So I’m lookin at leasing an EV, likely a Niro EV Premium. I’ve found a few on Edmunds that are at an asking of around $39-40k. According to Edmunds, there is a $13,700 factory to dealer incentive right now.
When I click over to one of these specific vehicles, they cite a $4000 “KMF Bonus” as part of what’s bringing the asking down from the MSRP of $47,945. So, in all, it looks like they go from that MSRP down to $43,995, then take off another $4000 with that “KMF Bonus”.
What am I to make of all these numbers? Where does the factory incentive $13,700 come in?
The whole stacking tax credits & rebates into the lease is another story. From my estimation I’d get the $7500 tax credit, $1500 CFR, $2000 CVRP, $599 County Incentive. The CFR and CVRP go to the dealer and are passed on to you if I’m not mistaken. The county comes to me. Federal goes toward tax liability end of year.
Sorry for the long post. Quick and dirty replies appreciated.
Tax credit goes to the owner, which in case of a lease would not be you. That is why you maybe seeing a large incentive on the vehicle, because the manufacturer is willing to pass that onto you. Most do , some don’t.
For CVRP, as long as you meet the income requirements, you should be able to file yourself and get the money back in a few months.
Leases do not get tax credits. Instead, the manufacturer may choose to pass on some, none, or all of the equivalent amount in the form of an incentive.
If you search around you can see I got $4500 off a Kia EV Premium before incentives.
the incentives are just to move the car. So $13,700 - $7500 = $6200 ‘Kia’ Extra Discount.
the CCFR and CVAP (Not CVRP) are on top of that $4500.
A Lease means you don’t get the Fed tax bonus, you have to buy an EV, not lease it.
CVRP is applied separately direct to you, and I don’t know much about your $599 county bonus.
So see if you can get $4500 off before incentives and that’s really a good Deal.
In fact I remember some brokers are giving the Premium for $285+ ($2000DAS)? Search around.
I paid $319+ ($2000DAS) but I also got 36/12 4 months ago.
Forgot to mention that all these ‘Incentives’ Expire tomorrow, so will it be better next week? who knows.
To clarify, the CCFR of $1500 is applied into the calculator where? The CVRP is a separate thing I apply for after and a check sent to me directly? Man this is a bit confusing, I’m sorry.
This Niro I’m looking states an MSRP of $47,945 that is “on sale” for $43,995 with “KMF Bonus Cash” of $4000 bringing the “net cost” to $39,995.
Is this before the $13,700 incentive cash that Edmunds sites for a 24 month lease?
The kmf bonus cash may be a finance only incentive, so it may not be applicable on a lease.
Also if you’re planning on using some of the CA specific ev incentives, check the minimum lease length. They generally don’t apply on a 24 month lease.
I’m figuring I’ll do that when I feel like I understand this backwards and forwards. I’ve only leased BMWs in the past and I felt pretty proficient. The EV stuff has several layers more of bureaucratic maze to navigate it seems and I wanna make sure I get it all.
He said $599, that’s probably Sacramento or El Dorado County, so he can’t go all the way down to Carlsbad. Edit : I see he’s marked Cal-North now, maybe he can ship?
All I can say is , if you want a good price, call the brokers in Marketplace now. After tomorrow, the rebates will reset. For good or bad? I don’t know.
If you are paying more than $350 with Zero Drive Off, then you are probably overpaying. And that’s $350 on the contract, it doesn’t matter where the rebates are, it matters on what the contract says.
I’d happily go to SoCal for a nice deal. Both my BMWs came from SoCal. I feel torn I guess. Looks like the rebates require 30 months ownership and I’m really not keen on a 3 year lease. The Ioniq 5 is due out in Fall and I want in on that action. Guess I could do swap-a-lease but kind of a hassle.
