Values on used/CPO Volt had me looking hard at them. I’d probably still bite if I could find a nice example in the 10K range as a cash car!
Thanks everyone. Setting aside opinions for just a moment, can someone please tell me where I am going wrong on my calculations?
These are my calculations based on how it says to calculate a lease online, given the cap cost, RV, MF, and tax rate that he has provided.
12,000 down (8,700 credit + 2,500 ca rebate + 800 down)-
Depreciation cost: (36,680-22166.40)=14513.6/36=414.67
Interest: (36680+22166.4)x0.00238=140.05
Taxes: (414.67+140.05)= 554.72 *9%=49.92
Total: 604.64x35=21162.57 + 800
21,962.57+25111 (rough estimate to finance at the end)= 47,073.57
From the numbers he gave me for total monthly payments:(389.50x35) 13,632.50 + (36.03x35)1,261.05 in taxes + 800 down=$15,693.55 for the entire 3 years (or $40,869 to lease then buy)
rough estimate of financing for 72 months at 3.24%=$54,381
My main question: why am I getting such a different number for the term of the lease total? I know there is something going wrong with the number of payments since the first payment is included in the down, but that shouldn’t be enough to account for that much of a difference. Please, where am I going wrong? I just want to understand how to calculate it properly.
Fill out the LH calculator and post a link here.
This is closer to what I was getting. He is saying total lease cost is $15,693.55 which is impossible, correct?
Your SP is 5% above MSRP?
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I see the 2,500 CA rebate is included in your calculations, take that out, this is your cash for you if you qualify.
I saw the “offer” for the base model, seems high.
$319/month
36 Months
- $3,999 Due at Signing for Qualified Lessees
. Offer shown total lease payments are $15,164.
With tax it comes to 16,339.21 that’s $453 per month
The CA rebate reduces it about $70 per month.
https://www.kia.com/us/en/offers/2019/92692?series=niro-ev&offers=3,2,1,4
I think you can do much better on price. Here’s the deal i got for my Niro and so far i’m pretty happy with the car…I wish i got the EX for the leather seats but i just wanted the cheapest deal possible.
Not the same car. Yours is the phev, this is the ev.
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They aren’t budging on price for the EV since there is so much demand. I did manage to find one that wasn’t marking it up at least. I am still in love with it and I can definitely see myself buying it at the end of the lease so I’m okay with how it turned out.
So you got it? Post your numbers if different from above.
I love the Niro EV too but it all depends on how much you love this car - you are going to pay a huge premium for it because of the huge demand/low supply. ChevyPhil (San Jose dealer) is selling Bolt EV Premier (top trim with everything) for ~$30k (and GM still has $3,750 fed tax credit), vs. $46k for the Kia EV in your calculator.
You sure its worth that $10k (at least) extra?
For anyone that doesn’t like the Bolt and needs a long range hatch there really is no other alternative…the Kona EV is just as elusive.
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Agreed. Its $10-15k worth of “doesn’t like the Bolt”, which I totally get some are willing to pay.
A rule when leasing, NEVER LEASE first Gen. If you are leasing first gen you are basically buying the car.
No one knows what the MF and the Residual is so they artifically make it bad to ensure they don’t lose their shirts.
If you really need a 200Mile EV, get the Bolt, if you want the Kia or the Hyundai, wait until Sept.
Without all the super calculations that people do here in MF and Residual I just look at total Payments. $15k? Nah. The Bolt is more like 10k if you can finangle it. (Don’t include state rebates). In Sept the Kia and Hyundai will probably be closer to that number and the Bolt will be less.
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That’s pretty poor “advice” that isn’t at all rooted in fact. There were very attractive Bolt leases within a year of its release. Same with S90, X2, and many others.
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That is true. The first Bolt deliveries were mid Dec '16 and by Sept '17 they were going for $134/mo. However, the Kia and Hyundai don’t have 10 months on the market yet…so who knows what will happen by the end of the year.
You said a year of it’s release, that’s correct, but the same Month? Please they weren’t even passing through the $7500 rebate at that point.
Bolt Nov 2016 - No deals available
Bolt Dec 2016 - $13788 + T&L
Bolt Apr 2017 - $10243 + T&L
So basically after 6 months, the deals started.
It’s Apr, so I stated Sept, but Sept Oct is when the Niro and Kona deals are expected to roll in.
Fellow Niro EV fan here, looking to lease first-ever car. It seems like different car makers and dealers handle the tax credit differently. I just came back from Stevens Creek Kia in Santa Clara/San Jose in CA and the rep (who didn’t seem to be too sure about much) told me that I have to talk to my tax preparer to understand how to claim the “$10,000” credit after the lease. I am pretty sure I cannot claim the credit on my return since I don’t own the vehicle but I may be wrong, so looking for advice/experience from those who have leased and maybe claimed the credit on your returns (or not).
Over 3 years, the credit can make a chunk of difference in monthly payments, so looking forward to hearing from the community here on the experience of handling the Fed + CA credit for a leased car.
TIA.
The lesson there is not to go to these dealers and talk to Salesman Joe who really knows nothing about evs. Read this forum and you will get a better understanding of how to approach them. Of course what they told you was a big pile of crap.
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You cannot claim federal tax credit as the lessee. You can claim ca rebate and you may or may not get it depending on the funding .