Pigwich
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Location: Southern California

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

Sat Jan 05, 2019 12:53 am

So here's the big question... The tax credit is gone, so the price on used Bolts will probably skyrocket when this first round of leases turns in. I'm happy with my car, but I'd sure like faster fast charging, which will probably be a thing in 2020 - Is everybody planning on buying Kias or Hyundais? When the time comes? Their tax credit status is probably fine - Or getting bent over by the bank and buying the lease back at asking (or worse) price? I'm going to have to look a the residual value on my car, but it's probably crazy expensive. I know this forum is sort of languishing, but there's still some activity. I'd live to hear what others think...
(´・(oo)・`)

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?

Sat Jan 05, 2019 5:05 am

It's hard to foresee the future.

Prices for used may tank once 70-100 kW (peak) charging vehicles (like the Kona or Niro) hit the market, since they don't have anywhere near the 200K in sales that GM and Tesla (and Nissan) have. The Kona & Niro are "comparatively" priced to compete well with the Bolt. The 2020 Bolt may have faster charging as well, and it may have a larger battery (possibly as an option) as GM is supposed to be going to 8-1-1 NMC technology for the next generation (higher density, and lower cost for the same volume than the 6-2-2 chemistry).

Also, there might be a *Buick* nameplate (definitely will be for China) which would be more luxurious, and there should be at least one other BEV announced before the end of 2019. If the "New Bolt" (or the Buick) has an 85 kWh pack with 90 kW charging rate, the older Bolts might not be as attractive to buyers.


On the other hand, some of the used EVs have been increasing in price. I had been thinking about buying a used SmartCar or Fiat500 electric, just for around town (trips under 50 miles) so that me and the wife wouldn't argue over who got to drive electric that day. They were selling for $4500-$5000 in Jan last year, but are now selling for $7-8K. I'm kicking myself for not buying one; at $5K, I could have driven it as the 'shopping, restaurant, visit friends around town' car for years and it would have been a steal.

SeanNelson
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Location: Vancouver, BC

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

Sat Jan 05, 2019 5:06 am

I bought mine outright and I'm hanging on to it. Best car I've ever owned. I've always bought cars and then kept them for as long as they'll reliably run, and the Bolt will be no different. The only exception I've ever made is for my Prius C, which I sold after about 3 years of ownership to buy the Bolt. As far as I'm concerned it was the right decision.

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paulgipe
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Location: Bakersfield, California 93305
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Re: So are we all going to end up buying our cars after our leases are up?

Sat Jan 05, 2019 4:43 pm

SeanNelson wrote:I bought mine outright and I'm hanging on to it. Best car I've ever owned. I've always bought cars and then kept them for as long as they'll reliably run, and the Bolt will be no different. The only exception I've ever made is for my Prius C, which I sold after about 3 years of ownership to buy the Bolt. As far as I'm concerned it was the right decision.


Like Sean we usually buy our cars outright and keep them for many years--until we began driving electric. From these forums we learned that the technology is changing so fast that it made sense to lease. Also, as a US resident with a low income, the federal subsidies were useless to us, so leasing became the best strategy.

However, we've now exhausted our rights to the state subsidy (two times at the trough), so the next time we'll have to buy used.

The plan is to return the Bolt at the end of the lease and look for something else. It could be a Bolt coming off lease or a used Model 3. Time will tell what's available.

We got a hell of a deal on our lease ($250 USD/mo total) so it's unlikely buying it will be wise as the residual should be fairly high.

Paul
Paul Gipe
2017 Bolt LT with DCFC, leased 11/09/17
2015 Nissan S with QC, leased, returned
2013 Chevy Volt Premium, used, sold
L2; ClipperCreek HCS-40; Jesla; JDapter Stub
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BoltEV
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Re: So are we all going to end up buying our cars after our leases are up?

Sat Jan 05, 2019 10:41 pm

What are some examples of your residuals and when do they kick in?

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

Sun Jan 06, 2019 2:18 am

The "residual" is the price that the car is valued at the end of the lease, and it is in the contract. Each contract may be different. In general, low payments to the lease company mean a higher residual (total of the payments including "up front" costs, not just the monthly payment).

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

Sun Jan 06, 2019 2:41 am

I understand the definition of residual.

I was looking for some real world examples from people who actually leased Bolt EVs.

DucRider
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Joined: Tue Feb 09, 2016 5:25 pm

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

Sun Jan 06, 2019 5:09 am

BoltEV wrote:I understand the definition of residual.

I was looking for some real world examples from people who actually leased Bolt EVs.

The original Bolt EV leases from GM financial had a residual of 61% of MSRP on the LT and 60% on the Premiere (@10K/yr). Higher miles per year allowance dropped those a couple of points.
Gary

2014 Honda Fit EV - lease ends Jan 2019

BoltEV
Posts: 193
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?

Sun Jan 06, 2019 5:53 am

Thank you, but I was hoping to hear from a BoltEV leasee who reads his lease and reports the actual residual amount.

DucRider
Posts: 597
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Re: So are we all going to end up buying our cars after our leases are up?

Sun Jan 06, 2019 6:54 am

BoltEV wrote:Thank you, but I was hoping to hear from a BoltEV leasee who reads his lease and reports the actual residual amount.

A quick search on this forum pulled these:
Mileage: 10K miles / yr
Agreed Value: 43510 (MSRP)
Adjusted Cap Cost: 40403
Residual: 26106

Gross capital cost: $44,503.98
Capitalized cost reduction: $3,681.70 (should have been closer to the federal $7500?)
Adjusted capitalized cost: $40,822.28
Residual Value: $26,343.00

Image

Make: Chevrolet
MSRP: 39690
Sales Price: 39690
Taxed Incentives: 2500
Untaxed Incentives: 0
Down Payment: 2709
Acquisition Fee: 595
Miles: 12000
Residual: 60%

MSRP 42925 vehicle + 525 wearcare
Taxed incentives 2500
Cash down payment 12,072.25 (11,500 down + 572.25 payment for wearcare including 9% tax)
Acquisition 595
Residual 60%
Months 36
Miles 10k

Image
Gary

2014 Honda Fit EV - lease ends Jan 2019

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