šŸ”„ šŸ”„ 2017 Chevy Bolt $270/mo, or Net $121 after incentives and 1-pay - Nor Cal šŸ”„ šŸ”„

One of the reasons people like dealing with me is I donā€™t give BS explanations like some places.
I think Michael from LeaseHackr explained it best already typed out. I give I similar explanations to my customers. And aside from what he says below, the deprecation on a electric car is even steeper then conventional.
@michael

"In essence, when a car is totaled, the depreciation risk of a one-pay lease is similar to that of a conventionally financed vehicle. The risk tends to be greatest during the first few months into a lease, when depreciation is steepest.

Say the car has a selling price of $40,000, a residual of $25,000, and a one-pay lease of $15,000. The car is totaled 2 months into the lease and insurance pays the market value of $36,000. You get the difference between the market value and residual ($11,000), which means youā€™ve paid $4,000 to drive the car for 2 months.

With a monthly lease, depreciation is divided evenly into monthly payments, and you can simply walk away from the lease if the car is a total loss.

That said, the savings of a one-pay lease in this case are substantial, so youā€™ll have to weigh those savings against the probability of your car getting totaled or stolen.

Also, Honda is generally quite good with estimating residuals. The risks of a one-pay lease are higher on a car with inflated residuals. Iā€™ve seen BMWs and Benzes where the market value equaled the residual value with months left on the lease ā€“ which would be bad if a one-pay lease car were totaled.

Hope this helps!"

The Bolt does have a ā€œinflated residualā€.

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Isnā€™t that when GAP insurance comes into play? To cover the GAP between market value and lease cost.

He probably qualifies for the low income additional rebate. $8200-4500-700=$83, with a $500 utilities rebate itā€™s $70/month.

This actually makes the Bolt the cheapest new vehicle option for those earning less than 300% of the federal poverty line($61k for a family of threeā€¦).

However Iā€™m not sure one pay is actually worthwhile. You save about $1200, which translates into about a ~6% return on investment. Thatā€™s assuming gap insurance works the way people think it does.

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The low income additional rebate is awesome. Most of my customers in silicon valley donā€™t get it, but Iā€™ve had a few who did. Also some counties give rebates as well.

Correct, I qualify for the low income rebate as of last years income.

2500 cvrp
2000 Additional cvrp for low income
700 Costco

I didnā€™t even consider any extras such as utility. But I know my electric company only offers about 200 towards your bill opposed to the $500. Regardless itā€™s a great deal!

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Are you in socal? You can apply for that $200 every year.

Yeah in the San Diego area. Thats awesome, I didnā€™t know that.

If i live in LA and will lease a bolt LT soon, what incentives are available?
I know i can apply for $2500 CVRP and $700 Costco card.
Can i also get the pg&e $500 rebate? I use ladwp.

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Any phone or emails for Sam G at Dublin, or Sunny @Freemont? Thanks

my email: tom@schoolofthought.com

CA rebate is $1500, and not $2500 and has income limits as well

CA rebate is $2500 on the BOLT. Itā€™s $1500 on the VOLT.

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A one-pay lease isnā€™t the same thing as a large downpayment. Youā€™re completely correct regarding large down-payments, but a one-pay lease can be structured as ā€œ$0 downpaymentā€ and all in monthly payments, which you happen to pre-pay.

In that case GM financial lease agreement is very clear that in the event of a total loss they refund the pro-rated unused monthly payments even though you pre-paid them.

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Thank you @lessthanjoey. I think this is helpful for all of us. I confirmed the same with my insurance agent as well.

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Thanks to @ntety for coming up with this amazing lease hack on Bolts. As a gold member lease hackr, I strongly recommend that all BOLT lessees lookin into the one pay as a way to save further $$$$ on the lease. One pay BOLT EV lease is the way to go and has vhooloo crystal balls seal of approval. Thanks to all who contributed to this thread such as @lessthanjoey and @K04 (-1 for chevyphil who tried to scare us off but he is a dealer so what do you expect?) :fire:

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Also see this from Boardwalk Chevyā€¦

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Itā€™s now front page on leasehackr BOLT for 138 leasehackr deal (after rebates).

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Which is too bad, actually. The deal described in this thread is better, even if you elect for monthly payments. @ChevyPhil said he could do the same, but the front page deal was slightly higher ($250 vs. $261 pre tax on a 12k lease). Hopefully others seeing the front page deal will do a little due diligence. Thanks again to everyone on this forum!

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Add in the $3k rebate from San joaquin county and it is almost free!

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Yes! for customer in the San joaquin Valley there is a extra $3,000 rebate on top of the CVRP. itā€™s crazy.

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