the insurance company will remind you of how little your car is worth. If you don't buy the car outright, or have a significant down payment, you could end up making payments to the bank and have no car.
 
#15 ·
I guess I'm having a premature, senior moment here, but is it now common practice to refer to a financed vehicle as a "purchase"? And if that's common practice now, then what is the new way to refer to a vehicle that you actually did purchase? Do we now say "bought outright", rather than just "bought"?
 
#18 ·
I suppose it's true that generally speaking you own a substantial equity position in a home that you chose to finance rather than simply purchase. I've done both. I've never run the math on a car loan though, because I've never actually financed a car. The Leaf that I lease is the first vehicle that I haven't just written a check for. At what point in the debt cycle is a financed car generally worth more than you paid for it? And for that matter, how much more do you generally end up paying for a car when you use financing? It's got to be like twice the sales price, right?
 
#25 ·
I didn't find the GM lease offer particularly compelling. Nothing like some of the Leaf leases which would let you drive electric for 5 bucks a day.

True, a lease puts the risk of technical obsolescence onto the manufacturer, but I figured the Bolt's range a) meets my needs and b) won't be outstripped anytime soon.

My case may be somewhat of an outlier: at my age (73) I figure this may well be the last car I drive. If I purchase and hang on to it until they won't let me drive anymore, and if its service requirements are as low as I'm guessing they will be, I'll be a happy camper. By the time battery tech advances significantly, I probably won't be driving, or at least won't want to drive further than I do now.
 
#29 ·
Wow, this could be a great decision for you to decide. I suggest, you should compute it well and compare it well too. You must calculate the loan in order to check out if it gives you advantage on it. Also, in leasing a car, I suggest you should ask for many dealers lowest rate so that you can compare it with your loan options. You can now request online for the lease quotations. That's only for suggestion, the decision is yours, so think about it! :)
 
#30 ·
:)Coming from a 2014 BMW i3 BEV, I was naturally interested in the Chevy Bolt. My first test drive in February, I wasn't impressed. Second test drive in April, about the same. Once I got the leasing terms from the dealer, I was turned off. I recently had my third test drive, late May at my local dealer, and was impressed. Again, leasing term are high and I'm waiting for that to change. Buying is a option, but I think leasing would be best. I'm most impressed with all the positive Bolt comments here as well as the Facebook site. I anticipate a Bolt sooner rather than later.
 
#31 ·
Coming from a 2014 BMW i3 BEV, I was naturally interested in the Chevy Bolt. My first test drive in February, I wasn't impressed. Second test drive in April, about the same. Once I got the leasing terms from the dealer, I was turned off. I recently had my third test drive, late May at my local dealer, and was impressed. Again, leasing term are high and I'm waiting for that to change. Buying is a option, but I think leasing would be best. I'm most impressed with all the positive Bolt comments here as well as the Facebook site. I anticipate a Bolt sooner rather than later.
Just curious, what was different between the two unimpressive test drives, and the third that did impress you?
 
#34 ·
I leased my Leaf. It seems to be worthless now. Yes there is probably someone other who wants it, but in reality its a 3 yr old, 30K car, with 24K miles thats probably worth 10K.

The new technology is going to push us all into leasing. Dealerships will make little to nothing from servicing EVs. The only way is to keep the tech moving fast enough that you want a new one in 2-3 years like a cell phone.

I loved my old star tac, I'd like to play around with one for a few minutes. Then I'd go check the doppler radar stream or edit a video on my real phone.

There is nothing to stop them from 70-100 KW in three years, driverless tech, etc. Don't underestimate the speed things will change. Time from candy bar to flip to iPhone.... Who's gonna want a 7 year old iPhone...errr....I mean iCar...errr... I mean.... the possibility of increased depreciation scares me.

I put about 1200 down, 275 a month. 3yr/36K, Thanks Chevy.
 
#35 ·
Exactly my thoughts on why I will lease and not buy. As Mary Barra said few months back tech advancement in auto sector in next 5 years will be equal to what was made in last 50 years.
Another leasing factor for me is Bolt is kind of small for family with 2 kids. And after 3 years of lease, there will be good options in market for a mid size EV (today only tesla) like we have for plug-ins today (sonata plug-in, ford fusion plug-in) in order to get some space with kids.
 
#38 ·
Hey, if it works within your means, pfft, go for it. I'll be going the same route of leasing just because I'll want the next iteration of updates. Don't know what it'll be like, but I know it'll be "better" or just have more "features" and that's good enough for me to justify wanting and inevitably getting it.

Have to admit to the impulse buying thing though... that does get me from time to time.
 
#42 ·
It's likely true! If you want to get to point A to point B as cheap as possible, you already have your holy grail. Skip the Bolt, or any BEV. Driving electric is definitely a want and not a need. I 100% admit, I bought my Bolt only because I wanted it. I wanted to experience electric driving for myself. I like. I won't go back for daily transportation, but I doubt I will be buying the latest greatest either. I hope to eek this one out as long as my other cars. I do the same with computers and phones. I'm always the last to adopt the new "Wow!" thing.
 
#43 ·
I have a '96 Toyota Corolla (well, Geo Prizm). It is plenty frugal. 4-door, 1600cc, 5-speed, seats 4 tall people comfortably (5 'seats'), big trunk. On long trips, I get around 40 mpg. It's my "non-EV vehicle that I drive when I have to go more than 80+ miles away". It sits 28+ days a month, usually.
 
