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Discussion Starter #1
My Chevy dealer is willing to roll my Volt lease (one year left on 3 year lease) into a comparable Bolt lease (36mo/12Kmi/$450down) with ALL options for $38 more per month than I am paying now for my Volt. Is this a no-brainer?

I am trading in a fully-loaded Volt for a fully-loaded Bolt. I owe $4700 on the Volt lease still. Same lease terms and only $450 down.

Would you do this if your payments only went up $38/mo?

Eph
 

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Seems like a good deal. Are you ready to make the transition from EREV to BEV? Does it fit your lifestyle, do you have adequate home charging (Bolt can accept 7.2kw, 2016 Volt just 3.6kw), can you charge at work (do you even need to?) etc.. If so, then I say pull the trigger.
 

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Discussion Starter #3
Oh, I'm ready. Wish we had Elon Musk building superchargers all along the highway for us, too. But, I'm ready.
 

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Would depend on how much the Volt lease is. If it's a bad lease deal you'd be signing up for two extra years of unusually high payments. On the other hand, if the Volt lease is fair, then it seems like the Bolt EV lease would be good.
 

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Discussion Starter #6
My Volt lease was $396, nothing down, 36 month, 12k per year.

The Bolt would be $434, $434 down, 36 month, 12k per year.
 

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My Volt lease was $396, nothing down, 36 month, 12k per year.

The Bolt would be $434, $434 down, 36 month, 12k per year.
Both leases suck. If the volt lease was $199, then $38 more would have been a better deal. So the bigger question, why are you leasing instead of buying?
 

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Discussion Starter #8
My Volt lease was $396, nothing down, 36 month, 12k per year.

The Bolt would be $434, $434 down, 36 month, 12k per year.
Both leases suck. If the volt lease was $199, then $38 more would have been a better deal. So the bigger question, why are you leasing instead of buying?
Umm... OK, thanks for your thoughtful response.

When I got my Volt in October 2015, I got the Costco deal and was very pleased. On the Bolt, I will also use the Costco deal, and have negotiated below that rate.

Perhaps you didn't notice that I put zero down on the Volt? I could have gotten the Volt at 199 with more down, of course.

I won't entertain your rude question about buying vs. leasing, other than to say that, by leasing, I am getting new technology 2 years later. Let's not debate this further, please.
 

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I agree those aren't the most attractive lease deals. Not crazy horrible but worse than average. I'd be inclined to wait. My theory is that we'll see some great prices and leases on the Bolt EV and the Volt after GM hits the 200K limit and the phase out period for the tax credits kick in. (That's just a theory, no inside information of any kind). But in considering everything, if you got $4K off the price of the Bolt EV you could eat a few months of your lease and still come out ahead.

My opinion without having any money on the table.

Both leases suck. If the volt lease was $199, then $38 more would have been a better deal. So the bigger question, why are you leasing instead of buying?
You've been missed. Hope you are feeling better.
 

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Umm... OK, thanks for your thoughtful response.

When I got my Volt in October 2015, I got the Costco deal and was very pleased. On the Bolt, I will also use the Costco deal, and have negotiated below that rate.
Well the price on the Costco program is usually pretty good. But here is how I think of this: Say the car has an MSRP of $40K. Say the residual is $18K. Now take the $40K and subtract $4500 for the tax credit and $3000 for a negotiated discount off MSRP. Over 36 months depreciation is about $400/month. Add tax and so forth and you're probably close to your lease figure.

However, if there is a rebate ZEV based fire sale -- NY is a CARB state -- then you might be able to get $5K off the MSRP. Then your payments are lower and you have more months covered by the lease. (Note that GM gets more ZEV credits for cars made in 2017 than made in 2018).

That's more or less how I look at it. But again, if you want it and can afford it, do it, it's not a terrible deal.
 

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Both leases suck. If the volt lease was $199, then $38 more would have been a better deal. So the bigger question, why are you leasing instead of buying?
I know a lot of folks lease because of their tax situation; they can’t take advantage of the full tax credit. By leasing you do regardless.

Btw, welcome back.
 

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I know a lot of folks lease because of their tax situation; they can’t take advantage of the full tax credit. By leasing you do regardless.

Btw, welcome back.
Leasing because you can’t get the tax credit is a crazy reason to lease. If you can’t get the tax credit, then usually that means you can’t afford the car. Sure there are exceptions...
 

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Discussion Starter #13 (Edited)
Thanks, guys.

This page shows what the starting price is for leases in CARB states: https://electrek.co/2016/11/22/gm-chevy-bolt-ev-leasing-program-california/ or https://leasehackr.com/blog/2016/11/21/bolt-ev-lease-program-announced-309-month

Note, however, that this is for an LT, they're putting $3700 down instead of $434, and it doesn't include the $4700 lease buyout costs. It's also 10K miles vs. 12K. I am working with the dealer to show me the breakdown of how I get from $309 to $434, but at first glance, I suspect it will add up.

Again, I don't want to debate leasing vs. buying here, please. I have my reasons.

Eph
 

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That's a fairly old offer and doesn't include discounts off MSRP. I like to look at this site: http://ev-vin.blogspot.com/2016/07/current-lease-offers-for-selected-evs.html Not saying your offer is terribly different but it should give you an easy comparison. The one thing I like about the way this site evaluates leases is the cost/mile metric. It cuts through all the permutations of more down and less per month. The one great advantage of a low down is the GAP insurance covers the full loss. Putting more down simply exposes you to more downside.

