What are my options? Upgrade from 2016 Spark

Ask the Hackrs
1

Hi everyone,

I’m trying to figure out my options for upgrading from my 2016 Spark to a Bolt when it comes out. The Spark is great, but I’d like a bit more range.

I paid $4300 total (-$4k CVRP) for my 36m/10k lease with $0 monthly payments. The residual is $10,500 but GM financial said that I’d need to pay $12,800 to buy it out now. I’d probably be able to sell the car for around that but I could literally let it sit for 3 years and get the same value out of selling it, so it would be nice to make something off it.

Can someone explain how rolling this lease into a new lease would work and if this is a good option? Any other ideas on how to proceed would also be appreciated.

Thanks!

2

Could you put it up on a lease swap site and see if anyone wants to take it off your hands?

3

Hi! That would be a good idea but the contract says something about not transferring the lease or 12 months.

4

And what you don’t realize is you will have to refund the cvrp when you trade your lease early.

But i guess now you realize why the spark was on fire sale : because nobody wanted it

5

I’d keep the Sparky if I were you. If you can live with the range, that would be the best outcome. If you try “trading” it for the Bolt, you will most likely find resistance to offer discounts off the MSRP from the dealer, no incentives initially and the pesky CVRP.
Just enjoy your “almost” free car and see what happens in 3 years.