The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: bayareamustach on September 18, 2019, 12:36:59 PM
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Long time lurker here. I am planning to get a commuter car. 20 miles each way. EV are good because I get carpool lane access in CA. They are valid for 3 years so used EV is not an option. Bolt looks for the price. Shall buy it or lease it. There are year end models on sale.
Why I don't want to lease? Obvious reasons.
Why I don't want to buy the bolt? Not sure about the longevity of the car. Battery etc. Battery replacement costs $15k. Not sure about resale if I have to sell.
Help me make a decision.
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What are the expected terms of the lease? Would you be selling at 3 years old?
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https://electrek.co/best-electric-vehicle-leases/
I'd see if you can find any spectacular lease deals, regardless of what the vehicle is - sometimes they're heavily subsidized.
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I just bought a 2015 Chevy Volt a couple weeks ago ($12k, kbb says $13.5k.. I got a good deal buying private party). Mile range claims 38 miles.. I get closer to 45 (probably because I don't have a lead foot and don't use AC).
Nissan leaf have significant battery degradation issues.
I assume the Chevy volt & bolt will depreciate around same. Chevy Volt = $33k out the door; Chevy Bolt = ~$35k out the door. subtract $7500 for the fed rebate (do you have a state rebate?)... $27,500.
In 4 years you will sell to me for $12-$15k. Meaning you lost $12.5k in 4 years... Meaning you lost $3,125 per year.
I estimate I will lose ~$1-$1.5k a year for the next 4-5 years.
TL:DR. You're battery will be fine. You will lose $3-4k a year in depreciation. Are you okay with this?
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I just bought a 2015 Chevy Volt a couple weeks ago ($12k, kbb says $13.5k.. I got a good deal buying private party). Mile range claims 38 miles.. I get closer to 45 (probably because I don't have a lead foot and don't use AC).
Nissan leaf have significant battery degradation issues.
I assume the Chevy volt & bolt will depreciate around same. Chevy Volt = $33k out the door; Chevy Bolt = ~$35k out the door. subtract $7500 for the fed rebate (do you have a state rebate?)... $27,500.
In 4 years you will sell to me for $12-$15k. Meaning you lost $12.5k in 4 years... Meaning you lost $3,125 per year.
I estimate I will lose ~$1-$1.5k a year for the next 4-5 years.
TL:DR. You're battery will be fine. You will lose $3-4k a year in depreciation. Are you okay with this?
I do have $2500 california rebate but there is an income cap. I think I will qualify though. Most lease deals I see are costing me around $11K-$13K for 3 yr/30000 mile at the end of the lease. It looks like, in this case, it's a wash? So leasing is better?
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What are the expected terms of the lease? Would you be selling at 3 years old?
If the car is good and the battery holds up well, at least, until 100K+ miles, then there is no reason to sell. But that's a big unknown with Bolt and EVs in general.
Lease costs me around $11k-$13k over 3 years including incentives, downpayment, monthly payment, taxes etc.