I was planning on financing a 23 VW ID.4 so walked in to my local Houston dealer to take a look at them. I planned on doing a Standard (the new package with smaller battery) but they had a 22 ID. 4 Pro S that they obviously wanted to get out of the door.
As opposed to the 23’s being built in TN, 22’s aren’t eligible for the 7500 credit on a purchase due to build location but they said they’d pass on the 7500 tax credit through a lease which I’m not opposed to for my first EV.
Anyways long story short what’s the current lease prime money factor. Last I had read it was .00134 but was almost a year ago and I imagine lease rates have trended up too (although likely not to the same degree). I just want to be armed with a realistic number to be seeking. I’m easily Tier 1 credit.
It’s terrible… around .0035 so 8.5%. Better off buying the lease out once you find a good bank to finance it with. 2023 can be found at MSRP as there are a bunch of cancellations so don’t feel like they are giving you a deal selling a ‘22 for sticker.
Yep. On previous post suggestion I went over to Edmunds. Pretty non-competitive. I still might shoot for a lease through US Bank (at .0018) if they’ll pass on the 7500 credit still (big if).
If not, I’ll finance a 2023 through a credit union.
You can always take the lease to get the $7500 incentive and then immediately buy out the lease. You’ll lose a little money to acq fee/buy out fee, but it’s probably a lot better than losing $7500 incentive.
If throwing it to auction was a preferred solution for them…dealerships wouldn’t need to exist.
So yes, they’re screwed in the sense that they will likely need to move towards a sell that doesn’t garner much/any profit. Especially in regards to departmental.
But hey a rube could come in at any minute and not know/understand a thing about leases and just assume they’re getting a good deal because it’s the last one there/marginal markdowns.
Yeah but the same option exists on the '23’s for leasing and financing and unless they start talking deep price cuts to the MSRP (currently just a little over 2%) than no real benefit.
A Local dealer had a 2 model year old Kia EV on their lots and they kept a giant advertisement on it about saving $15000 (I think), I remembered that the Incentives for that Year were $15000. So they were really selling a 2MY old car for MSRP. (2018) I believe
But that ‘15k off’ red tag might have convinced someone that it was a good deal.
So yes a ‘rube’ will come in and buy it but they won’t let you have it and would rather throw it at the auction instead of getting a rep of ‘Selling Older Cars Cheap’, just like my Kia dealer
Very true…I have little doubt they’d prefer to auction and potentially take a larger hit than let something go to an individual for unsustainable terms.
