I’m negotiating my first lease for a Chevy Volt LT (Red) and having trouble making sense of the numbers they have given me. I’m trying to fit them into the format requested here. Based on the numbers given to me on their form this is the best I could do:
MSRP of the car you want: $34630
Selling price of the car: $30430
Gross cap cost of the car: Not provided, but the fees are: $423 DMV, $116 ‘Up Front Fees’, $650 Aquisition Fee, Tax rate is 9%
They provided an Adj Cap Cost of $26314.90 (Selling Price - Adjusted rebate (below) + Acq Fee)
Cap cost reductions with $0 down: $6034 rebate reduced to $4765.10 for "all the dmv etc first months, taxes that get rolled back into the loan"
Money Factor (MF): 0.0006
Residual (in %): 50%
Term of your lease (months): 36
Mileage allotment (7.5K/10K/12K/15K…etc): 10K
35 monthly payments w/tax of $301.04. Total cost of the car is $10,536.4.
When I plug this into the calculator with the 4765.10 adjusted rebate, I get pretty close to their monthly payment, but there’s still a $1338 drive off expense for first months, registration, and tax on cap cost reduction which I thought was already accounted for in the rebate reduction. Their Acq Fee is $55 more than the one in the calculator; is that normal? I stuck the difference in with the doc fees since I can’t adjust the calculator’s acq fee. If anyone can help me make sense of the numbers, I’d greatly appreciate it!
Is your deal structured as $0 drive-off as well? I know it’s $0 down, but drive-offs usually includes taxes, registration, etc… If it’s $0 down $0 drive-off, the monthly payment looks about right (w/o me running any numbers). BTW, where are you located?
Wear package is personal choice and dependent on your situation. If you have young kids or drive in the city a lot, might be a good option. $10/mo is a good price imho, but make sure you understand what it includes/doesn’t include.
Have you tried reaching out to @ChevyPhil? Not sure what his numbers are this month, but a lot of people have been happy with his pricing and honesty.
wear and tear for 10.50 a month is an excellent deal. I thin people would consider anything in the 500-600 range (in a one pay) to be an excellent deal.
I did reach out to @ChevyPhil and got some tips but didn’t get numbers from him. I ended up working with a colleague of his. I think the only other thing I wasn’t clear on was whether the supplier discount and TrueCar price they gave us can be combined. They indicated it can’t be but there was some confusion about it.
Just did a similar deal in SoCal last Friday. Sign and drive on Gray LT. MSRP was $34,155 and selling price was $29,500. Payment ended up at $264/month (tax included) - 35 payments also. Our tax rate is 7.75%.
I think you can do a little better. You are at the end of the month soon and I bet they’ll be motivated to move. I would have waited as well, but my old lease was expiring and I needed to move on it. If you have even more time to wait, you can always take your chances that incentives will get even better.
Funny I just bought the same car on Saturday, from a nearby dealer. I got mine for 270.00 per month with tax, zero down zero drive off. Remember you get the states 1500.00 and PGE 500.00. also I got the supplier discount 500.00 and 12,000 miles. The Finance guy was pushing the insurance at 695.00 and 16.00 a month and I said no, he said no one in 20 years said no? I agree if a teenager is driving its a good idea. Yes its hard to do all the calculations, I decided to use a cost per mile formula that was on a EV leasing web site. Also I used the google doc from Tricia of SC as a price match. Hope this helps.
Thank you everyone for all the info. Wow @match, you are giving me severe buyer’s remorse. I got a slightly better deal than originally posted, but nowhere near that. Good to know for next time.
I have a question, did you purchase the wear care? If so, was it in fact $10.50 per month? If so, did the contract state that the price of the wear care was $995? If so, they packed your payment. That is, math does not lie. If you buy something for $995 on a 36 month term, your payment should be $27 or so (not accounting for interest). Hence, in order for you to get it for $10 the price would have to be about $350 or so. The only way the payment would be $10 for a 995 wear care is if the payment was really $17 less to begin with and they just did not tell you. It is also referred to as “leg” to the finance guy.
Im sorry I was worried about giving u buyers remorse, but then I looked again at your post and u said u needed help negotiating, I didn’t know u completed purchase. In 2015 I purchase a base volt down south when they were cheaper in July for 230.00 a month with tax 15k miles and put 1500.00 down. Two weeks later I purchased a 2015 base volt for my son 113.00 per month w/tax 12,000 miles and 1500.00 down which is returned by the state in both cases. This was a Bonus Tag sale. So I understand. Think about the leasing company receiving 7,500.00 from the feds then a monthly payment from us, they have penalty of room. They try to get about 9,000.00 from us. U did well with nothing down. When reading the ads they want money down, the 7,500.00 from the Feds and then monthly payments. But it is a great car and should continue to want an electric car.
the xs wear covers tires. replacement tires (which are a reasonable chance at the end of a lease) can easily cost you a few hundred if not more (even used tires). for $500-$700 its really not that expensive as dont have to worry about tires at end of lease.
That looks funny. I’m trying not to mention dealerships by name. Thank you for providing clear information in which to compare numbers it was helpful. I looked at the “Charge” ev blog site which they quote by how much per mile it cost. It can get a little difficult for a novice to understand and compare numbers. If I was in the “Down South” area I would have bought a car from u.
you aren’t negotiating with the leasing company. you are negotiating with the dealership. the amount the leasing company gets back has no direct relevance to the dealership. The only relevance being that they might incentivize the dealership for leases post facto.
example: when you leased your volts, you were probably getting at least 7150 back in rebates already on the price of the vehicle.
yeah i’ve seen how ev blogspot list prices too but it goes by ad pricing. even our ad pricing is subject to driveoffs on top of little payment plus tax.
Yes your right. As a buyer we may look at it a little differently as it relates to us. Say we like the one percent rule for leasing as a good leasing price point. Then we look at what is being paid in total for the Volt. Say a discounted average volt for 29,000 after dealer and GM discounts. So one would want 290.00 a month payment is fair. But lets take the 7,500 fed, 1500.00 state, 500.00 PGE and a average of 8500.00 in buyers payments thats 18,000.00 divided by 36 months thats 500.00 a month for the car not 290.00. I know not everyone will put the states and PGE monies down but they being asked to do so. My friends get upset when they hear of the tax credits going into these cars. It made be best to purchase car if u want to hold on to them instead of leasing.
I got a slightly better deal than originally posted, but nowhere near that. Good to know for next time.