shade

Buy vs. Lease

Tue Jan 24, 2017 10:39 pm

With leases for a premiere coming in around $450-$500/mo, does it make sense to buy? It seems like then one could claim the full $7500 fed and $2500 CA which would bring the price to $32K-ish. Throw $2-3K for a down and you're looking at payments (60 mo) of $450-ish again. Thoughts?

JupiterMoon
Posts: 245
Joined: Mon Dec 12, 2016 2:16 am

Re: Buy vs. Lease

Tue Jan 24, 2017 11:11 pm

Depends on your car owning philosophy.

If you buy, you know pretty much where you stand on your payments and also your ownership of the car.

If you lease now, it's likely you're not getting a good deal. If you lease a little later, I'm 100% sure you'll get a better deal (as far as leases go).

It's a personal choice and comes down to all the factors that you feel are important.

dan2112
Posts: 107
Joined: Tue Nov 01, 2016 6:01 pm

Re: Buy vs. Lease

Tue Jan 24, 2017 11:26 pm

How long are you planning to keep the car? Keep in mind EVs have the worst resale value (excluding Tesla). The depreciation is HUGE ( :mrgreen: ). If you plan to basically run it into the ground for 10 years - great. But it will be basically worthless. My 2014 LEAF SL that I leased that cost 36K (MSRP) could be had at auction for 8k today. I know that is not a great comparison but it gives you an idea. I fully expect the Bolt to loose ~60% value in 3 yrs - so for me lease was the way to go.
2017 Bolt Premier in Nightfall Grey

michael
Posts: 651
Joined: Thu Jan 29, 2015 10:13 pm

Re: Buy vs. Lease

Tue Jan 24, 2017 11:40 pm

In the case of EVs, leasing looks better for now. Technology is rapidly improving, costs are dropping. As stated above, depreciation is very high, and with good reason.

It seems likely that Bolt prices will drop with time, but this would apply both to purchase and to lease. Right now the Bolt is a hot, gotta-have-it item. This won't last forever.

I have leased three EVs and am absolutely glad I went in this direction.

Even if you lease, you get all of the $2500 and most or all (depending on how the lease is structured) of the $7500. Ford, for example, generally applies the $7500 as if it were a down payment. GM applies some in this manner and some as an artificial increase in residual. The net effect is generally similar so long as the full $7500 gets somehow applied.
2013 Ford Focus Electric 51000 miles in 34 months, returned
2014 Volt, returned
2014 Volt, returned,

2017 Volt
2017 Volt
1967 Corvette 427
1962 Corvette 327

gpsman
Posts: 518
Joined: Thu Oct 20, 2016 9:10 pm

Re: Buy vs. Lease

Wed Jan 25, 2017 8:24 am

I've been thinking about this since October & the day I placed my order. The slow roll out has given me more chance to think. I just got a VIN and "prepping to ship" message so I will need to make up my mind in 2 to 4 weeks.

I STILL CAN'T DECIDE!

I've read just about every blog, article and thread.

I STILL CAN'T DECIDE!!!

So I have basically concluded there is NO BETTER DEAL one way or the other. At this point, it is a tie.
I can afford to go either route.

I THINK I will want an upgraded "something" in 3 years.

On the other hand, my previous vehicles I have kept 18, 16, 12, and I still have an 11 year old hybrid now.
( And the 16 y.o. was a 2000 Honda Insight and the NiMH batteries lasted 16 years.... my current hybrid has 11 year old NiMH batteries and I get the same Ah out of them now as when new...). So I expect the Bolt will last 10 - 15 years too. IF I want to keep it that long.

Also I always like to tinker and modify my vehicles. Solar panels anyone????
I have never leased and don't know the rules about tinkering and modifiying. What if I get a scratch or dent during my lease? Or seat or carpet stains?

I think I'd have no problem staying under 12,000 miles per year. 15,000 for sure.

