Last post on Nov 14, 2013 at 12:00 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Chevrolet Volt, Car Buying, Car Leasing, Sedan
#364 of 482 Good, Bad, or average Lease
Aug 09, 2013 (9:41 am)
Volt Base MSRP $39,995
Price - $38,616
Factory Rebate - $5020
Lease Conquest Rebate - $1000
Term 39 Months
Cash Down $846
Total including tax $334 a month
Please let me know your thoughts
#365 of 482 Good deal or not so much?
Aug 09, 2013 (4:34 pm)
Got this payment estimate today and need some advice...
Sticker: 44395 (Nav, Bose, Premium pkg)
Down payment: 0
First month payment: 393
Good deal, bad deal, average? At first it seemed high to me as I expected more of around 340/mo. But maybe this isn't that bad.
#366 of 482 Re: Good, Bad, or average Lease [blacertosa]
Aug 11, 2013 (5:33 pm)
I got the same deal but with 15k miles
#367 of 482 Re: Good deal or not so much? [jebanda]
Aug 11, 2013 (5:35 pm)
Seams a little high...not much though...maybe $30 a month.
#368 of 482 Dealers complicating the residual value of the Volt
Aug 11, 2013 (9:52 pm)
Since 2007, I have been a follower of yours and have so far bagged 2 great lease deals over time (2007 VW Beetle Conv. and 2011 BMW X5 Diesel). You Rock! I am back again in the market, this time for a 2013 Chevrolet Volt, with an MSRP of 44,945. I am in the San Francisco Bay Area.
The best price I got is $4,588 dealer rebate + $5,020 factory rebate + $1,000 lease conquest rebate (since I still have the BMW lease) for a selling price of $34,337. The residual is 56% on a 10K/36 lease and the rate is 0.85%. That's a good sized cut (2014s are here in only 2 weeks and they are $5K cheaper, some dealers are sitting on huge 2013 inventories). The lease factors match with what you said on your latest post on this subject. All good.
But another dealer is offering a 59% residual (but less rebate on a different, but close enough configuration) and told me that the residual is actually 42% + $7,500 federal rebate (which works out to 59% for that particular car) which means the lower the MSRP is, the higher the effective residual will be. That makes sense.
Yet another dealer, who also told me the same 42% + $7,500 story about residuals gave me a quote with a residual value of close to 56% for an MSRP of $45,605. When questioned, he told me that there was a 'cap' of $43,800 on how much they could 'residualize' and that anything over that I had to pay out of pocket and that's what brings the effective residual down. It doesn't sound very clear (the numbers he gave me did not really add up to that explanation) and I haven't been able to cross check this.
Would you please share your thoughts on this? From what you told me 6 years back on this forum, 'Residual values are essentially set in stone and dealers really do not have the ability to alter them'.
#369 of 482 Re: Dealers complicating the residual value of the Volt [apudiyap]
Aug 13, 2013 (7:12 pm)
Ajeer - From what I'm reading earlier in this thread - See Post #275 - that residual max is true.
What may be set in stone for regular cars, may not hold true here. The numbers with these hybrid/electric-/pug-in cars is all a game to get inventory to move.
There is a good chance the dealer who originally quoted may have looked it over and would have been brought up during the final paperwork.
#370 of 482 Re: Dealers complicating the residual value of the Volt [mung35]
Aug 13, 2013 (11:02 pm)
Thanks mung35 for the reference to #275. So the residual cap was not totally made up!
According to that post, the residual on 10K/36 is 44 + 1 = 45%. At the 43,800 cap, residual = 43,800 X 0.45 + $7,500 = $27,210.
I have one dealer website here advertising $26,772 residual on a $43,950 MSRP on a 10K/36. That is 44% of $43,800 plus $7,500. So may be residual value dropped by 1% since #275 was posted?! Could be.
But on the $44,945 car that I looked at, the effective residual percentage should then be $27,210 / $44,945 = 60.5%. So why the 56% or the 59% that I have been hearing? Looks like the heavier dealer discount is coming at the expense of lowering the residual. Bad dealers!
#371 of 482 Re: Dealers complicating the residual value of the Volt [apudiyap]
Aug 15, 2013 (8:33 am)
Based on those numbers, it looks like your Volt lease would be $0 down and payment in the mid $200's?
Also, anyone have residual and MF for 24-month leases?
#372 of 482 Re: Dealers complicating the residual value of the Volt [mung35]
Aug 15, 2013 (1:56 pm)
Their advertised offer is $259/month with $2,499 drive off for $43,950 MSRP for 10K/36.
#373 of 482 Re: Dealers complicating the residual value of the Volt [apudiyap]
Aug 16, 2013 (2:16 pm)
Your incentives should get you in that payment neighborhood with $0 down, right?
Negotiated Price: 34337
Term: 36 mos.
Residual: ~58.6% = (42%= 18877) + 7500 = $26376
With no additional cap cost adjustments (pay fees and first month on acqusition), you should be able to get $222 + rent charge $21 for a total payment of ~$243
That seems like the best deal I've seen on here thus far - or am I missing something?