#44 ·
I just appraised my 2014 Nissan Leaf on Edmunds.com Options wise it's and SL (mid range with the Chademo/6.6KW charger but no fancy navigation sytem), 25K miles, 89.5% battery capacity according to the leaf spy app (in case anyone looking to purchase would check). It's worth $8500 if I sold it to a private party, 6,750 if I traded it in.

That's pretty piss poor depreciation.

I have faith in my new Bolt but NO ONE knows if there will be battery issues in a couple of years or what will come through the pipeline. If you really love it you can always buy it when the lease runs out. I'm sure they would give me one **** of a good deal on the Leaf.

I won't gamble on that type of depreciation by purchasing an EV.
 
#45 ·
I didn't find the GM lease offer particularly compelling. Nothing like some of the Leaf leases which would let you drive electric for 5 bucks a day.

True, a lease puts the risk of technical obsolescence onto the manufacturer, but I figured the Bolt's range a) meets my needs and b) won't be outstripped anytime soon.

My case may be somewhat of an outlier: at my age (73) I figure this may well be the last car I drive. If I purchase and hang on to it until they won't let me drive anymore, and if its service requirements are as low as I'm guessing they will be, I'll be a happy camper. By the time battery tech advances significantly, I probably won't be driving, or at least won't want to drive further than I do now.
Agree, we'd have been leasing if offered the same deals Nissan and BMW gave early adaptors of their EVs. Both the on-line calculator and the dealer desk GM lease payment penciled out to a net of nearly $600/mo.

Talk auto depreciation - a friend bought a 7-series Beemer, $100K+, drove it a bit more than a year and 30Kmi. Decided it was too big for one person to be using every day; upon trade-in, it was worth $32,000 less than he paid for it.


jack vines
Appreciation/Depreciation only applies if one buys/sells. Can't count those I know who've seen the housing appreciation, sold their home, bragged about how much money they made, then guess what? Having to buy another home in the same market put them upside down in another mortgage. A car payment and a home mortgage are use payments, not investments.
 
#46 ·
EVs depreciate horribly, more than any other car. If you want to buy you will save tons by buying a used one. Buying a new one is a bad idea because it will be obsolete towards the end of your loan and worth less than what you owe. Also Bolt batteries are only warranted for 8yrs/100K miles, after that you will probably lose a lot of range, don't plan on driving it until the wheels fall off as the battery will poop out before that. Leasing is the best way to go until EV technology reaches the point where a 3-4 year old car is no longer obsolete. My $.02
 
#47 ·
Well, under your scenario, that means that if someone wants to buy a 200+ mile EV for a reasonable price, they'll have to wait 3 or more years from now to get it. But by then, there will be something better out, but you'll have to wait another 3 years to get it. And so on and so on. At some point you have to buy something or you will be waiting forever for something that is better, faster, and cheaper just around the corner.

While the Bolt carries an 8yr/100K battery warranty, and has a provision for replacement if capacity falls below a certain point, that doesn't mean the battery will fail within that time frame, or it will degrade enough to warrant replacement. All of my cars that I have purchased in the last 20 years carried 100K powertrain warranties of some sort. I never had to make use of them and they all lasted well past 150K miles before I sold the car. The Bolt will not be obsolete in 4 or 5 years. Or even 8 years. It will still be driveable 10 years from now. It might only have a 140 mile range by then, but that doesn't mean it's obsolete, just maybe not as useful.

Buying any new car, regardless of drivetrain, is a bad financial decision. Used ones will always be cheaper. But if we all decided to only buy used cars, the supply of available cars would very quickly dry up.

We all can't lease. Some of us put too many miles on a car in a year's time. Buying extra miles puts the monthly car payments squarely in the realm of a traditional loan.
 
#49 ·
i had my previous car for 8 years (almost to the day). in that time, with the cost of the car, gas, and repairs, i spent about $38k. i figure if i get 8 years out of the bolt, i'll come out ahead, because after rebates i'm only paying $33k (+ some tires and brake pads, i assume). and of course hopefully everything that goes wrong will go wrong in the first 3 years, but i have a 6 year extended warranty on it anyway.
 
#52 ·
I have been researching used ev's for my daughter's first car. Keep in mind the Fiat, Focus, Smart ev and some others DO NOT have level 3 charging. Plus the battery degradation has been an issue. Definitely going with a used Chevy Spark EV for her as it has fast charging and the LG batteries have been (mostly) solid. I only wish it came with a back up camera.
 
#54 ·
Ha, funny that you shared that link as I recently read that ENTIRE thread. I may just go with an after market job that hooks up to her phone, or a proprietary screen, but that is tempting. My plan is to have my oldest drive it for ~2 years, then pass it on to the youngest, who is two years behind her. So maybe going through the trouble and expense of an OEM styled camera would be worth it.
Thanks for sharing!
 
#55 · (Edited)
My dad was in this situation, he did not know what is more profitable, what is safer and more reliable, leasing or on credit. He asked friends, acquaintances, but that did not help much, everyone has a vision and opinion. I got tired of watching him suffer and found a website for him Loan Payment Protection Insurance, which is absolutely impartial and will find a suitable option for you, under the conditions that you will lik. In addition, here you can find reliable information for your case, there are all the answers to questions about financing. The site is absolutely free, anyone can use it and you can find what you need there.
 
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