Someone just posted an Ioniq 5 lease at $143 with minimal DAS just the other day. Probably well under $200 effective and free charging.
And it’s 7500 of OPM vs 4000
You mean the lady who got 21% off? I suspect there is more to her story. And NC doesn’t tax like Texas does.
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A $50k car like an Io5 will add $3,000+ in taxes alone in Texas, assuming that is even replicable.
The elephant in the room is that OP needs to save more instead of spending X monthly + a higher insurance premium on a lease
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Well, he wouldn’t be paying 50k if he got that payment. And I did address the taxes and other cheaper cars a couple of posts prior.
The saving part is painfully clear! But taking a risk with a generally reliable old car is always a bit of a gamble. The issue here is that Leaf doesn’t work for him anymore.
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Plus he already moved from Commiefornia to TX, presumably for lower cost of living.
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@themachine
Nope I’m good with staying in TX.
@AutoBandit
I’m sorry what do you mean?
@LAK1ngs
Honestly it was more than that. It was all the Lord. Completely unexplainable sequence of events. Literally and no plan to even move out here. It was crazy. Very thankful to live in this great state.
@max_g
When you say 3k in taxes in Texas, what do you mean? Does Texas handle vehicle taxes differently?
Hi, Are you open to your new payment?
Yes, very differently. In like 46 states you pay tax on some version of the monthly payment. Like hypothetically a lease based on $54k MSRP, $50K selling price, $200 monthly payment:
A. Most states ~7% average rate = $14 per month tax
B. Texas 6.25% tax on selling price = $50,000 x 6.25% tax due upfront (cash or financed).
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Or here’s another angle that would require some effort to make it work on your part: find a short term lease transfer that offers an incentive. Between selling your car privately and collecting the incentive upfront, you might be able to bridge the gap in your negative equity. Here’s one example
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Yes. Leasing in Texas is a bit tricky unless you get a tax credit from the bank/dealer.
Another factor is the $200/month or so that you will pay to fuel a gas car, vs what is probably a minimal amount of $$ to plug in.
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A car that’s being used “as not the main car” will cost $200/m in gas?
What ICE car are you envisioning the OP buying that will cost $200/m for gas?
I may have misunderstood. I thought it was the idea of a gas powered car entirely replacing the Leaf, thus the $200/mo estimate for fuel, figuring on a typical 12-15k mile/yr driver.
Regardless, maintenance and gas are things to think about with our secondary car and do increase costs. Thankfully its less than $3 a gallon right now but electricity is also like 12 cents per kWh.
I’m very tempted to get a Chevy Bolt like previously suggested. At least if I have negative equity rolled in I’d have something that I can drive with decent range as opposed to paying down something I can use but its a stretch and stressful.
The additional caveat is the AGI limit for married filling jointly and with a used EV. I believe it lets you use the previous years AGI if its under the $150k limit. Something I’m looking into.
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Ooof its actually not what I thought. Its counted as the year we take delivery or the previous year… If I get the car this year, then I can use 2024’s AGI or 23’s. If I get it next year then I can use 2025’s or 2024’s… So if I’m going to do something, I have to do something now… Damn
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your income is below the threshold for 1 of the 2 years, you can claim the credit.
Put this car on Turo and get a new one for yourself. For sure, there is someone from time to time who needs an inexpensive city car.
It’s a Gen 1 Leaf, are you asking him to ask strangers to destroy the battery? And make his Neg equity 11k?
Have you looked at what interest rates you can get on a used Bolt? You might be able to slightly improve on the 6.32% you’re paying now, but nowhere near the improvement you could get with a subvented MF on a lease.
A post was merged into an existing topic: Off-Topic Landfill 6
You got a used Leaf 2 years ago on a 72-mo note? Good god. Even 2 years ago, this should have been a $7k car.
And, BTW, if you can’t save a down payment now, how the heck could you afford doubling your current payment?
I agree with an earlier post that the best course of action is getting a cheap used gas car and keep the Leaf. Even if you have to pay $150/mo on another payment and $50/mo additional insurance, it is better than trying to bury $8k negative. And at least you can use the Leaf for most duties and only need the gasser beater under certain circumstances.
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