Blazer EV lease deal

[GR_1024]

I am a current owner of 2023 Tesla Model Y Long Range. My monthly payment on it is $800/month. I’m about 18 months in on a 72 month term at ~5% interest rate. Looking at possibly making the switch to a Blazer EV to save money. My local dealer has a Blazer EV LT AWD with ~500 miles (Demo). Below are the official numbers I received from the dealer if I were to move forward. This would be saving us ~$362/month.

Questions:

1. Is this worth? Or can I possibly get a better deal?
2. Would a 24 month lease be cheaper than a 36 month lease even without the extra $2K from state?

Thanks in advance for your input!

Official numbers from dealer:

• 3 year lease at 12K miles per year at $434/month. $2075.44 due at signing (Tax/fees/EV registration/first payment)
• $4K from state (NJ)
• $2750 in house (demo vehicle with ~500 miles)
• $1500 conquest
• $500 educator discount
• Model Y trade in offer $32K (remaining balance on loan $38,500)
• Interest rates (forgot what they were called) .00048, 1.15, 3.3125

[paranoidgarliclover]

@GR_1024

This would be saving us ~$362/month

How do you figure? The negative equity has to be paid off, one way or another.

The main advantage of getting the Blazer is that the effective interest rate goes down (and the absolute amt paid to interest also goes down since the term is now 36 mos, rather an 54).

There any many, many posts on here about ways of dealing w/ negative equity.

[Zenek]

Did you check current market value of your Tesla?
I would separate those two transactions unless the trade in offer from this dealer is the highest.

List of places to sell or value your car online

For the quickest results: Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup. Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to. Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially. In alphabetical order: Buyer Name Direct Link Review Link AutoCo…

[GR_1024]

Monthly payment is going from $800/month to $434/month. That is with the negative equity included.

[Zenek]

@GR_1024

$4K from state (NJ)

Is this a thing in NJ?. I’m just asking . I am NY resident. Everyone is mentioning about $2k NJ rebate.

[paranoidgarliclover]

@GR_1024

That is with the negative equity included.

My point was more that the negative equity still has to paid off. Right now, you have a car. If you get the Blazer, you will need another car in 36 mos.

The change in cash flow might work better for you. But whatever total amount of money you are saving is mainly in interest (minus the DAS and disposition fee, if you don’t get another Chevy).

There’s a big drop in RV from 24 to 36 mo, but there’s also a large inc the MF. And the negative equity will be distributed over a shorter period of time w/ a 24-mo lease. So you just have to do the math to see which one works better for you.

At any rate, there are lots of Chevy Blazer EV deals posted here. You can check those to see whether the amount you’re paying seems fair, after adjusting for the negative equity.

[GR_1024]

Yes the state of NJ offers 2k towards EV’s and another 2k if you fall under a particular income threshold. It’s called Charge Up.

[GR_1024]

Thank you very much for the thoughtful response. I intend on staying with Chevy after this if I follow through with this deal.

[GR_1024]

Updated deal details from a second dealership. Very similar to first deal except this dealer is offering 24 month lease option.
Blazer EV_copy.pdf (490.0 KB)