Note that, since you can buy the car at the end of the lease for the residual price, there is very little cost difference between buying and selling. Maybe the acquisition fee if there is one. So, as you're suggesting, the leasing vs. buying decision should be based more on factors other than expense.
 

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I agree those aren't the most attractive lease deals. Not crazy horrible but worse than average. I'd be inclined to wait. My theory is that we'll see some great prices and leases on the Bolt EV and the Volt after GM hits the 200K limit and the phase out period for the tax credits kick in. (That's just a theory, no inside information of any kind). But in considering everything, if you got $4K off the price of the Bolt EV you could eat a few months of your lease and still come out ahead.

My opinion without having any money on the table.

You've been missed. Hope you are feeling better.
My theory is a bit different, I think volt and bolt prices will drop in 2018/19 when the competition heats up and TM3s are shipping in large numbers. But if Tesla goes bankrupt before they can ship themselves out of manufacturing he’ll, we might see ev prices stay high from supple and demand. Fall of 2013 was when we had the great volt price drop, almost 3 years after Nov 2010 volt initial release. May 2015 was when the firs 2016 models started shipping, so if it follows this pattern, fall of 2018 would be when volt prices drop, and fall of 2019 could be when bolt prices drop.

Alas, stranger things have happened.
 

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My Volt lease was $396, nothing down, 36 month, 12k per year.

The Bolt would be $434, $434 down, 36 month, 12k per year.
I leased a loaded 2017 Volt with 0 down and 15k miles and my payment is 326? I wouldn't do it until Bolt and Tesla 3 go head to head for the Sales Lead Title. ...Then the customers WILL WIN:)

I also wouldn't do it because I like the back up engine so we get the best of both worlds...however when they reach the point when they get a 700 to 1000 mile range on a single charge and they charge wirelessly in 5 minutes....then...I'm IN :))
 

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I didn't find leasing to be the way to go either. I'm paying $450 for 7yrs to own a fully loaded Premier, $900 down and the 84/84 extended warranty. And I get the full tax credits, $1,000 of which is from Pa which I am pretty sure I could not get on a lease, and the $7,500 federal credit which I should get in full. Although some say the leasing company gives some of that back with lower payments, not sure if that's really true. A lease on my deal was less than $20 cheaper per month. So to me your lease doesn't look all that great, especially at 12k per year. I would look at the buy price for the Bolt.


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Discussion Starter #18
Thanks.

Yes, I know that Volt lease rates went down after I got mine. Mine was one of the first Gen2s to be sold in my area.
And, I know that the Bolt rates will probably get better in time, especially once the Model 3 is available in my area.

But, my question is not whether I should wait for lower rates, nor whether I should buy vs. lease.
It's whether paying $38/month more for a Bolt now, while getting out of a Volt lease a year early, is a good deal.
 

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Discussion Starter #19
I didn't find leasing to be the way to go either. I'm paying $450 for 7yrs to own a fully loaded Premier, $900 down and the 84/84 extended warranty. And I get the full tax credits, $1,000 of which is from Pa which I am pretty sure I could not get on a lease, and the $7,500 federal credit which I should get in full. Although some say the leasing company gives some of that back with lower payments, not sure if that's really true. A lease on my deal was less than $20 cheaper per month. So to me your lease doesn't look all that great, especially at 12k per year. I would look at the buy price for the Bolt.


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There is no way I would commit to a 7yr purchase. Technology is moving too quickly and I am an early adopter.
Perhaps once we get to 500+mi/charge options, I will consider a purchase and hold. I mean, that's what I used to do before I switched to EV...
 

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I didn't find leasing to be the way to go either. I'm paying $450 for 7yrs to own a fully loaded Premier, $900 down and the 84/84 extended warranty. And I get the full tax credits, $1,000 of which is from Pa which I am pretty sure I could not get on a lease, and the $7,500 federal credit which I should get in full. Although some say the leasing company gives some of that back with lower payments, not sure if that's really true. A lease on my deal was less than $20 cheaper per month. So to me your lease doesn't look all that great, especially at 12k per year. I would look at the buy price for the Bolt.


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I’m not a fan on financing or extended warranties either. Think of it. If you are spending the money anyway, why not drive a hoopty for a few years until you can buy the first car outright? If you save the car payment every month, you only need to do this once, then you have a lifetime of paid for cars and 0 interest. And don’t tell me about these 0% interest deals. Every time I negotiate a car way donwn in price, when I try to get a 0% interest deal, they tell me some of the incentives would disappear then. I got my new $44k volt for $21k after all the dust settled. We are starting to see some people get these kinds of prices again on g2, especially as the ev market heats up with lots of competitors.

As for ee\xtended warranties, this is where they really take in the cash. The national average on extended warranties is that 12% of them end up paying out, so 88% of them end up being pure profit. Each car varies in reliability. But you are better off putting whatever you paid into that extended warranty into a bank account and rolling the dice.

My lease plan: 100% down, 0% interest, unlimited miles, unlimited term. If I can get 100% down that means I can not afford it.
 
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