I know the answer depends on a specific deal but I am asking in general terms for WA state.
The only benefits I am aware of -
7500 tax credit (buy only)
2600 nissan rebate (lease only)
sales tax exempt till 20k (buy or lease)
High residual value(.74) for lease
Considering these factors, does buy (0%APR) make more sense or a lease?
If Nissan isn’t passing on the tax credit, why would you even consider leasing this?
Neither! Get a Kia Niro Premium which should be leasing for about the same money.
They are passing 2600 out of 7500.
It has one of the highest residual values I have seen so far but not sure if that’s enough to offset the difference.
To me, buying seems better than leasing to me considering all that but was wondering if this has always been the case then why people go for leasing Leaf? Want to make sure I am not missing anything.
The biggest issue with buying an EV is battery degradation. If you are ok with getting ready for a 10k bill after the warranty wears out, then go for it.
I can understand that leasing wise it might same amount monthly but isnt it much higher in MSRP (45K) than Leaf (28K)?
Would it be better than buying a Leaf (with 0% APR). Battery degradation will affect both pretty much similarly right?
The battery has a 96m/100k warranty. I wouldn’t worry about that.
Have you run the math to see if $4900 more trunk money and free financing offsets only paying 24% of the deprecation? I assume it’s a better buy, but hard to be certain without the numbers.
I just heard from couple of dealers and max residual they are offering is 71%. So the definitely tilts it further in the favor of buying.
The dealers don’t set the residual value
yeah i thought so too, isn’t it region specific? But I got different numbers from two different dealer.
None of them gave me %, they gave residual value of the car and I computed % from (MSRP-2600 rebate)
It can vary by region (although usually doesn’t). Usually variations are a result of either different trims, different lease terms (term/miles per year), or they’re using a different bank.
You should always know the the actual RV is before you ever speak to a dealer. You’re not talking to them to figure out lease terms. You’re talking to them to find someone to do your deal. You must know what that is first.
If I’m buying a car, I plan to keep it past 100k, hence why I said if you are ok with a 10k bill, most gas cars do not go poof! 10k bill in one shot after 100k.
Batterie degradation of around 20%-25% over 10 years doesn’t require a replacement. Plus in 15-20 years, when the battery would need to be replaced, they will be a lot cheaper.
Tell that to people with a 1st gen Model S…hehe.
Nissan has ironed out most of their battery issues 2016-present. And there are good/cheap third-party batteries available now. I’ve seen Gen1 replacements sub-$2k installed, fully remanufactured and higher capacity replacements for $5k
I’d be more worried about the dumb infotainment system.
Apples and Oranges. Nissan has been less hostile toward right-to-repair, and the Roadster is a better comparable. Tesla has better battery tech, but from a replaceability standpoint (out of warranty) today I’d opt for any other EV.
@jeisensc On that note - I have another option of purchasing 2011 Leaf SL for $4600 via private sale. It is very well maintained and from a trusted source but battery health seriously degraded - 75% battery capacity remaining (8/12 bars left) with State Of Health 63.78% from LeafSpy.
I almost gave up on that option as I live an apartment without access to charging while parking.
Do you think it is worth the risk if I can get the batteries replaced for <$2K (assuming that’s what you meant above)?
Currently only rebate for used EV in WA is sales tax exemption but some proposed rebates might bring down the cost of purchase even further but can’t count my eggs before they are hatched.
This would be enough to make me not want an ev at all. Charging while parked overnight is what makes living with an ev the most compelling.
Lease new or buy a 10 year old used? Big difference (though a good deal). If you had overnight charging I’d consider the 2011 (and hold on the battery replacement until you get a feel for it), but
If you go the used route, start looking for fine establishments like
@Bluemkn57cars Thanks for asking good questions See my answers below -
What are the finance terms for the 0%? 60 months or 72 months loan?
both - 0% for 60 and 72 months. I will choose 72 months
How long do you plan to keep the car if you finance it?
As long as it runs without causing too much trouble.
How many miles do you drive per year (for leasing)?
Very less. My last lease, i ended up using only about 7000 miles in entire 3 years.
If you decide to purchase it, have you considered other additional costs you will be responsible for, such as new brakes or tires at some point?
I have thought about that and one of the reasons for me to consider electric was less moving parts and thus less maintenance. With my low usage, I am hoping I would not require to spend too much on these.
Any reason you decided to go with a Leaf?
Good question. Besides the EV consideration mentioned above, Leaf seems to have reasonable cost in current market. I am really fed up with bloated prices currently and want to reduce the overpay because of timing as much as possible.
I already spent a year without any car. My usage is really low but not having a car at all is very restrictive.
Nissan recently dropped prices for Leaf. With tax benefits, I am effectively looking at ~23K OTD which seems like a number bit closer to the situation before the current inventory crisis.