Any help helping ME decide is appreciated. :)

LeftieBiker
Posts: 793
Joined: Tue Jan 10, 2017 7:13 am

Re: Buy vs. Lease

Wed Jan 25, 2017 1:25 pm

I have never leased and don't know the rules about tinkering and modifiying. What if I get a scratch or dent during my lease? Or seat or carpet stains?


You have to return the car in pretty much the same condition it was in when new. You can wait until the end of the lease to do this. You can pay a third party to fix damage to lease specs, fix it yourself, or you will get a damage estimate after the end of lease inspection, which you can simply pay. If you expect serious wear and tear, price wear and tear insurance - about $20 a month on our Prius PHEV. If you will be leasing or buying another vehicle from the same manufacturer, some damage (up to $500 on a Nissan) can be "forgiven" or negotiated away.
2018 Nissan Leaf SL with Pro Pilot

2009 Vectrix VX-1 with 18 Leaf modules.

Schnort
Posts: 79
Joined: Sat Sep 24, 2016 10:00 pm

Re: Buy vs. Lease

Wed Jan 25, 2017 3:08 pm

You definitely don't want to mechanically tinker or modify the car. The lease assumes you are returning a saleable car with nothing but routine wear and tear. Door dings, etc. and scratches from kicked up road rocks are usually forgiven, but the expectation is the car can be resold as an exemplary used car with minimal reconditioning or you will be responsible for the difference in value.

freqflyer
Posts: 9
Joined: Wed Jan 25, 2017 4:10 pm

Excess Wear insurance?

Wed Jan 25, 2017 4:14 pm

Are many people purchasing the excess wear protection along with the lease? Generally we steer away from warranty sales (due to their profitability to whomever is selling them) but there does seem to be many uncertainties on how Chevy will treat damage on the returns. Like the extended warranty coverage, they extol the great virtues of the car all the way until you are about to finalize payment.

dan2112
Posts: 107
Joined: Tue Nov 01, 2016 6:01 pm

Re: Excess Wear insurance?

Wed Jan 25, 2017 5:08 pm

freqflyer wrote:Are many people purchasing the excess wear protection along with the lease? Generally we steer away from warranty sales (due to their profitability to whomever is selling them) but there does seem to be many uncertainties on how Chevy will treat damage on the returns. Like the extended warranty coverage, they extol the great virtues of the car all the way until you are about to finalize payment.


No. If you plan to put more than 10k on it in a year get the appropriate milage with the lease. The only wear and tear on this car if it is anything like the LEAF is tires. And this car is just like any other Chevy and a lease is a lease. The inspection is done by a independent third party. Take care of the car - drive it like you own it and you will have no issues.
2017 Bolt Premier in Nightfall Grey

JupiterMoon
Posts: 245
Joined: Mon Dec 12, 2016 2:16 am

Re: Buy vs. Lease

Wed Jan 25, 2017 5:21 pm

gpsman wrote:I've been thinking about this since October & the day I placed my order. The slow roll out has given me more chance to think. I just got a VIN and "prepping to ship" message so I will need to make up my mind in 2 to 4 weeks.

I STILL CAN'T DECIDE!

I've read just about every blog, article and thread.

I STILL CAN'T DECIDE!!!

So I have basically concluded there is NO BETTER DEAL one way or the other. At this point, it is a tie.
I can afford to go either route.

I THINK I will want an upgraded "something" in 3 years.

On the other hand, my previous vehicles I have kept 18, 16, 12, and I still have an 11 year old hybrid now.
( And the 16 y.o. was a 2000 Honda Insight and the NiMH batteries lasted 16 years.... my current hybrid has 11 year old NiMH batteries and I get the same Ah out of them now as when new...). So I expect the Bolt will last 10 - 15 years too. IF I want to keep it that long.

Also I always like to tinker and modify my vehicles. Solar panels anyone????
I have never leased and don't know the rules about tinkering and modifiying. What if I get a scratch or dent during my lease? Or seat or carpet stains?

I think I'd have no problem staying under 12,000 miles per year. 15,000 for sure.

Any help helping ME decide is appreciated. :)


Try something different...lease this time. If you don't like it, you'll know in three years and your next car you can buy. It's pretty simple.

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