I’m in Colorado and I’m looking at a new car to replace my 2015 BMW 550. The Tesla model 3 seems DIRT CHEAP based on the Federal $7500 credit + $5000 CO credit.
But Kia seems to have a $7500 lease cash offer since they don’t qualify for the federal one - I’m trying to determine if CO covers them or not.
Has anyone been able to negotiate a good deal on the EV6 GT that you could share and I could attempt to replicate?
The Model 3 Performance would be comparable to the EV6 GT. It’s $53k, so you would get it for $41k after tax credits. I didn’t qualify for any tax credits so Tesla wasn’t an option for me. I haven’t seen anything on leasehackr regarding the EV6 GT so I would imagine that dealers are selling them for close to MSRP. Kia is passing the $7500 lease credit to the customer.
A Kia dealership in CT has a $5750 dealer discount on the GT. Here is the link to the car…
https://www.kiaofgroton.com/searchnew.aspx?Model=EV6%20GT
Why didn’t you qualify?
Income, but I live in a high cost of living area in coastal SoCal. A lot of people in coastal Cali don’t qualify because of the income limit.
I’d hold off if you can, the governor is trying to roll out more incentives for next year.
The only additional state credit will be a $2,500 tax credit on EVs under $35,000 MSRP. For MSRP under $80,000, as of July 1, everyone is eligible for the $5,000 tax credit. Obviously the EV6 GT at ~$60k MSRP wouldn’t qualify for the additional credit.
The Xcel and other utility credits and rebates - I assume OP is in Denver so will use those numbers - are income limited to 80% AMI (e.g. $65,680 income for a single filer, $93,760 for a family of four in the Denver metro). The Xcel rebate is an instant discount on an EV under $50k MSRP but you have to work with certain dealers, although the list is pretty comprehensive. That instant rebate is passed on through the dealer and is “up to” $5,500.
lease 36 M
10K miles Year
2K Down Payment
719+TAX
63,475K MSRP
So how would that work then - if the cost for the Kia EV6 GT $63k, would they just reduce the “sale” cost by $7500 and build the lease based on that? Can I buy the lease out immediately after that?
I presume the additional $5000 Colorado tax rebate would apply too:
https://energyoffice.colorado.gov/transportation/grants-incentives/electric-vehicle-tax-credits
But it just be on me to file for it.
unfortunately we are above all the income thresholds for the other discounts.
So just 7500 fed and 5000 denver would apply
Yeah, it looks like Colorado’s EV tax credit works the same as the Fed where you claim it on your taxes. On a lease, the finance company gets the federal credit, and they can pass it onto you as a taxable incentive, so it will lower your cap cost by $7500. But remember, you have to pay taxes on that incentive, so chances are that with tax, title, registration, fees, etc., you’re cap cost will be around $58k, depending on your tax rate. Just make sure that the dealer doesn’t have a bunch of useless add-ons.
Then after you lease, you can claim the state credit on your next state taxes. If you want to buy it out, you will need to wait until you get an account number for your lease. Then you will be able to buy it out which will typically be roughly around cap cost minus your first month’s payment.
OP, think your best bet is to just call your favored Kia dealer (e.g. Peak down in Littleton) and just ask how they’re handling the $5,000 tax credit. I am in Denver too and am curious with all the incentives (also too high income to qual for EVERYTHING but it seems like you could get a Leaf/Bolt for dirt cheap).
Colorado quirk with registration, the dealer sends title work to the county motor vehicle dept and when you get plates, the end lesee/purchaser is responsible for paying registration fees. They are astronomical and based almost entirely on MSRP and model year/age. Looks like in Denver an EV6 GT would be ~$1,200 to register. There’s another very small charge for a little sticker that says its an EV or OP would be able to get a special EV license plate.
In early 2021 I paid $699 doc fee + $650 dealer fee + $12 TTL to Medved (now Foundation) Kia.
I just check their website. It’s $5000 cash for purchases and $7500 for lease. Just like Hyundai.
Registration is 2% of some magically value or average msrp, then 2% of whatever they think it’s worth the following years. Oh and they charge you extra to makeup for the lack of gasoline taxes collected.
fwiw Peak is advertising a $10,000 hail damage discount on EV6 and EV6 GTs, who knows if they have any left on the lot.
Don’t forget the 2.25% fee for using a credit card!
I saw that, but…hail damage…
But it’s a lease… if the damage isn’t too bad you’ll spend the vast majority of the time behind the wheel anyway.
I don’t even park next to cars that are dirty or have damage. If they don’t care enough their car, they don’t care about your car when they’re opening their doors or whatever. I know that some people are proud of driving around in their 20 year old Toyotas, but that’s just not me. I like new, clean cars without damage. Different strokes for different folks.
For anyone in GA interested in comparison, I leased a 2023 EV6 GT this month. Terms of 36/10 with a total of $1,000 das, payment is $670/mth. MSRP on the car was $64,120.
Absolute blast to drive. Range is crap but who cares, lol.
Thank you for sharing the details!