[pandapoopie]

Hello everyone! Glad I found this forum! I'm finding so much good information here. Wondering if you guys help me out.

So I'm on the market for a Volt 2015+ (Edit: looks like Gen2, 2016+ is way to go). General price range I'm seeing is ~$18,000 for a car with 30,000 miles or less (Edit: not many if no 2016s I've seen). Once in a while there'll be a steal, but they disappear pretty quickly. But my question is this:

With that price range, wouldn't I be better off just paying a bit more and getting a new Volt?

~$30,000 (Costco Auto Sales) - $7,500 (federal refund) - $1,500 (CA refund. I've heard this might have run out of funds) =

Range $22,500-$21,000

$22,500-21,000 with 0% APR (I think I should qualify for this)

versus

$18,000 with 4-5% APR = ~$19,500 over the life of loan

Of course, insurance and taxes will be a bit higher, but cost of 87 gas over the lifetime of ownership and an extra few miles in electrical range... An extra ~$3000 for a new car seems reasonable to me?

Am I missing something?

EDIT: I forgot that there's usually really low interest rates if I finance through Chevy so anywhere from 0% to 0.9% to sweeten the deal a bit.

EDIT 2: added financing, plus cost of gas (thx ctiomico2003)

 

[scrambler]

You are not missing anything

 

[ctiomico2003]

Where are you located? Depending your location you might be able to find a decent deal with certain used car dealers.

Ex: I got a fully loaded 2013 Volt (Grey) 55K miles @ $15500 before TTL, and another one (White) 45K miles @ $16500 before TTL.

This was because I had a dealer in SoCal that specialized in buying Hybrid/Plug In/BEV cars.

I checked a 2014 Volt Premium with 33K Miles @ $14500 before TTL.

Was there a particular reason to go for the 2015 over a 2013/2014 that could be off lease?

Just curious

EDIT: BTW the Fed rebate is off your taxes and may not necessarily be a 1 to 1 savings. Since I did not buy new, I cannot speak for how that works. I know on a Lease they will knock that off the selling price at the end but not sure on a purchase.

I believe the CA Rebate is straight cash so you are good there.

 

[Bacardi]

CA incentive funds were exhausted but came back...

June incentives are just around the corner, last year July had the 20% off sale, I would at least hold off until you hear the June deals and even July if possible...

 

[caronjeff]

If you can get the entire $7,500 credit buy new. Some only qualify for a credit much less than the full $7,500 and those folks should find those great deals on used.

 

[pandapoopie]

I'm based out of SoCal too. What dealer did you go through?

 

[pandapoopie]

CA incentive funds were exhausted but came back...

June incentives are just around the corner, last year July had the 20% off sale, I would at least hold off until you hear the June deals and even July if possible...

Good tip...I'll try and hold out a bit.

 

[pandapoopie]

If you can get the entire $7,500 credit buy new. Some only qualify for a credit much less than the full $7,500 and those folks should find those great deals on used.

It's just based on how much I pay in taxes right?

 

[pandapoopie]

Where are you located? Depending your location you might be able to find a decent deal with certain used car dealers.

Ex: I got a fully loaded 2013 Volt (Grey) 55K miles @ $15500 before TTL, and another one (White) 45K miles @ $16500 before TTL.

This was because I had a dealer in SoCal that specialized in buying Hybrid/Plug In/BEV cars.

I checked a 2014 Volt Premium with 33K Miles @ $14500 before TTL.

Was there a particular reason to go for the 2015 over a 2013/2014 that could be off lease?

Just curious

EDIT: BTW the Fed rebate is off your taxes and may not necessarily be a 1 to 1 savings. Since I did not buy new, I cannot speak for how that works. I know on a Lease they will knock that off the selling price at the end but not sure on a purchase.

I believe the CA Rebate is straight cash so you are good there.

Oh and I'm trying to get a 2015 because of the battery range increase.

 

[Bacardi]

If you can get the entire $7,500 credit buy new. Some only qualify for a credit much less than the full $7,500 and those folks should find those great deals on used.

