You’re right it was an inane comment. I meant if one was saying owning their EV was worth a 1 hour detour for the gas savings of (130 miles at 30 mpg x $2.80/gal = ) $12.60, and they did trips like that regularly, they might be thought of as valuing their time at $12/hr. I personally couldn’t stand that. I’ve heard there can be waits at charging stations so that would mean even longer detours.
But of course if the EV is your daily and 99% of your trips are detour-free, an occasional trip to PS I Love You via some outlets might be fun.
Congrats on the deal. I felt fortunate to get $2500 from Mass. on a Niro EV. Didn’t think about it as affecting my monthly payment, it actually paid for my home charging station, floor mats etc. Slightly disappointing to realize I would pay a third of it back to the IRS. Any of those CA perks taxable?
Thanks! I don’t think the $4,500 from the state is taxed. I have redeemed the state rebate in the past and they never sent me a 1099 to file. As for the $5,000 CVAP grant I am not certain if it will be taxed. I am just going to have to wait til the end of the year and see if a 1099 shows up for that. I am not too concern as my effective tax rate for the last few years was zero or almost zero.
@paulboo Thank you for posting this; this deal is pretty fascinating. I’ve used CVRP in the past, but this is my first time hearing about the CVAP grant.
How did the mechanics of the program work at the dealership? It sounds like you had to disclose the grant funds to the dealer in order to apply it? Do they mail you a check afterwards like CVRP?
I contacted all the participating dealers normally, asking for quotes with drive offs and taxes due at signing only. I start negotiating from there all the way down to the rock bottom price I can find. After all the number line up and I able to fish out all the non sense fees and add ons then I tell them that I have additional money down and provide them with the new figure, $5,000 due at signing. I have them update the quote and make sure everything lines up still and accept the deal when everything looks good. The reason I do it this way is because when I tell dealers I have $5,000 available to put down, dealers don’t seem too interested in negotiating because I guess they think I have tons of money on hand so what’s another $1,000 or $2,000? But when I negotiate from a stance of I don’t have much to put down they seem to try harder. Who knows?
Anyways, when you are ready to pull the trigger, the dealer will ask for the approval letter and add to the contract $5,000 paid at signing. The dealer will ask you to come in and sign all the paperwork in Finance and send off the documents to CVAP. The dealer should not be asking you to write a check for $5,000 just to “hold” the car while they process the grant. If they ask for a $5,000 check, tell them to refer the the program instructions. During this time the dealer will hold the car, which is marked as sold, until they receive the direct deposit from CVAP. When the funds clear in 7 to 10 days the dealer calls to tell you to pick up the car. Very simple. I am very happy with the experience.
After that, someone will reach out to you to assist you in redeeming the charging station grant of $2,000 to install a charging station at your home.
i’m assuming the CVRP amount of $4500 include $2500 low income consumer, but I don’t get the $7500 Federal tax credit, or more accurately, how do you get it in a lease? my understanding is that the credit goes to the lessor and not the lesee.
tia
m
As for the federal tax credit, you don’t get the tax credit directly. The tax credit does go to the lessor however the lessor for the most part passes it along to you in the transaction as cap cost reduction or in lay mans terms a down payment. This reduces the amount of depreciation you have to pay on your own for the duration of the lease which is also why you see such low residuals for BEV for the most part. For the Ioniq it is 48% which means you would have to pay down $20,733 of depreciation equating to $576 in depreciation per month without the federal tax credit passed along to you and this doesn’t even in include the rent charge and sales tax yet. Pretty insane right? You could get into a really nice luxury car for less.
First of all , thanks for this great post. Was thinking about getting a KONA EV, but with deal like this I would instead sign up for this. I have 2 questions.
Where does the EVGO prepaid card coming from (Hyundai or CVAP)
On the $2000 lv2 charger, is it enough to cover all the parts + labor from your experience?
The EVgo prepaid charge card came from the CVAP grant. It’s the second part you redeem after you have redeemed the $5,000 to purchase.
CVAP offers 2 charging grants after you purchase the vehicle. First, a $2,000 grant toward a professionally installed level 2 charging station. Is $2,000 enough? It really depends on where your electrical panel is located in relation to where you plan to have the charger installed and how difficult running the cables will be. If you live in a pretty old home that requires a panel upgrade, $2,000 will definitely not be enough. In my situation, my electrical panel is on the outside wall of the garage and I needed to run the cable to across to the other end of the garage. Electrician charged me $1,800 total including the charging station back in 2013. Luckily at the time my utility was offering $2,000 for the installation of a charging station.
I opted for the second option, since already have a charging station installed. Second option provides you with a EVgo $1,000 prepaid charge card plus a portable level 2 charger from Webasto called the TurboCord Dual Voltage EVSE. This plugs into existing 240v outlets, charging the car 3 times faster than the cord that comes with the car that plugs into a 120v plug however is less than half the speed of wall chargers you can get installed.
Do not know-but CVAP gives you either $1K Prepaid card or $2000 towards installation of L2 charger)
What makes this interesting, on a BOLT you may come up with a $2-3000 being paid xtra in your pocket to drive a 2020 BOLT (if all incentives are honored/provided) ChevyPhil has a One Pay for $8900 as per his post
Thanks pal for the clarification on all the details. I am getting one soon. Just one last question, on the bonus drive, is it for everyone or you need to have memberships in one of the participants? Thanks again, I wouldn’t be this informed without your assistance.
Ya Bolt is another good choice , but in order for you to get the $8900 one pay , you must have an existing Chevy under your household (which we don’t ) and I believe their dealer isn’t one of the participants for this program (I could be wrong)
For BonusDrive, there is no affiliation needed. All you need to do is just apply on the All State BonusDrive website. Unfortunately the rebate has dropped to $250 now. The $500 was for purchases prior to June 1st. Literally free money.
I asked him on his post if they are…cause I didn’t see them listed, only KIA and HYUNDAI
But even if you don’t have a Chevy it would be almost FREE to a minimal monthly payment for a BOLT, don’t you think??? Plus chevysalesgirl said she will get 6 LT Bolts starting tomorrow and may be able to do a deal as close to his up north…
We have the 2017 i3 Rex , overall pretty nice vehicle with several major flaws. You need to make sure you can live with those flaws. Here are lists of flaws from our 27 month lease.
Interior — unless you are on the higher trim , the i3 interior is straight forward bare-bone. Low quality infotainment (again unless you opt in for the Technology Pkg, it’s literally 2000 technology)
Tire wears – it’s running on motorcycle tires， also extremity prompt to early wear-outs (many owner complained about their tire wears as soon as 8000 miles, trust me they aren’t cheap to replace)
Expensive DMV registration-- due to the high MSRP (how CA DMV uses those to calculate your annual registration renewal) any money you saved would re-route back to the renewal fee (we paid something like $550 to renew our registration last year)
Others includes expensive to insure, only 4 speakers on Non HK sound package (Very bad if music or sound matters to you), no rear seat air vent, weak AC, No Android Auto, No Car-play , Moon Roof going to cost you another 1K.
With that being said, if none of the above matters to you, it’s still a nice little hatchback with some excitement built-in (after all it’s still a BMW), we just think with similar price, much loaded Ioniq is the far superior choice.
Jason
(if all incentives are honored/provided) ChevyPhil has a One Pay for $8900 as per his post