SparkE
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Location: SF Bay Area

Re: So are we all going to end up buying our cars after our leases are up?

Wed Jan 08, 2020 3:17 am

BoltEV wrote:
rjbailey wrote:Now I'm tempted to just bring in a check at lease end and be done with it. Plus, I'd keep my red CA HOV stickers. What would y'all do?

Sales tax is a big factor in California. When you purchase the lease at the residual you must also pay the outstanding sales tax (and license fees of course).

Consider, as I did, a new purchase with “loyalty” discounts for a 2020 model with the newest HOV stickers.

Approaching my mileage limit last year, I purchased a new Premier 2019 msrp $44,250 for $36,500 out the door, instead of my 2017 residual at $25,000 plus tax and license.


On the one hand I agree with BoltEV - getting a car 3 years newer, with 30-45K fewer miles, for a "small" price difference ($10K) is tempting.

However, when it is time for me/us to get a second EV (not the original question, I admit), I will be seriously looking at used prices. (Again in agreement with BoltEV) I will be comparing prices on used Bolts with "new, but sold with amazing rebates/incentives from GM" Bolts.

However, remember that the Bolts started "really" shipping in Jan of 2017 (< 600 shipped in Dec '06) and it wasn't until halfway through the year that they were available in more than a few states. So not that many have really hit the used market yet; the (possible) lease return "glut" hasn't really kicked in yet. I would expect that the few available are being snapped up (by those in areas that were poorly serviced before, using internet used car sales conduits).

My guess is that 2017 Bolts will be selling for around $15K (or less for high-mileage units) pretty soon (next 8 months or so).

Saving $15-$20K is rather tempting (there are already some avail *today* in CA for right around $20K).

rjbailey
Posts: 3
Joined: Mon Jan 06, 2020 6:18 pm

Re: So are we all going to end up buying our cars after our leases are up?

Wed Jan 08, 2020 6:50 am

BoltEV wrote:...Approaching my mileage limit last year, I purchased a new Premier 2019 msrp $44,250 for $36,500 out the door, instead of my 2017 residual at $25,000 plus tax and license.

And that's where I'm currently leaning too. I'll be damned.

gpsman
Posts: 511
Joined: Thu Oct 20, 2016 9:10 pm

Re: So are we all going to end up buying our cars after our leases are up?

Wed Jan 08, 2020 8:48 am

Anyone turn one in yet? Anyone negotiate the residual? My 2017 is up Feb. 4th.

Nothing wrong with mine.
Figure the car was worth $30k new.
I will have paid about $15k over the past 3 years. I'd be willing to pay up to $15k in residual but agree it would be stupid to pay over MSRP.
(Mine is an LT with 35,700 on a 36,000 mile lease right now.

BoltEV
Posts: 243
Joined: Thu Feb 01, 2018 5:58 am

Re: So are we all going to end up buying our cars after our leases are up?

Wed Jan 08, 2020 5:50 pm

gpsman wrote:Anyone turn one in yet? Anyone negotiate the residual? My 2017 is up Feb. 4th...

My 3 year lease commenced January 3, 2017 and I projected that I would hit my mileage cap (45,000) by mid September. I did not want to “waste” any payments on mileage penalties, so my decision was to buy out my lease for the residual or purchase a new vehicle.

In early July, I received a letter from a Chevy dealer with a “July 4th certificate” to purchase a new Bolt EV with an accommodation on my current lease payments.

Due to recouperation from knee surgery, I was able to schedule an appointment at the dealer (25 miles away from my home) for three weeks later.

To make a long story short, this offer was bogus: they rolled the remaining lease payments into the cost of the new Bolt EV putting me in the unenviable position of paying for a lease that I no longer possessed.

When I expressed incredulity, the salesman simply replied that I did not have to accept their offer! I didn’t!

I then surveyed three other dealers offers for a new Bolt EV. The best offer came from a dealer 45 miles from my home, but would expire July 31st. I drove down to that dealer and they lived up to their offer and I purchased my 2019 Bolt EV (msrp $44,250) for $36,500 out the door.

I continued to drive my 2017 Bolt EV intil I hit 44,640 miles on September 10th and returned it to a local dealer ( to end the now “double payment” of car insurance). I owed three more payments at that point.

Some weeks later, GM Financial sent me a bill for the remaining three payments plus the $495 end of lease payment. I contacted GM and resupplied paperwork that showed with the new purchase, the $495 was supposed to be waived.

They corrected the bill and agreed to two equal payments, which pushed these payments out to November; close to the original last payment due in December.
Last edited by BoltEV on Wed Jan 08, 2020 6:01 pm, edited 1 time in total.

SparkE
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Location: SF Bay Area

Re: So are we all going to end up buying our cars after our leases are up?

Wed Jan 08, 2020 5:58 pm

The current price (in terms of "what is a fair price"), based on a few services (very, very few under $20K at this time) :

https://www.carvana.com/cars/chevrolet- ... aWNlIn0%3D

https://www.truecar.com/used-cars-for-s ... t/bolt-ev/
{{ There's a 63K -mile 'Premier' in Fontana, CA for $17K !! }}

https://www.cargurus.com/Cars/inventory ... tity=d2397

{{Shit! There's a 2015 SparkEV for under $7K! 23K miles! }}

gpsman
Posts: 511
Joined: Thu Oct 20, 2016 9:10 pm

Re: So are we all going to end up buying our cars after our leases are up?

Thu Jan 09, 2020 2:28 am

Holy Cow! I just visited my local (CA) dealer.

Prices on new 2020's are $11,000 below MSRP and like you said, the return fee is waived if you take home a new one.

New base model LT plus DCFC $27,150 before taxes.

To buy my 3 year old car with 36,000 miles on the odometer is $24,232 plus taxes.

This is a bit too reminiscent of the GM EV1.
They really don't want you to buy these cars.
Only want to lease you one. If I buy I pay $1500 more because I loose the lease loyalty cash.

rjbailey
Posts: 3
Joined: Mon Jan 06, 2020 6:18 pm

Re: So are we all going to end up buying our cars after our leases are up?

Fri Jan 10, 2020 3:01 am

Agreed, it's impressive. Are you sure the lease loyalty incentive works that way? It appears to be an inducement to buy as well.

gpsman wrote:Holy Cow! I just visited my local (CA) dealer.

Prices on new 2020's are $11,000 below MSRP and like you said, the return fee is waived if you take home a new one.

New base model LT plus DCFC $27,150 before taxes.

To buy my 3 year old car with 36,000 miles on the odometer is $24,232 plus taxes.

This is a bit too reminiscent of the GM EV1.
They really don't want you to buy these cars.
Only want to lease you one. If I buy I pay $1500 more because I loose the lease loyalty cash.

gpsman
Posts: 511
Joined: Thu Oct 20, 2016 9:10 pm

Re: So are we all going to end up buying our cars after our leases are up?

Fri Jan 10, 2020 8:22 pm

I'll ask for lease loyalty cash info clarification.
I have a few more days before having to pull the trigger.

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