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Discussion Starter #1 (Edited)
Here's what went though my head when I bought

  • Lease to buy makes no sense to me, if I don't want to buy it now why would I want the hassle and cost of leasing only to do it in three years
  • I really want to capture the full rebates where leasing usually gives you part of that AFAIK
  • In three years most of the leases will be gone (certainly the Chevy will exhaust the Federal rebate), but I'll be needing another BEV, now sans lease (in this sense the rebates continue to pay back into the future when you buy)
  • In three years the technology won't be changing that much, except possibly for self driving which I don't care that much about with my driving needs*
  • Having a lease ties me to the dealership and limits my freedom, both which I hate
  • Having a lease just kicks the can down the road, buying a car is a pain, I don't want to have to do it again in a few years
  • Any way you cut it, leasing costs more than buying. I refuse to believe when people decipher their complicated contract to claim that the leasing company is going to hand them money, and knows less about finance than we do
  • There's no sense ownership - I'm proud to own a Bolt and baby it
  • You can't mod it, I've been doing stock mods left and right
* The most common reason I hear to lease is because EV's are changing so fast - except they aren't. Analysts believe (and I agree) that the Bolt level of specifications (200+ miles LiIon + electronics) will be the standard for many years. Battery chemistry doesn't progress by leaps and bounds.

Having said all this, it is just my personal reasons. I fully believe there are good personal reasons to lease too.
 

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It all depends on the individual . Now for me I like having a new car every 2 - 3 years . In 2004 I started with the Toyota Prius and had 5 ending with a 2012 . Then I went for a 2015 Nissan Leaf
in sept 2014 , traded in the 2012 Prius got $20,000 for trade plus at that time I got the Georgia $6000 tax rebate and the fed 7500 rebate and the Nissan leaf cost me $15000 after dealing . BTW my 2012 Prius was a model 5 with the adaptive cruise and heads up display and cost $36000
I noticed the sticker at the time was $39000 for a 15 SL model with the 360 camera . Then comes 2017 and I check to see what my Nissan leaf is worth and its only $10000 and I only had 10k miles on it . That's when I decided to lease and got a Premier bolt for $270/month no down payment and my leaf for trade in for 36 month lease ( at least this way it also gets me to keep the car for 3 yrs ), of course after 3 yrs I will have a more expensive lease to deal with . And I would have gone with a 2018 Leaf if only it had a 60kwh battery come January cause I did sit in one and it just
felt like more luxury and not so much plastic . That's my 2 cents anyway .
 

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Buying and Leasing are both great decisions on the Bolt depending on where you live. The reason I bought is the car in my area in California will cost me under $25,000, so the depreciation I will suffer will not be the same as the typical consumer. The other reason I HAD to buy is that I am over 15,000 miles in about 7 months. I will be putting over 25,000 miles a year on my Bolt. The mileage cost would be insane!

I think people are unfairly comparing the Bolt to the Leaf for depreciation. That simply will not happen. The new Leaf that will compare to the Bolt won't be available for a few years with a 60 kWh battery. To purchase a Model 3 will take years as well. It wouldn't surprise me to see the Bolt keep a higher percentage of its purchase value than people expect when people turn in their leases 3 years from now. The Bolt will be the only EV available on the used market at that time with a range over 200 miles.
 

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I have leased various cars for a number of years. Even though I negotiate a low price compared to the MSRP, lease residuals are computed as a percentage fo the MSRP, not the price you negotiated. As a result, it is the rare vehicle that is worth anywhere close to the residual value (at wholesale). In fact they rarely approach the KBB trade-in-value because dealers rarely pay "book" and usually expect to pay at least $300 to $500 back-of-book. Leasing companies will not sell you the vehicle for less than the lease residual even though they will take a bigger loss selling it at auction or to a dealer as they don't want to acknowledge that the car is worth less. Maybe the manufacturer has helped them cover this loss via a payment of some type. Excess milage or under milage (either one) plus the turn in charge of around $500 helps them defray this loss.

For those that aren't aware, the lease payment is made up to two components, the cost of the funds (interest rate) and depreciation. One of the ways a manufacturer subsidizes a lease is to authorize a residual that is higher than the actual residual value would be at the end of the lease. This reduces the residual component of the payment. If you buy for the residual at the end of the lease you will have substantially overpaid for the car unless it is the rare exception that held value at or above the value used in the lease calculation. If the actual residual value is 50% of the purchase price and they use 60% of MSRP and you buy at the residual at lease end you will have overpaid substantially. Example (not exact actual prices): The Bolt MSRP is shown as $43,000, so residual at 60% at the end of 36 months is: $25,800. You actually negotiated a price of $39,000 and the actual residual is 50% of purchase price:$19,500. You would have overpaid $6,300! This is what the leasing company hopes you will do or in the alternative, roll it into a new lease on a new car where they will waive the turn in fee and any excess milage to keep you on the hook.

