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Discussion Starter #1
Hey everyone!

I'm getting ready to return my 2012 Volt, as the lease is nearly up. The current lease terms...well...i screwed myself. In an effort to avoid a collective Nelson Muntz-eqsue "Haw! Haw!" here's what i paid back in Sept. 2011: $4900 down, $469/month, 12k miles per year (not an issue as my daily commute is less than 20 miles per day). The Volt, at the time, was fully loaded with option down to the chrome wheels. After reading the forums last year I realized that I got screwed. At least I feel like I may have because it was the first car I ever negotiated on myself.

I'm hoping, and planning, to avoid that now. I got a call from the same dealer, new sales rep and here's what he's offering:

-Summit White volt, black console with black leather (or whatever it's called), all options, chrome wheels.
-$0 down = $472/month
-$3000 down = $388/month
-$4000 down = $361/month
-Additionally, I have three months worth of payments left on this car but he said they would waive those. There's also a return fee in the contract, but I'm pretty sure I can get that waived.

What do you all think?

I really wanted the 17" sport wheel option but he said he couldn't get those.
 

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The national lease deal is $249/month for 36 months and 12K miles a year. That's with roughly $3000 down. The difference between $388/month and $239/month is $139/month. That's about $5000 over the lease term of 36 months. Assuming depreciation of 50% you'd have to have $10K of options on the base, which I don't think is possible.

Hence I'll say not a good deal.

The different down/payments are all the same. For example, $4000 down over 36 months is $111.11/month. Add $111.11 to $361 and you get $472, which is the monthly lease payment with $0 down. I'd probably go with $0 down.

Also note that getting a lot of options on a leased car isn't the greatest idea. You're just buying them for the next person. If you really want them, then go ahead, but think long and hard. (For example my wife hates cloth so that's a factor).
 

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Discussion Starter #4
Thanks for the speedy reply, DonC! The thing with the options are that I use nearly all of them daily. So for me, I gotta have them haha.

Obviously, my strategy has to be to negotiate harder. What would you think is a good number on a lease? I'm fine with doing $X amount down.

Or would buying be the way to go? I love my Volt but my wife and I are planning on expanding the family at some point. I know the car could handle one kid no problem, but 2-3 years down the road I'd want something bigger.
 

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There are more exact ways to do this, but a quick take would be to start with the national lease, add half the cost of the options, and then divide by 36 to give you the monthly addition. For example, if the national lease is $249/month, and you have $3600 in options, then a good deal would be $3600/2 = $1800/36 months = $50/month = $299/month. Taxes, tags, etc are additional of course.

The better way would be to negotiate the price of the car just like you're buying it. In fact say you might buy or lease -- totally true. The lease payments are really the price you pay for the car minus the residual (based on a percentage of MSRP) plus the interest on the car (minus the part you pay for each month). This means that there isn't much difference in negotiation a lease or a purchase -- it all comes down to the purchase price.

Once you have the purchase price nailed down everything else will fall into place based on the national lease terms that you can find at chevrolet.com.
 

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If you are located in CA, try Keyes or Rydell in SoCal. If not, try to get as near as you can do the deals that they quote on the forum. I think Rick from Keyes just posted their lease deals within the last few days.
 

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Discussion Starter #8
Thanks everyone on the insight. I am going to shop around a bit, and knowing what I know now, I will be negotiating much harder. I will contact Rick from Keyes as well. The only issue there is that I live in NY.
 

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Why is it every time somebody starts a "is this a good deal thread" 5 people pop up telling him how much he's getting ripped off when they usually don't know what they are talking about and don't have all of the facts?

Did anybody bother to consider taxes? You're comparing the national lease of $269 with $2679 due at siging plus taxes to a $472 payment on a loaded Volt that most likely includes all of his taxes and tags. Last I checked, New York was not a very lease friendly state requiring about a 9% tax on the entire purchase price.

The national ad lease is based off of a lease with US bank on a $34,995 Volt. The Volt leases get less and less attractive as the MSRP goes up. With a fully loaded Volt, US bank caps the MSRP residual calculation at $39,100. So you're paying 100% of everything above that. Also their residual is lower and then the $7500 is added to it. That means you have to pay more than 50% (probably about 65%) of all options above the base price. So then you can go with ALLY however their's is not as attractive as US banks to begin with but they will residualize the whole MSRP however they ding you 1 point if you have NAV.

So why doesn't everybody take a step back and consider all of the facts before they're so quick to get on the dealer bashing bandwagon. I know it's fun to do that, but how much do you think that promotes the brand?
 

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Why is it every time somebody starts a "is this a good deal thread" 5 people pop up telling him how much he's getting ripped off when they usually don't know what they are talking about and don't have all of the facts?

Did anybody bother to consider taxes? You're comparing the national lease of $269 with $2679 due at siging plus taxes to a $472 payment on a loaded Volt that most likely includes all of his taxes and tags. Last I checked, New York was not a very lease friendly state requiring about a 9% tax on the entire purchase price.

The national ad lease is based off of a lease with US bank on a $34,995 Volt. The Volt leases get less and less attractive as the MSRP goes up. With a fully loaded Volt, US bank caps the MSRP residual calculation at $39,100. So you're paying 100% of everything above that. Also their residual is lower and then the $7500 is added to it. That means you have to pay more than 50% (probably about 65%) of all options above the base price. So then you can go with ALLY however their's is not as attractive as US banks to begin with but they will residualize the whole MSRP however they ding you 1 point if you have NAV.

So why doesn't everybody take a step back and consider all of the facts before they're so quick to get on the dealer bashing bandwagon. I know it's fun to do that, but how much do you think that promotes the brand?
Take a chill pill. It doesn't take a genius to figure out that it is a very bad deal when compared to the deals being offered by Keyes and Rydell. I know it could be a different market where OP is at, but still the price difference is just too much to justify that. OP is asking for our opinions and we are giving our honest opinions.
 

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Discussion Starter #12
Thanks again guys and gals. I do appreciate the opinions.

I'll let you know how the negotiation goes. At the end of the day, it's my hard earned money and it's mine to lose. I got screwed once and I don't want that to happen again. The info and the insight you all have provided has been really helpful.

Thx.
 

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Hello again friends,

An update: the original dealer came back to me. He miraculously found the exact car I wanted and quoted me either $39,645 (which is MSRP and not counting the fed tax credit of $7,500) or ~$425/month w/$3k down.

I don't have an issue putting money down to lower the overall monthly payments. What I do have a problem with is that $425 a month.

I know to each his own, but what should I consider a good lease price? (Note: Got all options + sport rims)
 

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...Or would buying be the way to go? I love my Volt but my wife and I are planning on expanding the family at some point. I know the car could handle one kid no problem, but 2-3 years down the road I'd want something bigger.
I always thought you were supposed to put the child safety seat in the middle rear seat?
The Volt doesn't have a middle seat in the rear. Seems a bit risky putting the child safety seat next to the outside of the car rather than in the center of the car....

My niece just turned in her BMW 3 Series for a 5 Series because the 3 Series was very cramped with a newborn and all the accessories required, I don't think the Volt would be ideal for a newborn/infant either.
 
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