First you have to qualify for it, if you cannot itemize you may not get the full amount...But even if you can, you "take it on the chin" in the form of depreciation...People are finding used Gen2 Volts for a little over $20K, once the MY18s hit the lots probably will be easy to find them under $20K...

The Volt is the perfect car to lease, it's highly subsidized by the lender especially in the CARB states and it depreciates heavily...Buying a car new that depreciates a lot isn't as good as buying a MY16 or MY17 used...

 

[bjrosen]

Hello everyone! Glad I found this forum! I'm finding so much good information here. Wondering if you guys help me out.

So I'm on the market for a Volt 2015+. General price range I'm seeing is ~$18,000 for a car with 30,000 miles or less. Once in a while there'll be a steal, but they disappear pretty quickly. But my question is this:

With that price range, wouldn't I be better off just paying a bit more and getting a new Volt?

~$30,000 (Costco Auto Sales) - $7,500 (federal refund) - $1,500 (CA refund. I've heard this might have run out of funds) =

Range $22,500-$21,000

Of course insurance and taxes will be a bit higher, but ~$4000 for a new car seems reasonable to me?

Am I missing something?

EDIT: I forgot that there's usually really low interest rates if I finance through Chevy so anywhere from 0% to 0.9% to sweeten the deal a bit.

It's an absolute no brainer, get a new Volt. The Gen2 is significantly better than the Gen1, it has much greater EV range, a better ICE, more power, and it has Android Auto and Apple Car Play. This is also your last chance to take advantage of the $7500 Federal tax credit, GM will have exhausted their credits in a year or two which is the best case scenario, the worst case is the Congress repeals them in this year's tax bill.

When considering used vs new the calculation is different for an EV vs a conventional car. ICE cars have been good enough for decades, the difference between a 10 year old ICE car and a new one isn't significant aside from the electronics so all you really need to take into account is the price vs the useful remaining life of the car. EVs are completely different because the technology is rapidly improving and they won't reach the good enough point for another 10 years (by good enough I mean the point at which further improvements don't really matter, i.e. a 350 mile Bolt would be significantly more useful than the current 238 mile Bolt and a 450 mile Bolt would still be enough better that an upgrade would be worthwhile, but after that it won't matter because 450 miles is as much as anyone is likely to travel in a day so a 600 mile Bolt wouldn't be any better than a 450 mile Bolt). So until EVs reach the good enough point you would always want the new one unless the used one is ridiculously cheap.

 

[llninja]

To give you a gauge, the best deal I saw someone post for a new gen1 was $16.5k for a base model. I got my new 2013 premium for $21K including state sales tax, so it was effectively under $18k. I think the lowest I've seen for a gen2 here is just under $20k. But if you wait, when Bolts and Tesla Model 3s are shipping in large numbers, we might see even better deals. So you need to ask yourself, do you want to play this giant game of chicken to risk it and wait for a better deal for a few thousand or just pull the trigger and don't look back.

Other things to consider, older volts with a few more miles are hitting the market at $8-10k. At that price, you could buy two for the price of your new 2017.

 

[Neromanceres]

Oh and I'm trying to get a 2015 because of the battery range increase.

Battery range increase for a 2015 would net you about 2 to 3 miles over a 2014. The big increase happened in the second generation Volt starting in the 2016 model year (12 - 13 miles more than a 2015).

 

[alfon]

I would hold off on a new Volt because Chevy will probably offer 20% MSRP like last July 2016. Also the Fed Tax Credit of $7,500 could also be applied against your, if you are of age a retirement account you draw from, against that Fed Tax Credit. This would apply to at 401 K plan that was tax deferred and taxes are paid from withdrawing from the account.

So some may not be aware they can still use that $7,500 tax credit even if you are retired.

 

[Sean-a-Tron]

Oh and I'm trying to get a 2015 because of the battery range increase.

I wouldn't recommend paying anything extra for a 2015 unless you really need the few extra miles it may get you. My 2014 gets about 54 miles in ideal conditions (No highway driving).

