One of the reasons people like dealing with me is I donāt 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 youāve 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 youāll 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. Iāve 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.
He probably qualifies for the low income additional rebate. $8200-4500-700=$83, with a $500 utilities rebate itās $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 Iām not sure one pay is actually worthwhile. You save about $1200, which translates into about a ~6% return on investment. Thatās assuming gap insurance works the way people think it does.
The low income additional rebate is awesome. Most of my customers in silicon valley donāt get it, but Iāve 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 didnāt 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 itās a great deal!
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.
A one-pay lease isnāt the same thing as a large downpayment. Youāre completely correct regarding large down-payments, but a one-pay lease can be structured as ā$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.
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?)
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!
