Well I did do pretty much the same thing on a Premier but it’s an awesome deal regardless! I had a feeling that we’d start to see these pop up again as inventory hit the lots. Get while the getting is good, because these are probably the last of the 2020’s rolling in.
I’m new to these deals. Can anyone breakdown how this is free? Numbers wise. When I follow the posting I see under 20k in incentives with a sale price of 35k.
It is only free in NJ due to a post-sale rebate from the state (of up to $5,000)
All the other information showing how the OP got to a single-pay payment of $5,267 is given in the first post. BTW, NJ also has no sales/use tax on EVs so the single-pay for the same deal in another state would be higher due to taxes.
It’s a lease, not a purchase. You can do a little research on here and find out how leases work to understand how this is basically “Free.” Long story short, the money out of pocket for the lease is basically covered by the NJ $5000 rebate.
Yeah, like in my case for example. If my state had 0% tax rate on EV’s, my one-pay would have been around $5000 instead of $6000. If I had the $5000 rebate, I’d be at a score of over 400 years instead of 22-ish!
Let me help: on a lease you’re only financing the depreciation - with a 53% residual, means you only pay for 47% of the car. In this case, that’s ~$18k. Rebates/incentives are $15k and dealer discount of ~$3k pays for all of it.
I mean, I paraphrase but functionally you’re financing what the bank/OEM thinks the car is worth over the time you own it…? (promotional residual-setting aside)
OK fair, I’m being imprecise with language. You’re “financing” the whole car but the “payment” (non-financial component) is just the depreciation, and in this case the financing component happens to be ~0.
And your point on rebates is an important one. $3k of it requires being a Costco member. Dealers won’t make up those gaps if you don’t qualify.