I am interested in getting a Chevy Bolt and want to make sure I’m not missing anything here. Is this a good deal? Also, if anyone has any input on buying I would qualify for $15850 in rebates vs $11250 on the lease. Which option would you recommend?
What’s the breakdown of the purchase rebates that you are stacking to get to that amount? Also, are you certain about the taxable vs non taxable incentives in your calculator? I don’t know Virginia tax laws so I can’t really judge the accuracy there. I was under the assumption that all of the current leasing incentives are taxable. Discount looks good as long as they aren’t bait and switching you with the freight charge afterwards. Doc fee is crazy high, but that’s Virginia for you.
Hard to imagine those incentives are untaxed
If you move all of the incentives to taxed you’re at $266, assuming that the tax rate is correct in your calculator. The discount is good, maybe try to push for more since we’ve seen 12% off or more in markets where these are not subsidized with state rebates and tax breaks. Also, don’t be surprised if that discount suddenly shrinks by 875 bucks when they try to add the freight charge back into the deal. Hold your ground on that or push for more discount to even it out.
Thanks for the responses. I will adjust the incentives to all be taxed and look at it that way. Tax is really what seems to make VA leases more expensive than others as it is placed on the sale price of the vehicle (4.15%). I did add $875 to the sale price to compensate for the destination charge. I do think that the doc fee is a bit egregious. I’m hoping that I can sweet talk the dealer into 50/50 on it or to throw in a L2 charger.
6750 lease cash
I moved all the rebates to being taxed to reflect others feedback here ($266/mo). I hope I can hit that 12% target as I have two local dealers within 15 minutes of me both with a few premiers in stock.
Everything looks right, I was curious about the 15k purchase rebate breakdown. I knew about the $8,500 and Costco. I didn’t think anything else stacked for purchase. Try to push for 12% or so, and keep the Virginia freight charge games in the back of your mind in case they try to pull that.
My fault there. For the purchase incentives I was looking at the following (and not sure how these would even play out once put on paper):
8500 consumer cash
7350 downpayment assistance (This is the weird one for me. Not sure how this would apply, but I saw it on their website)
I completely forgot to add the cost incentive so it would actually be $18850 if purchasing (assuming no errors on my part).
I’d double check that those stack. I’m not certain that all the purchase incentives would stack. The lease incentives look good though.
VA resident here. Don’t assume the tax situation - confirm this with more than one source.
" Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. For example, a $1,000 cash rebate may be offered on a $10,000 car, meaning that the out of pocket cost to the buyer is $9,000. Virginia taxes vehicle purchases before rebates or incentives are applied to the price, which means that the buyer in this scenario will pay taxes on the vehicle as if it cost the full $10,000. (Source: Sales Tax Handbook)
“Effective July 1, 2016, unless exempted under Va. Code § 58.1-2402, Virginia levies a 4.15% Motor Vehicle Sales and Use (SUT) Tax based on the vehicle’s gross sales price or $75, whichever is greater. For the purposes of the Motor Vehicle Sales and Use Tax collection, gross sales price includes the dealer processing fee. The gross sales price is the vehicle price after the manufacturers’ rebates or manufacturers’ incentives. Gross sales price does not include any other price reductions, such as credit for trade-ins, unpaid liens or other unpaid credits.” (Source: DMV)
That being said, I’ve leased two cars now in VA and each time I was able to match the taxes by inputting the rebates as untaxed in the LH calculator. Likewise, on my personal calculator in excel, I matched taxes by multiplying the taxable amount (Selling Price + Doc - Rebates) by 4.15%.
Again, definitely confirm this.