Ill soon be commuting again, so needed an ultra low cost point A to B car. On a whim I contacted a local Chevy dealer yesterday and signed today. This was one of the easiest leases I think I have done (aka I put forth close to zero effort) and was in and out at the dealer in less than an hour and they even handled all of the registration/plates (which is the norm in FL as most dealers are also DMV agents with a stash of permanent license plates).
2020 Chevrolet Bolt LT
DCFC
Comfort and Convenience
Driver Confidence I
Driver Confidence II
Cajun Red Tintcoat
Dealer applied window tint
MSRP: $40,185
Selling Price: $34,419.68 (14.35% discount)
Monthly Payment: $0
Drive-Off Amount: $6313.28 one pay ($175.37 effective monthly)
Months: 36
Annual Mileage: 15k
MF: .00001
Residual: 47%
Incentives: $12,250 ($5750 lease cash, $2000 bonus lease cash, $1500 lease loyalty/conquest, $3000 Costco). I also have GM Supplier, so the supplier discount is part of the sales price discount and the value is unknown.
Dealer Fee: $799
Region: Florida
The calculator is correct on the total cost, but the values for taxes are too high and the lease cost is too low, but it all comes out in the wash.
For Florida, without any additional local/state/utility incentives, I think this is moderately good. I suspect it’s relatively close to some of the canned California lease deals that get dropped periodically. I also need the miles for commuting, so decided it was better just to get those all upfront.
It looks like you got the max value out of the rebates, and MSRP discount. We have one additional rebate here in CA for $1500. That is the only difference. I am pricing one as well, plan on getting one just as soon my favorite sales person finds me one.
Ive been looking into getting a 2nd Bolt and it looks like the incentives have gone up slightly from March but the residuals have gone down However, the MF is now so low that a one pay makes no sense. (0.00013 on LT and 0.00012 on Premier). The one pay discount is 0.00073, so theres not as much bang for the buck in so doing. I believe the total leash cash on a Premier (including Costco, loyalty, total lease cash) is ~$13,750, but Im not 100% sure. LT may be $1k lower?
I believe the RVs have dropped 3% on the 2020s, which is fairly significant, but deals should still be had on these cars that are similar to last month all told I think.
EDIT - I just checked my lease calcs…the same car (LT) this month with the same sales price on a one pay would be ~$7100 instead of ~$6313 (but the one pay makes less sense this month due to the low low MF), so a zero drive off under the same conditions looks like it would be ~$212/mo incl tax, or 35 x $212, or $7420 total. So in short, the RV hit hurts this month on the 2020 and a larger discount is probably necessary.
This car is a commuting monster. On my drives this week (which have been in admittedly good conditions for an EV with speeds of 35-50 mph and Tampa, FL temps so no cabin heat), I am averaging about 5.7 miles/kWh. The reported range (which I generally wouldnt consider absolute truth) is 330-340 miles on a full charge. The 65 mile round trip costs ~$1.25.
Waive the $695 lease fee by raising the MF by 0.00075.
One-pay Lease: Pay everything upfront to lower the MF by 0.00042 (24 mos.) or by 0.00073 (36 mos.).
This will be a better result now that the MF is so low to begin with! You can actually waive the $695 lease fee and still get to almost 0% MF
However, the MF is now so low that a one pay makes no sense. (0.00013 on LT and 0.00012 on Premier). The one pay discount is 0.00073, so theres not as much bang for the buck in so doing. I believe the total leash cash on a Premier (including Costco, loyalty, total lease cash) is ~$13,750, but Im not 100% sure. LT may be $1k lower?