Question regarding EV Lease Credit and Calculator

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1

Hey i need some help plugging in some numbers on the calculator. Im a little bit confused about ev lease credits. I asked on Edmunds forums about a 2023 kia ev6 gt MF RV at 24/12 and if any lease credit and they came back with this numbers:

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So now my question is… that $7700 lease cash is the same as the governments “$7500 federal tax credit” ? Or do i add the $7500 + $7700 and plug that into the calculator. And also in which box do i put those kind of incentives. And since Im from NJ do i put 0% on the box where your supposed to put the tax %?

2

The $7700 incentive is in lieu of tax credit. And yes, in New Jersey you can put 0% for the tax rate on an EV

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3

Taxed or untaxed incentives.
It doesn’t matter since the tax rate is 0%

As mentioned, it’s only the lease cash. There’s no additional $7,500 on top of that.

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4

Hey Max, can you please tell me what i did wrong in the calculator please. I made up the dealer fees and government fees because im waiting for the dealer to send me the quote so im not sure if those are higher or lower than what i put. I can see them laughing at me with that monthly lol. im struggling with this EVs calculations.

This is the vehicle im looking at:

https://www.cars.com/vehicledetail/109ff1bb-5cb9-4349-854d-7009809e94da/

5

I bet you the dealer already included the $7.7k lease cash in that $52k price. This is what it looks like when you back it out. Looks expensive for EV6. Do you really need 12k/year? You need more dealer discount.

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6

Highly likely this is what’s going on.

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7

Yeah i need the 12k per year unfortunately… but shouldn’t this 2023s have a good discount ? What’s a reasonable % discount i should aim for, in a 2023 vehicle that the dealers have quiet a few in their lot left over?

8

try to play with the dealer discount until it gives you the monthly payment you want. Do you really have to get kia ev6? It seems Ioniq 5 is easier to get in $300-400 monthly payment. You can also check iD4 & Ariya for that monthly payment as well. Try to check how much is the miles overage cost. Sometimes it’s cheaper to go into lower miles/year lease + buy the miles vs higher miles lease.

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9

Let’s back up for a second

  1. You need to know which cars are the best lease candidates at any given time and given the incentives the lessee qualifies for.

  2. So what are your priorities and what’s your budget?

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10

No, it doesn’t have to be a EV6 GT i just thought out of the vehicles you mentioned is the best bang for your buck if I can get it in that price range of course lol

11

I definitely want to be under $400 and the bigger the vehicle the better. Don’t have to be an EV and i could wait a few more months so im not like rushing right now. My maturity date for my current lease vehicle is june.

12

Then wait until June?

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13

But, should i jump on a deal of it comes up?

14

Do you have equity in your current lease?

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15

Not sure i would have to call and ask whats the payoff right now… the problem is the bank is Ally so i doubt they’ll let me sell it to a third party anyway…

16

Just to give you an idea, the dealer I got my Ariyas from was offering the following last month:

2023 Nissan Ariya Platinum+ AWD (63k MSRP)
18 month/10k miles
NJ Residents: $395 per month with 1st month DAS

He doesn’t have any Platinums left, but you can try to replicate since the program remains mostly the same for March. Nissan allows you to purchase additional miles during the lease for 0.10 a mile so it is best to stick with the 10k mile allowance.

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