I’ve been shopping for an EV for the last couple weeks and while I was initially looking at pure EV’s (mainly eGolf and Leaf), I decided to start considering a PHEV. I am interested in a Prius Prime LE, but the lease deals don’t seem very good. I’m looking at it like this: I could lease one for approx. $450 per month after tax (see link for calculator), or I could purchase, which works out as such:
If I sell after 36 months, then the car would effectively have cost me this much:
Payments: 16,981
Remaining principal: 10,975
Incentives received: 6,800 (4,500 fed tax, 1,500 CA rebate, and 800 PG&E rebate)
Resale value: $20,000 (approximate based on KBB 2017 vehicle with 36K miles)
Net cost over 36 months: 1,156 (16,981 + 10,975 - 20,000 - 6,800) or 32 per month
It seems silly to lease when this is the purchase option, but perhaps I’m missing something?
I have the dame dilemma now.
It seems like it makes sense to purchase the car, even if the market value after 3 years will be around 18K. Quick check in carmax etc. shows that most 2017 Prius Prime are resold at about 22K.
The main risk for me is the tax credit. I’m not sure I’ll have $4500 in tax liabilities, so worried that I’ll buy it and then won’t see this money back.
Any tips on how to create a tax liability?
“As noted earlier, if you’re leasing a vehicle, the credit stays with the manufacturer that’s offering the lease since it is the actual owner of the car. In most cases, however, the tax credit has been factored into the cost of the lease, so the customer still benefits.”