 

[ctiomico2003]

I'm based out of SoCal too. What dealer did you go through?

Anaheim Pre-Owned Cars
Their selection of Volts is less now, but I normally look at their stock at Carsforsale website.
I see a 2015 every so often.

I agree with some other posters that the bigger battery for the 2015 is not much. Might as well get a 2016/2017 Gen2 Volt.

Since you are in SoCal, keep an eye on if the HOV sticker program will be extended. Currently set to expire on Jan 1, 2019.
Not sure if you are using the car for that as well, but I have to keep an eye out as I drive 80+ miles a day roundtrip and the carpool lane is a really good time saver.

I have seen some 2016 Volts off lease as well (early returns) at some dealers. Considering they can use 87 gas, I would also put that into consideration depending on your budget/needs.

Good luck with your search.

 

[hellsop]

There are also far FEWER 2015 available now than 2014, since the 2015s haven't largely come off-lease yet, while the 2014s are coming off now and have had enough time to trickle through the auction system.

 

[pandapoopie]

First you have to qualify for it, if you cannot itemize you may not get the full amount...But even if you can, you "take it on the chin" in the form of depreciation...People are finding used Gen2 Volts for a little over $20K, once the MY18s hit the lots probably will be easy to find them under $20K...

The Volt is the perfect car to lease, it's highly subsidized by the lender especially in the CARB states and it depreciates heavily...Buying a car new that depreciates a lot isn't as good as buying a MY16 or MY17 used...

Yeah, that might be a question for my tax guy. I have pretty good credit, so I'm sure I'll qualify for 0% interest. I want to make sure I'm being wise with my money I guess...but at a difference of about $4000 with the difference in financing new versus used it's gonna come out to about $2000 for a new versus used...

As far as depreciation, it's kinda why I wanted a used initially. I wouldn't mind leasing, but I drive about 20k a year. Doesn't seem like a realistic option with those kind of miles.

 

[pandapoopie]

It's an absolute no brainer, get a new Volt. The Gen2 is significantly better than the Gen1, it has much greater EV range, a better ICE, more power, and it has Android Auto and Apple Car Play. This is also your last chance to take advantage of the $7500 Federal tax credit, GM will have exhausted their credits in a year or two which is the best case scenario, the worst case is the Congress repeals them in this year's tax bill.

When considering used vs new the calculation is different for an EV vs a conventional car. ICE cars have been good enough for decades, the difference between a 10 year old ICE car and a new one isn't significant aside from the electronics so all you really need to take into account is the price vs the useful remaining life of the car. EVs are completely different because the technology is rapidly improving and they won't reach the good enough point for another 10 years (by good enough I mean the point at which further improvements don't really matter, i.e. a 350 mile Bolt would be significantly more useful than the current 238 mile Bolt and a 450 mile Bolt would still be enough better that an upgrade would be worthwhile, but after that it won't matter because 450 miles is as much as anyone is likely to travel in a day so a 600 mile Bolt wouldn't be any better than a 450 mile Bolt). So until EVs reach the good enough point you would always want the new one unless the used one is ridiculously cheap.

Thanks, those are really good insights. That useful range in a charge is actually helpful as well because I was getting hung up on the distance without really thinking about how much range I would actually need.

 

[pandapoopie]

To give you a gauge, the best deal I saw someone post for a new gen1 was $16.5k for a base model. I got my new 2013 premium for $21K including state sales tax, so it was effectively under $18k. I think the lowest I've seen for a gen2 here is just under $20k. But if you wait, when Bolts and Tesla Model 3s are shipping in large numbers, we might see even better deals. So you need to ask yourself, do you want to play this giant game of chicken to risk it and wait for a better deal for a few thousand or just pull the trigger and don't look back.

Other things to consider, older volts with a few more miles are hitting the market at $8-10k. At that price, you could buy two for the price of your new 2017.

I have a Honda Element with 230k+ on it so it really is a game of chicken at this point lol.

But what you're saying about just buying an older volt and just driving it to the ground....hmmmmmm