My EV9 has finally arrived so interested to see what lease deals are happening across the country on this. Interested in Money factor, residual, and monthly payments. They are quoting me MSRP minus the $7500 credit, which I am guessing is the best they can do given this being a pre-ordered vehicle in high demand.
Thanks in advance!
Update- being quoted $72,315 MSRP on the AWD LAND, and then $7500 rebate. Zero down payment and zero drive off, monthly payment on a 36 month, 12000 mile lease is $1,131. MF is .00239 and Residual 57%.
Lease it to immediately buy it, and own it for 5+ years.
Otherwise forget it IMO.
Isn’t that a decision to be made at the end of the 3 years and depends on the value of the vehicle at that time?
Is the lease through Kia? You may want to see if any other banks will lease as they are sometimes more favorable than the captive.
Doesn’t really make sense to spend almost $41k over three years for a car with a net price of $65k. Either buy it for the long haul or find a better deal.
What are your suggestions for a 3 row SUV?
The answer is obviously no. Who would spend ~$40k to lease a car selling for an effective $65 and then buy it out for another $41 plus tax plus the exorbitant finance charge of a used car loan?
Depends on what conditional rebates you qualify for. For example last month Volvo XC90 leases were great for people who had loyalty. If not, consider buying one of the best resale value candidates (Grand Highlander, Lexus TX and Telluride). If you want a smaller PHEV with 6 seats across 3 rows, Kia Sorento.
You can probably finance the $65K buyout price for 6 years at an equivalent monthly payment.
If you like the car get it.
If you want a “deal” or something cheap and dont care what you drive, follow the advice above
With technology changing yearly I don’t think purchasing an EV is in the cards for me. Leasing lowers the risk from my perspective.
Are you saying don’t ever lease a car that costs $65k, or is there something particular about this that is off? Residual too low? MF too high?
The lease rate is just way not competitive.
The APR is ridiculous.
It’s the purchase vs lease question. It doesn’t make sense to lease a car when your total lease costs are about $40k and then a potential buy out, with used car rates, would be another $35k. From a value perspective its just a car that makes more sense to lease, get the 7,500 dollar tax credit and immediately purchase.
As a point of comparison, I have an $80k XC90 with effective payments of under $800 (if I lived in California it would be closer to $700 with the substantially lower sales tax). So over two years I am paying about 18,500 for a $80k car. Over two years you would be paying $27,144 for a $65k car. With current situation, XC90 is a car to lease. EV9 is a car to buy (after leasing and getting $7,500 rebate).
What others said above. Plus, pretty sure I have seen $1K dealer discount advertised in LH couple weeks ago. I am not sure where it was and it must have been an inventory car but likely Ca as well.
I’m not really sure this is the case. Tesla is the largest selling EV and their stuff hardly changes. Or changes in an immaterial way that doesn’t change perceptions or move needles. Ask anyone to list the changes each year for the model 3 and model y, for instance.
Everyone else spent so much on this generation of EVs that the most likely outcome is that it’s amortized over a long time and that a solid business case has to be made that spending, say, $3 Billion on the next generation will be sufficiently profitable.
If you want it, lease n buyout asap to capture the $7.5k rebate. Leasing $1.1k for this car is too expensive.
So in that case, sign the $0 drive off lease, and immediately get a car loan to pay off the balance? So it would still count as a “new” car in order to get the better rates? Is there anything I need to be aware of in terms of the lease contract and buy out option?
This will depend on the bank you use.
Do you really have to get the ev9? The reason I’m asking if you are aware that you can get BMW iX or Benz EQS SUV for less than ev9 monthly payment.