Leasing a new car(tech)


#1

http://www.chevrolet.com/bolt-ev-electric-vehicle.html
Link for reference so as to not confuse anyone on which vehicle I’m talking about.

Saw the Bolt in Car and Driver I believe it was and it has piqued my interest. Not quite as nice as the Tesla, but it can be had for a more “reasonable” price. While I’m not much of a fan of the current GM line, I’d be willing to give the Bolt a go, mostly due to the fact that it’s one step closer to bringing affordable “long range” EVs to the market that isn’t a tiny little thing like the Nissan Leaf.

Not planning on trading in or selling my CX-7, as it’s paid for and is still in great shape- it’d just be relegated to 2nd car/road trip status.

Went to the local GM dealer in town and they didn’t even know when the thing was coming out, let alone any more information than what’s been provided already- not even a booklet/brochure to look through. I will definitely be test driving before I do anything, though, so I could still pass it up for one reason or another because of it.
You’d think GM would try to hype this thing up a bit more, given the circumstances

As it is new technology and a new, untested model, would leasing this vehicle for a couple years make more sense than buying it outright in this instance?


#2

It looks very interesting. If Chevrolet offers inexpensive leases at first as they did with the Volt, that might be a good option. Since the launch date has not been announced yet, we don’t know whether Chevy will encourage leases or sales. It will be around $30,000 after the tax incentives are taken if bought. I could get two days on a charge as a commuter, and that is plenty. I would recharge overnight anyway. I am not in the market for a new car just yet, but I might consider this if I continue to work for several more years. This leapfrogs Nissan’s Leaf and is way ahead of Toyota’s Prius line. Toyota has great sales numbers for the Prius, and I’m sure that keeps them from moving more quickly into all-electric vehicles. Of course, that kind of rationalization kept the Detroit 3 from moving into the compact car market, and they are just now starting to build competitive models. I won’t accuse Toyota of missing out because they haven’t yet, but they might if they aren’t careful.


#3

With the way I drive, I could probably go most of the month without the need to charge it up- I just flipped over 24k miles on my 2010 CX-7.

But I’m mostly concerned with the reliability of it since it is pretty much a completely new EVERYTHING for GM. That’s why I’d consider a lease before a purchase, not sure if it will be okay, or wind up competing with Range Rover for least reliable piece of %&*$! ever made.
It’s also why I made this topic, to see other’s opinions on the lease versus buy on this particular model. I know most here-myself included- feel buying is better for most other vehicles, but this is what I consider a special case.


#4

If your concerned about reliability then buy a more reliable vehicle. Unless you own a business leasing is the worse way financially to get into a vehicke


#5

I’m with Mike on this. Leasing is like totally throwing your money away.
besides, you’ll have no choice but to get even minor scrapes fixed, or you’ll pay through the nose when they come get the car… and leave you with absolutely zip.
And, with a lease, taking long drives may cost an arm and a leg.


#6

Leasing in most situations is more expensive than buying. When the Volt was first released, Chevrolet wanted people to lease it rather than buy it, probably because it was their first foray into a production electric vehicle (with gas engine backup). They offered a very low monthly fee for the base lease. If that is the case when Chevy releases their next generation electric vehicle, leasing might be a good option. We have to wait to see how they approach distribution. Since I drive 105 miles a day commuting, that will be 2 or more times the annual mileage allowance, and leasing might be too expensive no matter what the monthly fee is.


#7

Mike, tSM, I am aware that I’d just be getting into a long term rental. But, as I mentioned, I’d be keeping my CX-7 for those long hauls. Not only because of the lease agreement- though 4k per year average is nothing- but “range anxiety” would kick in for those 50+ mile trips anyways, no matter how high the charge percentage is.
I know it would be REALLY weird knowing the only real maintenance- even long term- would be topping up windshield washer fluid, tires, brakes and brake fluid, and maybe suspension components.

Besides, you guys were around several years ago, so you might recall how long it took me to decide on my Cx-7 when I was looking.


#8

I think I’d lease the car and I am not a proponent of leasing as a general rule. If GM gives a good lease rate and residual value, that might sway the deal.

Say 0.5 % lease rate with a residual value of 60% (say $22,200) of the price at the end of 3 years. It would also greatly depend on how the $7500 tax credit is handled. If the lease agency gets the $7500 and applies it to your down payment, that $37,000 car shakes out to a payments on $30,000 value minus $22,200 residual or $7800 plus the 0.5% interest on the $30,000. Rough calculation says that’s $314 or so a month.

You would be money ahead if the value plummets and/or you hate the car. At least you didn’t eat the depreciation.


#9

That’s basically why I’m considering the lease option- I’m not sure how I’d like having a full-on EV just yet. Hence the reason I’d be keeping the Mazda for the time being.


#10

Forget the lease. If you don’t like the vehicle terminating a lease early will cost you a lot of money.