Need Advice / Help on Lease End Chevrolet Bolt 2023 2LT

Hey Hackers,
Long time lurker here needing some help in SoCal 92557.

In July 2021, I leased a 2022 Chevrolet Bolt 1LT 36 Months 10k miles - 347 per month then in
Oct 2022 - Bolt recall happens and I get my substitution of collateral Chevrolet Bolt 2023 2LT - 347 per month

I’m trying to see why buyout options are all oddly low. Lease ends in July 2024. Monthly payments have been $347 for the lease. The payoff amount with 1 month remaining is $19.3k (36 Months 10K Lease). The Car currently has ~14k Miles on it. Carmax said they would give me 12k, Carvana said 15k. Even tried to trade in for a Tesla lease and still was only offered 17k.

I would assume my numbers should be higher as residual value goes since the car is “supposed” to be returning with 30k miles and 3 years old, but it’s being returned as a higher trim 1lt ->2lt and with lower mileage 30k → 14k

Wondering if anyone has gone through this and what you decided to do. Would I be better off just buying the car and forgoing the tax credit? Or give it back and start over with another lease.

Could be wrong but I believe when I did this only Chevy dealer could buy out at lease end. Otherwise have to purchase and sell and do the sales tax exemption thing. (doesn’t answer your question just an FYI)

They subsidized the lease with a residual value that just turned out to be wrong. The actual value has no dependence on the residual value. If you want to keep a Bolt - and they are great cars for what they are, I’m on my second - the best move financially is to return your lease when it is up and buy a good used Bolt.

If you’re looking to lease another EV it might be worth taking advantage of the Bolt Loyalty incentive that’s on the Blazer EV now. Depending on where you live you could get a good deal, especially if you have a Costco membership and qualify for a Supplier discount.

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This 100%. You should be able to get sub 200/mo with these incentives.

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holyyyy, this might be the play.

How much is the Bolt Loyalty incentive?

3k for chevy ev loyalty incentive & competitive gives 1K.