I got a 13 month one-pay lease in Oct 2024 on my Ioniq 5. Was initially planning on just waiting until October 2025 to get my next car, but recent events have gotten me to a place where I’m heavily considering getting a lease on a Chevy Equinox EV right now, to the point where I now have a contract on the table for one I’m having thoughts about.
The lease offer is basically $4500 all-in one pay for a 24/10 for the most expensive trim. If I wanted to, I could probably even get a cheaper one through a broker if I so choose. My main questions then are:
Is there any sentiment that these lease deals are going to be around in 6 months? My current lease deal with Chevy is entirely based off of the happy accident that I qualify for all of the major incentives being allocated at the moment.
Is there any way that I can recoup any of my Hyundai lease payment if I were to turn it in early? Or would I essentially be eating all of it?
Is it a crazy idea that either of these cars will go positive equity come 6-24 months from now?
Check if they allow lease transfers - you might be able to transfer it early. Otherwise yes - you are on the hook for payments and insurance.
I can only see this happen if dollar depreciates like extra 30-40% from here. Or if trade war sparks COVID-style used car frenzy. I don’t see this in the card either… But the chance is above 0.
Now to add to my answers above, if you think the current deal on the table is super good, I would take it and then list it on SAL and lease another one if programs are better 6 months later. Again note what i said in item1. Does all this make financial sense to you, the go ahead an gamble it out.
I’m essentially been spending the morning researching, it looks like I can’t do a lease transfer, can’t list either car on Turo, and would have to basically carry both cars for the 6 months until I turn in the Hyundai. The only reason for me to carry the redundancy at this point is based purely on the idea that it’s “now or never” in regards to the current EV deals on the market.
That makes a lot of sense. I guess the main question is is that if I’m essentially making the equivalent of an stock options play on used cars, then does my read that the 6-month uncertainty could play out in a whole host of extreme ways make any sense? Like, my realm of possibilities over the next six months is basically anything between “all the incentives evaporate on EV lease deals are essentially nonexistent” or “these deals you see now will either remain the same or get even better.”
If that is the case, then it would basically be up to me to see if the gamble make sense and then make my own decision?
Do you really want a Chevy Equinox or are you just shopping for a low cost lease? There will still be EV lease deals in 6 months. It may just be on cars made in the US versus imports from Mexico like the Equinox.
Can you at least justify having an extra car for 7/8 months? If you signed your 13mo lease on October your maturity date should be around November/December.
Based on your post history at 10.25% tax rate and not owning a Bolt, $100 a month is definitely not on the table for an Equinox EV. It takes pretty much max incentives to get to that price.
You’ll qualify for conquest and lease incentives, and even assuming you have costco exec and GM supplier, you’ll probably be looking at around 4k at the very least on an Equinox EV for a 24/10k one pay.
Oh wow… but yep makes sense! Looks like all the time I’ve spent looking at Chevy EV leases has not failed me lol.
As for your Ioniq 5, I’m in the same boat as you but after running the math it makes more sense to just run out that lease since transferring is not an option. Also had an Equinox EV lease that I ditched for another Equinox EV because in that case the math did make sense.
