[homemadehitshow]

Just called in for my first pass lease end.

I have a CA Green sticker, 2014 Volt, Base with Backup Camera package, 43,000 miles. Lease end December 1st.

They just offered me $15,525, out the door with no costs. Through my credit union this works out to around $250 per month payment.

Any thoughts? I realize I can counter offer but the work involved in that is not something I look forward to. This price is lower than similar used 14's are available in my area and the car has never had any issues.

My other option is a new lease that will likely cost around $280 with my high mileage requirements.

Thoughts?

Let me know your thoughts, thanks.

 

[Just_Jon]

1st thought: Do you like the car and want to continue driving it?

2nd thought: So you already made payments for 3 years and now you are going to sign up for 5 more years?

 

[homemadehitshow]

1. Yes, but newer is always more fun

2. Don't quite follow. I have paid a reduced price (compared to purchase) for 3 years and now I am choosing to spread my payment over 5 years (could do less) to reduce the monthly cost? The alternative is signing up for another 3 years at a higher price?

 

[16513]

High mileage? Slam dunk. Buy New.

 

[DonC]

Free advice is always worth what you pay for it. Depreciation is usually 20% a year. So 50% over three years. Without going all financial, I'd say if you can buy a new Volt for under $30K after credits and rebates you should buy a new one. I think you can do a whole lot better than that. Maybe under $30K before credits.

Note this assumes the cars are equally good. Volt 2.0 is definitely a nicer car with more range but not sure about the reliability. Volt 1.0 was build like a tank.

 

[Bacardi]

You say green sticker so it sounds like Cali where incentives are richer...

We know of many many dealers who are selling the Volts for $0 down and $200/mo for the 10K miles so if you're going up to 15K might be another $30/mo...(mainly DTLA and norcal)....

If nothing else you should get a price so you know for sure...

 

[homemadehitshow]

Thanks all, I know the prices, I am not going to buy a new Volt, I will either buy this one or lease a new one, the payments to buy a Volt are much higher. As I said in the original post, my monthly payment on a new one would be in the vicinity of $280 (after tax and including wear/tear protection), perhaps a little less.

 

[Bacardi]

my monthly payment on a new one would be in the vicinity of $280 (after tax and including wear/tear protection), perhaps a little less.

Correct, that's YOUR payment at what, one of the 3000 Chevy dealers?...I'll share mine I got a L.A. dealer with 12,000 miles/year, $1500.00 drive off (got the $1500.00 state incentive back 6 weeks later) $204.99/mo...This was a LT but did have a few options which MSRPed for $36,2XX. If it was a pure base LT and I bumped the mileage up to 15K, you'd have to imagine MY deal would still be around $220/mo...Other have reported even better deals in the NorCal area...

 

[homemadehitshow]

I am actually purchasing from the LA area (probably). Also only need/want a base LT. Prices are not that far apart. $220 + tax + $15 or so per month for wear and tear and you're in the same ballpark. I haven't tried to negotiate, so that's the starting price but still it's more of a lease v buy question.

 

[DonC]

Leasing and buying are not all that different, especially since if you lease you can always buy at the end of the lease. If you're looking short term, meaning three years, then the best time to lease is when prices are well below MSRP. That's because the residual is based on MSRP and you're paying for depreciation between the MSRP and the residual. In effect every dollar of discount off MSRP is apportioned over three years rather than seven or ten.

 

[homemadehitshow]

I'm not sure what you are answering? I am asking about the offer buy out my current lease?

Based on my own feelings and some of the comments here I am leaning strongly towards a new lease, just a big PITA to go through the process

 

[sinnombre]

I'm not sure what you are answering? I am asking about the offer buy out my current lease?

Based on my own feelings and some of the comments here I am leaning strongly towards a new lease, just a big PITA to go through the process

I am in a similar situation . I have a 2014 with 42,000 mi. I can keep the car and put new tires and spend money on maintenance, or I can lease a 2017 . I figure my 2014 will cost me about $3,500 in depreciation , maintenance and expenses during the next 12 months.

If I lease a 2017 , the next 12 months will cost me about $4,000 in payments . It's tempting to spend an extra $500 a year for a new one with limited liability .

 

[Got volt?]

Offer them $13,000 and see what they come back with.
Or go lease an new base LT for $250 per month and enjoy the increased range, regular gas, quieter engine, etc.
Either of those sounds like a win win, but I wouldn't pay over $15,000 for your current 14

 

[Bacardi]

Okay, I reached out to my DTLA dealer and this is what she came up with...Base LT, 15k/yr, 36 month lease 35 payments...True $0 drive off and $260/mo all inclusive with 9% tax...does not extra wear and tear...however also didn't include any of the targeted incentives and it was her first offer and perhaps you can haggle down...but even if not also remeber in about two months you're getting a $1500 check; 1500/35-260 = $217/mo...so if you think the damage thing is $15/mo then $228/mo...PM me if you want the details

 

[bro1999]

Okay, I reached out to my DTLA dealer and this is what she came up with...Base LT, 15k/yr, 36 month lease 35 payments...True $0 drive off and $260/mo all inclusive with 9% tax...does not extra wear and tear...however also didn't include any of the targeted incentives and it was her first offer and perhaps you can haggle down...but even if not also remeber in about two months you're getting a $1500 check; 1500/35-260 = $217/mo...so if you think the damage thing is $15/mo then $228/mo...PM me if you want the details

Sounds really good..... especially a 15k mile lease.

 

[Got volt?]

That sounds like a no brainer