As a first time leaser, I’m in SoCal looking for an EV deal. I currently have a used VW ID.4 that I am financing, and recently sold an older ICE vehicle. After seeing all of these significant drops in EV prices, and seeing that I’m currently under water on my loan to value even before my first year. I’m open to trading in my ID.4 for an EV lease deal, but I also want a second EV to lease. My question is a bit more general, but with all of these deals, how come most of these have an EV trade in rebate? Just wondering what the reasoning here would be. Are there any good deals out there that don’t have this requirement in order for this to be a good deal? TIA for your input.
Most DO NOT have an EV trade in rebate, they do have competitor rebates where you have to have a competitor car.
I think the Bolt used to have a rebate if you grounded another chevy. But that was years ago.
What car is requiring you to ground your current car?
Same reason they have any kind of targeted incentives. It allows them to price discriminate which maximizes profits. It captures customers who would only buy at a lower price without having to offer that price to everyone.
If you’re wondering about conquest, then no, generally they do not require trading in or surrendering the car.
Usually just need to show registration or insurance card for the car that is eligible for conquest, that’s it. You keep the car until you sell it or the lease ends.
First year is the biggest hit in depreciation; typically doesn’t get much better till after year 2.
If it’s not clear from the responses so far do you DO NOT have to trade your car in to earn the conquest rebate. They just want to know that you are a current owner of a qualified competitor’s car, so you’ll need to provide proof.
Thank you everyone. Clearly I misunderstood what conquest meant! Yes, this works, as I’m not quite looking to get rid of my ID4, (unless I see a good trade in deal, or just deal I can’t pass up!)
Yep, I hear ya. The ID.4 I have is a 2021 model for that I got for $29.8k back in October 2023. I checked with Carvana a few weeks ago when I was going to get another EV (and misunderstood what Conquest meant) and saw that it was only worth about $20k to them!