I have always looked at leases a renting the use of the vehicle for a fixed period of time and cost thus allowing me to enjoy a new car periodically (every three years) and not having to worry about maintenance costs (other than standard oil changes) while I had the vehicle and recognizing I was paying a premium for this privilege. Because I was not building any equity my monthly costs were lower. I know some people on this forum have managed to select a car that was worth more at lease end but that is either because they overpaid along the way or up front or somehow managed to select a vehicle whose demand exceeded availability (very very rare). The leasing companies and the dealers are in the business to make money and it is very rare that they will leave money on the table. They wouldn't stay in business long if they did.
 

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In Ontario the main reason to consider a three year lease for the Bolt is that the Ontario Government offers a $14,000 instant rebate off the lease price.
 

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That would have swayed me into a lease. In the USA it is just the opposite. You lose the federal tax credit and probably the other rebates as well (depends on the state).
 

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That's when I decided to lease and got a Premier bolt for $270/month no down payment
We'd have leased if that deal had been available to us. We decided not to lease because both the GM website and the dealer wanted $4000 down and $400 a month. It would equal more than $500 a month. They obviously did not want to encourage leasing at that time.

jack vines
 

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Leasing makes sense when: 1) you fear that technology advances will make your purchase lose more value than you had hoped/planned for; and, 2) when the asset is tax deductible (business acquisition for a principal) and you wish to expense the "cost" yearly and not bother with depreciation tables/formulas and carry a "basis" down the road.

I bought.
 

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Discussion Starter #9
I have always looked at leases a renting the use of the vehicle for a fixed period of time and cost thus allowing me to enjoy a new car periodically (every three years) and not having to worry about maintenance costs (other than standard oil changes) while I had the vehicle and recognizing I was paying a premium for this privilege. Because I was not building any equity my monthly costs were lower. I know some people on this forum have managed to select a car that was worth more at lease end but that is either because they overpaid along the way or up front or somehow managed to select a vehicle whose demand exceeded availability (very very rare). The leasing companies and the dealers are in the business to make money and it is very rare that they will leave money on the table. They wouldn't stay in business long if they did.
Great explanation, thanks, that fits perfectly with what I thought was the case.

I love the story of Steve Jobs. He didn't want to have license plates and you have a six month grace in California (or did, I think I heard that's changing). Anyhow so what he did was set up a deal with the dealiership where he got a new leased Mercedes every six months and thus never had to have plates. Probably cost a fortune but who cares. I sometimes wonder if it was the continual new car smell that made him sick.
 

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Personally, since I drive a lot and keep my cars for an extended time, I'm going with buy.
This gets rid of the worry about mileage restrictions. Also, the Ontario government is giving $14k incentive. So definitely worth a buy at 14k off with the dealers here absorbing the incentive up front.
I'm thinking in a few years the rebates will decrease and perhaps eventually disappear as more EVs come to the market and ultimately the prices will come down anyway.
 

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I had plates for my Bolt within 2 weeks of purchasing. Same for the 2016 Highlander we bought a couple of years ago.
 

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Discussion Starter #14
I had plates for my Bolt within 2 weeks of purchasing. Same for the 2016 Highlander we bought a couple of years ago.
Yeah same for me, but just because the dealer had the paperwork ready. I guess if I wanted a six month lease (or 90 day now) I could have set something up, for $$
 

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Steve Jobs used to do something like that, so that his black BMW sedans never had plates. The dealer would swap in a new one at the end of the no-tag period so he was technically 'legal'. Must be great to be rich!
 

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Discussion Starter #16
Steve Jobs used to do something like that, so that his black BMW sedans never had plates. The dealer would swap in a new one at the end of the no-tag period so he was technically 'legal'. Must be great to be rich!
Read further up the thread, that's what prompted this discussion :)
 

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Steve Jobs used to do something like that, so that his black BMW sedans never had plates. The dealer would swap in a new one at the end of the no-tag period so he was technically 'legal'. Must be great to be rich!
It was actually silver Mercedes SL55 coupes.
 

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help with lease numbers

i live in arizona and would like an example of an actual lease someone has got in Arzona. don't need you to reveal Dealer just wanting to know what my possibilities are. thanks
 

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Leasing doesn't work for me because I drive more than 10k miles a year (I usually drive 24k) , and the federal tax credits are hard to pass up!
 

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Discussion Starter #20
i live in arizona and would like an example of an actual lease someone has got in Arzona. don't need you to reveal Dealer just wanting to know what my possibilities are. thanks
I found it hard (impossible) to get an example lease from a dealer or anybody. It gets vague pretty quick for whatever reason. I have a thing where I can't do any financial transaction or investment where I don't completely understand it, and I'm not ever able to get enough details about leasing, so that was another problem for me. But I know lots of people seemingly happen in their lease too, so it works for them.
 
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