Author Topic: Is leasing an EV good idea in my case?  (Read 294 times)

jamesbond007

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Is leasing an EV good idea in my case?
« on: August 28, 2019, 10:51:11 PM »

My one way commute if 18 miles in the SF Bay Area. Car commute take about 45 minutes in the morning and 1 hr in the evening on average days. I am currently taking a train, then another train and walk. Door to door commute train commute takes 90 minutes each way, assuming trains show up on time. Train ride costs me $8.50 a day. Carpool (Scoop/Waze) costs around $8 a day but it is like car commute.


So I spent $160 - $170 for a 4 week month on commute. I bike 2 to 3 days a week to work during the warmer months and it takes 1 hr each way.


I am looking at labor day lease specials on a Chevy Bolt EV. $5000 drive-off payment and monthly payment of $235+taxes+insurance for 36 months. Another option is $6500 drive-off and $98+taxes +insurance for 36 months. Both are almost similar. But the net monthly spend is at least $150 more than my current spend. Just looking at the numbers, it doesn't make sense.


I am looking at the opportunity cost. I am not able to attend social events at work, after work. No meeting any professional clubs (Meetup groups) for networking etc. The trains are late at least 2 days a week on average. And, even on normal days, my commute time will be cut by about 75 minutes on average per day which I can spend at work socializing/meetups etc. or spend time with family if I can come home early. I make about $90 per hour so I am literally saving $90 every day in opportunity cost (I am not paid hourly, btw). As an added bonus, I could drive Scoop/Waze carpool while going to work and make at least $10 per day extra (But this adds to commute time, maybe another 30 minutes per day overall)


So what do you think? Get the lease? Or maintain status quo?



Why EV: Free charging at work. Very low to zero maintenance. Carpool/HOV/Express lane access till, at least, 2023 in CA which helps reduce commute time drastically.


Edit: I already have a paid off car that the DW uses to drop-off/pick-up DD from school, her job and errands (All within 5 mile radius). I plan to keep it for her use and long trip when we take (We take at least 1 each quarter).
« Last Edit: August 28, 2019, 10:58:14 PM by jamesbond007 »

Linea_Norway

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Re: Is leasing an EV good idea in my case?
« Reply #1 on: August 29, 2019, 01:02:42 AM »
Can you not buy it instead of leasing? In general, leasing is never the cheapest option, compared to buying a car (without a loan).

six-car-habit

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Re: Is leasing an EV good idea in my case?
« Reply #2 on: August 29, 2019, 02:10:33 AM »
What is another 25 hours a month with your family / networking worth to you ?

 Is the reason you'd lease instead of buy,  the cheaper monthly payment of leasing vs purchasing ?

 
 

frugaliknowit

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Re: Is leasing an EV good idea in my case?
« Reply #3 on: August 29, 2019, 04:13:43 AM »
I hear you but when opportunity knocks:  "I am not able to attend social events at work, after work. No meeting any professional clubs (Meetup groups) for networking etc.", take an Uber.

Bike more, including in what you are calling bad weather.  I bike unless it's severe thunderstorms or snow/ice.

Boofinator

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Re: Is leasing an EV good idea in my case?
« Reply #4 on: August 29, 2019, 07:26:13 AM »
I make about $90 per hour so I am literally saving $90 every day in opportunity cost (I am not paid hourly, btw).

I don't have a particular suggestion either way, as it is a very personal choice and I wouldn't judge either way (though personally I'm not a fan of leasing unless it beats outright purchasing, which you haven't provided as a comparison). But I would like to encourage you not to think of your time outside of work as opportunity cost ("opportunity cost of $x/hour"), unless there is a literal 1:1 relationship. Otherwise, you really need to apply this logic to the rest of your activities in life. Is sleep worth $90 per hour? Exercising? Hanging out with your family? Doing your chores? Typing shit on the internet? Etc.

slow hand slow plan

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Re: Is leasing an EV good idea in my case?
« Reply #5 on: August 29, 2019, 07:52:04 AM »
Bike more and get a used Nissan leaf or prius ....

jamesbond007

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Re: Is leasing an EV good idea in my case?
« Reply #6 on: August 29, 2019, 09:25:59 AM »
Used EV defeats the purpose because I cannot get the maximum benefit out of the carpool stickers. I did look into buying and it is always cheaper and I agree. But I am thinking battery tech will evolve over 3 years and will have better range etc. But I guess I getting into a rat hole at this point.

jamesbond007

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Re: Is leasing an EV good idea in my case?
« Reply #7 on: August 29, 2019, 09:26:43 AM »
I make about $90 per hour so I am literally saving $90 every day in opportunity cost (I am not paid hourly, btw).

I don't have a particular suggestion either way, as it is a very personal choice and I wouldn't judge either way (though personally I'm not a fan of leasing unless it beats outright purchasing, which you haven't provided as a comparison). But I would like to encourage you not to think of your time outside of work as opportunity cost ("opportunity cost of $x/hour"), unless there is a literal 1:1 relationship. Otherwise, you really need to apply this logic to the rest of your activities in life. Is sleep worth $90 per hour? Exercising? Hanging out with your family? Doing your chores? Typing shit on the internet? Etc.

I don't usually so the opportunity cost thing. It is not me. I provided this just for some context.