I saw the CO 500e Lease “hack” that was posted here and was curious how close I could get here in NE.
Of course CO has one of the largest EV credits and theirs is eligible on a 24 month lease which is sort of the crux of the deal…
On Edmunds (https://www.edmunds.com/fiat/500e/2024/deals/) I see 3,750 as lease bonus cash. Is this in addition to the federal 7,500 or is CCAP keeping half of the credit and only passing through the other half?
They are keeping the difference
So many good EV deals at the moment. Why would you waste this opportunity on something as DOA as the Fiat?
Concentrate on leases that qualify for MA’s rebate aka MOREV. $55,000 MSRP cap and 36 months
CCAP is largely phasing themselves out it seems. With SFS being the actual captive bank, CCAP hasn’t really been offering a lot of competitive programs lately, probably by design.
Well I’ll admit the 500 is obviously not a hugely desirable car but for my situation it sort of works - only commuting a max of 20ish miles per day and live in a city. To be honest for me an EV adds in additional hassles since I’m in an apartment building with no on-site charging but if the lease was ultra cheap (under $100/month + drive offs) I’d be willing to put up with the car as a stopgap for a year or two (hopefully little/no negative equity). Otherwise Id prefer ICE.
Any suggestions?
I’m curious what RV and MF they offer in this scenario but no way to find out unless I talk to a dealer?
Or just sign up as a super supporter here. Ratefindr will give you the ccap and sfs programs.
What does this mean? If one car has $2,000 drive off and the other has $3,000 for the same payment, you’d consider them equal?
Leave out all the ambiguity and start using dollar amounts.
Fair point. I’d consider drive offs to be doc fee, registration, acquisition and any up front taxes - upto around $1500 ideally.
6% discount from MSRP, I could get by with 5k miles/year rather than the 7500 in the calculator which bumps the RV up to 48%. Assumed incentives are 7,500 federal, 3,500 state and 500 holiday cash.
That gets me to a monthly of about $128 after taxes. Seems like thats the best I could do unless Stellantis adds a new promo next month? Or dealers going to 10%+ off?
IMO get a proper usable EV like a Niro/Kona, Equinox/Prologue or Ariya. You can take it many more places, carry more people/things and charge faster at DCFC chargers. The added utility is huge compared to the marginal cost. It will be an actual car instead of a personal uber that just takes you to work and back.
…or get a hybrid ICE car like a Volvo XC60, Mazda CX70 etc.
Still mulling this over. I see your point but if I’m going to step up in payment (seems like those would be in the $300/mo range for a “good” deal) I’d open my search to cars I actually want to drive for 3 years. Personally I’m not a fan of most EVs and they add additional headaches given my circumstances.
Any chance we see MF decreases before EOY due to the rate cut yesterday?
A more general question, how does the lease buyout cost work with the large upfront cap cost reduction from credits/incentives? Is it set at the net cap cost and decreases with the base component of each monthly payment? Just wondering what sort of negative equity there might be with a lease like I posted in the calculator above, if I were to try to trade it in 6-12 months from now towards a new lease.
$300/mo range is doable in many other ev, ioniq5, EQB, Ariya.
0.0001% chance
The balance owed decreases every month but what your car will be worth in 6-12 months is very unpredictable. So your negative equity is very unpredictable.
Sign the lease only if you’re comfortable with a default plan of finishing the contract.
You’re probably looking at effective $200s on EVs because of the extra $3,500 MOREV rebate and $400s on ICEVs.
I’m an EV fanboy and even I would not want the limitations of the 500e. (I had one). If you have ‘reservations’ then you will have ‘pure hatred’ afterwards.
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