Hi everyone — first-time poster, so apologies if I miss anything.
Background
Location: Los Angeles.
Parking: Depressingly non-negotiable $260/mo.
Target Lease: 12–24 months on an EV or hybrid around $250–$300/mo with the lowest possible DAS. I’m seeing a lot of the best-rated deals have high DAS, but I just can’t afford that in my current situation, and was hoping to backload a deal.
What’s tripping me up
Insurance: My current carrier quoted ~$500/mo for full coverage on a new car (22 y/o, clean record). Even if I shop around and land at $300, the math still hurts.
Lease math: Most of the sub-$300 deals I see (e.g., Hyundai Ioniq 6, Kia K4, Prius Prime) require $2–3k DAS once taxes/fees are in. Tesla’s June promos look good, but even with the $500 student + $1,000 referral credits, it’s still north of my target.
All-in cost: Payment + insurance + parking already approaches $850–$900/mo,15% of take-home pay, which feels brutal for a new grad.
Federal lease tax-credit passthrough on qualifying EVs.
SCE/LADWP or CVRP rebates (still fuzzy on lease eligibility).
My family currently owns a Toyota (eligible for either Toyota loyalty or conquest on other brands).
Good credit??
Questions for the hive mind
Has anyone realistically landed sub-$300 EV/hybrid leases in SoCal with < $ 1k DAS this year? If so, which models/credit unions/CAP cost reductions made it work?
Any insurers writing full-coverage policies for young drivers in LA significantly under $300? Tips for bringing that premium down?
Would a short-term 12-month lease (e.g., Hyundai’s Flex programs) or a low-priced used EV purchase ever pencil out better given my parking + insurance constraints?
Am I overlooking any new-grad, utility, or SoCal AQMD incentives that could shave a few grand off the DAS or monthly?
I’ve read the How to Calculate a Lease and Marketplace threads, but still can’t bridge the gap between advertised promos and an all-in number that won’t wreck my budget. Any data points, broker leads, or reality checks would be hugely appreciated. Sorry if there are mistakes in this post, I’m entirely new to this world and found out about this website today. Just having a lot of anxiety, and I’m completely unsure how to make this work. Will I truly be relegated to biking to work every day?
my brother was also in your shoes just couple years ago, couldn’t justify the cost of operating a car out there, and his parking was WAY less!
What’s your commute/need for a vehicle? One of the few times public transport/rideshare/scooters make more sense. If you need to get around the LA area as a whole, motorcycle might be a good fit. Or buy a cheap crappy car cash for $2-3k and drive it til it dies, save a ton on insurance and won’t care about dings/scrapes (inevitable in LA)
Big car enthusiast but I didn’t buy or lease a new car until I hit some savings milestones including buying a house.
The savings from payments, insurance etc really add up over time and the underwriting/mortgage application also benefits from no auto payment on the DTI.
There isn’t a huge need, I have a 15 minute bike commute, 6 minute drive but it’s on Santa Monica which isn’t the safest bike ride. It’s also the autonomy that comes with a car, having a trunk for groceries, etc. It’s obviously not a necessity but it’s a huge want.
I’m horrible on a bike, but I personally would never ride a bike in metro LA unless I were very, VERY experienced w/ that (or unless that section of Santa Monica Blvd. had been rebuilt like certain sections of Venice Blvd.).
Can you take the bus to work? $900/mo pays for a lot of rideshares to get groceries or to grab a meal and offers decent flexibility.
LA without a car sucks. I would buy a $5K beater, buy liability only insurance and park it on the street even if it means walking a few blocks. You can get creative and get a e-scooter to go to/from the parking spot. There is no point spending ~1k for transportation in your situation.
Broker has one pay $5999 (7.75% sales tax- have to adjust for 10.25% West LA) for 24/7500 on 2024 Acura ZDX AWD down in Irvine. But that still doesn’t solve the insurance and parking cost.
Did OP state they were living in Santa Monica? I assumed that they meant that their commute was mainly on Santa Monica Blvd.
Also, AFAIK, West LA (which isn’t its own city) has the same sales tax as the rest of metro LA (but Santa Monica, which is its own city, does have a higher sales tax).
don’t “overspend” just because…