Hi folks! Hoping I can get your opinions on the initial lease offer I received today on a 2018 Chevy Volt with. I haven’t done any negotiation yet so I’m assuming I still have some play with the selling price. I’m in CT.
**1. MSRP 40,925
**2. Selling price 37,142
**3. Gross cap cost of the car 39,616
**4. Incentives 9,025
**5. Money Factor (MF) 0.00102
**6. Residual (in %) 48%
**7. Term of your lease 36 Months
**8. Mileage allotment 12k
Monthly payment comes to $378 with zero due at signing. All taxes and fees are rolled into the monthly payment. I have 3 more lease payments on my current lease which they offered to pay half as well. This leads me to believe this quote is higher than it should be The lease acquisition fee of $650 seems high compared to my current lease as well but maybe that’s a GM thing. Other fees in the lease are $195 gov’t fees, and $599 Proc/doc fees.
I’d appreciate your opinions on how I should proceed with this to get the best lease deal possible. Thanks so much for your help! Love this site!
I think there should be room. Make sure to omit any state/local EV rebates from the numbers, many dealers will include them. Fed 7500 rebate goes to the bank, which explains the factory incentives.
2019s are more desirable with fast charging, power seat, mylink3, updated L mode. So the 2018 should be getting steep year end discounts.
@tech_moto_dad So the rebate on the lease goes to the bank since it’s a lease so I can’t claim the deduction when I file my taxes, correct? I did read about the 2019s but was worried I’d pay a lot more and possibly lose the 7,500 incentives if Chevy hits their limit. Do you think that’s a valid concern?
@wassct , GMF gets 7500 from the federal government, that’s why they can give you the 9k+ incentives. I would push to get the selling price down by a few thousands. Right now you are sitting at 13600 total which seems high. For a 2018 premier, I would say under 12k total should be a better deal if you could get it. People are getting LT trims under 8k. Please note that there is a 500 dollar Costco rebate available too.
@Dash Thanks for your response! Do you think I can still get them to cover my remaining 3 current lease payments as well at that price or is that a pipe dream?
For less money, a lot less, you can get a Honda Clarity. But if you love GM, you
love GM. Hope you shopped it as for me the ride was much better in the Honda.
I wish I knew the state of the fed rebate, but if you’re leasing that’s GM’s issue to work out.
You’ll get a much better deal on a 2018. I got a Premier, but if you can find a highly optioned LT they lease better.
Great little cars, I was skeptical but now really dig it. About 1k miles and I’ve been to the gas station only once. To buy a pack of gum.
@LIMBO I originally was looking at the Clarity. Loved the car, but I just didn’t dig the exterior styling. But a much better deal, you get a lotta car for that price.
@tech_moto_dad I figured as much. I don’t really need the power driver’s seat and faster charging (although it would be nice!) in the 2019 anyway. Glad your liking it! Coming from my all wheel drive Subaru it will be an adjustment for sure both in size and winter driving. Hoping the lack of gas fillups makes up for it!
@LIMBO I haven’t driven the Clarity but I have seen one on the road. I wasn’t to wild about the looks of it but to each his own. Glad your happy with it!
If you can do a single pay, that will save you a good bit of money.
If you are a Costco member as of last week, you get an extra $500 off, as mentioned. The price they are quoting is already below supplier price, so they should be more than willing to add that rebate and go lower on price.
It looks like you have a decent first offer, so you have potential for a nice deal here.
@LIMBO’s deal is like one of those thought exercises with the switches or buttons that might kill millions of people in exchange for doing something in your favor. Sure, you are getting a tremendous deal on a well made, versatile vehicle, but you are also objectively getting one of the most hideous vehicles on the road today. Which button do you press?
So a follow up question for you all. My current lease is a 2016 Subaru Outback. It’s in great condition but the tires are warn and I’m worried I may get dinged for them if I turn in the car. Is there a way to work the deal so the Chevy dealer buys the Subaru from me as part of the deal so I don’t get dinged for the tires or am I better off turning car in and hope for the best. I did go to CarMax and they pointed out it needs new tires and offered me about $1,000 less then my payoff. The Subaru dealer already said they would buy it if I get another Subaru, problem is I’m interested in the Volt. Any ideas on how I can structure a deal to get the volt and have them take the Subaru off my hands so I don’t need to worry about the tires or am I better off doing a deal on the Volt and hope Subaru doesn’t charge me for tires when I turn it in?
Thank you all for your great responses so far! It’s been very helpful and I greatly appreciate it!
It is better to sell your subaru to carmax, veom or carvana. Another option is if tires is your only concern, look for used one in ebay, local auto tire shop or letgo for $30-40 a piece.
The lease acquisition fee of $650 seems high compared to my current lease as well but maybe that’s a GM thing. Other fees in the lease are $195 gov’t fees, and $599 Proc/doc fees.