I have 2019 Chevy Volt that’s lease will be up on 12/18/22. It’s been a relatively great car for my needs (back and forth to work about 15 miles a day and occasional errands). I decided to stick with an electric for my next vehicle and settled on a Bolt EUV LT. It’ll be nice to get a slightly larger vehicle with more range.
I put a deposit down locally at the beginning of July and was told it could take 4-6 months which was fine but seemed like more a sure deal than other options. Dealer called yesterday and I have an August build date which should put it on the lot by the end of September. I have been going back and forth on whether or not to purchase or lease because my intent is not to keep the vehicle for more than two years. I’m not sure a base EUV will hold it’s value particularly well and in a couple of years I’d like to get into something like a Fisker Ocena Ultra or Hyundai Ioniq 5. To further complicate matters it seems possible that if I could somehow wait till 1/1/23 I’d be eligible for at least some/all of the newly proposed $7,500 rebate. I realize trying to plan around potential legislation is a fools game, but I’m generally curious what others might do in this situation. My first thought was to do a short term (18 month) lease for 7,500 miles annually, but if the legislation passes (AND Chevy doesn’t raise prices) I’d be missing out on a good chunk of change. Thoughts?
Buy your volt. Keep it until 2023. Make your decision then.
And, as an owner of an EUV, I have hard time believing it’s bigger than a Volt!
You know if you buy your EUV instead of leasing it, you get $6300 off in cash? Also there’s another rebate for turning in your Volt Early ($3500?)
BTW sign up for Uber NOW, you get $2000 off in addition.
I’m not confident in the resale value of any EV. Too many variables right now, rebates, used rebates, technology improving, players entering/exiting, etc. Could be great could be terrible.
What’s the buyout like on your Volt? You have until December so you could just pass on the Bolt EUV and see what happens with the rebate or pick up the Ioniq 5 between now and then. I would only expect the automotive market in general to get weaker as inventories improve, interest rates increase etc. This is barring another external event affecting fuel or supply chain.
The $6300 is only for the 2022 models, the 2023 models have an adjusted lower MSRP. Turning the Volt in early to get the $3500 + Uber option makes taking the 2023 EUV a solid option. If GM is cranking out Bolts again though, i’d expect inventories to get significantly better in the next few months, especially now that fuel prices are stabilizing.
Oh yah hes talking about a 23
Yeah 2022 wasn’t really an option for me (low inventory and a lot of ADM/Packages when I’m looking for a base model).
The Volt doesn’t qualify for any turn in bonus (it’s only the Bolt that has lease loyalty I checked).
I feel like there are two options:
1.) Keep the deposit - do a short term lease
2.) If the legislation passes and Chevy doesn’t increase the MSRP on the 23 Bolt cancel the deposit. Cross my fingers I can purchase a 23 quickly in January
The Bolt and Bolt EUV are both significantly roomier than the Volt. I don’t know exact dimensions off the top of my head but based on packaging alone it’s a huge difference (Flat on the floor Batteries in the Bolt vs the 'T" shaped column in the Volt).
Yeah the Volt is TINY. At 6’0" it’s difficult for me to get in and out regularly and long drives are not fun. The oldest kid doesn’t really fit in the back and she’s 5’ 7"
Buyout on the Volt is currently about 21k there might be some positive equity there but not a ton. I can extend the lease on a month to month basis so I could reasonably keep driving it till another option becomes available (I’m way under the 36k miles at just 22k currently).
Just remember that that Equity is slowly going down. Equity has crested and is on a downward trend.