2015 SEL total loss...get another eGolf or Bolt?

[RonDawg]

It looks like you only got $6870 off from MSRP, including whatever of the $7500 tax credit GM was willing to pass on to you. The only reason the payments are low is due to the rather optimistic residual value of $23.5k+.

 

[miimura]

The rent charge is high and is equivalent to 5.13% APR on the depreciation. My e-Golf contract shows a total rent charge for 3 years of $119.37 which is about 0.55% APR.

 

[oftheseven]

It looks like you only got $6870 off from MSRP, including whatever of the $7500 tax credit GM was willing to pass on to you. The only reason the payments are low is due to the rather optimistic residual value of $23.5k+.

Yeah, I'm sure the numbers aren't ideal but given my unplanned car situation I'm OK with it.
My goal was to get into another EV at approximately the same payments with zero out of pocket other than cost to tint, HOV stickers and slight increase for insurance.

I do notice the high residual but do not plan to keep it at lease end.

 

[GlennD]

You really can not plan your accident timing. I totaled my Mercedes B in property tax season. I could have taken money from my reserve but a new car is hardly an emergency. Besides I find I really like my SEL. I am happy with its short range since I am only nearing 3K miles in six months. When you are retired you no longer have commute mileage. That alone dropped out 40 miles per day.

 

[JoulesThief]

You really can not plan your accident timing. I totaled my Mercedes B in property tax season. I could have taken money from my reserve but a new car is hardly an emergency. Besides I find I really like my SEL. I am happy with its short range since I am only nearing 3K miles in six months. When you are retired you no longer have commute mileage. That alone dropped out 40 miles per day.

How would you compare your E benz 250 to your SEL e-Golf, on quality of drive, quality of components, features you like versus miss, etc?

I just don't see VW trying to get anyone in to try to test drive the e-Golf. At least not so much here in So California. Around Silicon Valley is probably a whole different ballgame, there's a ton of techies there that want the latest and greatest electric car technology.

 

[forbin404]

It looks like you only got $6870 off from MSRP, including whatever of the $7500 tax credit GM was willing to pass on to you. The only reason the payments are low is due to the rather optimistic residual value of $23.5k+.

How are you seeing that?

A Bolt LT is $38k
He paid ~$36k
So that's $2k of discount.
He was given another $3500 of which he was putting in $1100 so that's $2400.

So I'm seeing $4400 of reduction and no mention of the $7500 lease reduction.
So is the $4400 the rebate of GM?

And he can deduct the $7500 in April 2018 tax?

 

[RonDawg]

It looks like you only got $6870 off from MSRP, including whatever of the $7500 tax credit GM was willing to pass on to you. The only reason the payments are low is due to the rather optimistic residual value of $23.5k+.

How are you seeing that?

A Bolt LT is $38k
He paid ~$36k
So that's $2k of discount.

MSRP minus final selling price (to include the GM incentive) is how I came up with that figure. I know he didn't get the full tax credit because it's less than $7500.

He was given another $3500 of which he was putting in $1100 so that's $2400.

So I'm seeing $4400 of reduction and no mention of the $7500 lease reduction.
So is the $4400 the rebate of GM?

No, he got $3500 from GM and/or the dealer. He put an additional $1044, but it's not counted in the Cap Cost Reduction on the right hand side. But if you look at the box on the left hand side, you'll see it went towards the first month's payment, and any tax due on the car at drive-off, doc fee, etc.

And he can deduct the $7500 in April 2018 tax?

Not if he leased, because he's not the owner of the car. It has to be passed on to the consumer by the manufacturer in the form of a Capitalized Cost Reduction.

 

[forbin404]

Edit Arrgh! OP got cheated out of the $7500

 

[oftheseven]

I'm not an expert when it comes to leases and I know manufacturer's change the names of their "discounts" but I don't think the entire $7500 was passed on directly to me.

How it was explained was $2250 in Customer Cash Rebate + $1,250 in cash incentive then $33xx in dealer discount off msrp make up the $36xx. I don't have the info in front of me and the link isn't working for some reason.

I can claim the $7500 tax credit if I purchased the car (same as the eGolf). Usually lessors include that in the cap cost reduction but they only sort of did here? Again, I was in a slight bind and was looking more at the net impact from what I had leasing the eGolf.

Take away for me is: the Bolt is a nice car, lacks some of the refinement of the eGolf (see previous post) but has cool technology and great range. I'm certain if I waited 3-6 months I could have leased for a cheaper price but my net financial impact is about $10 more a month so I'll take that.

 

[forbin404]

I'm not an expert when it comes to leases and I know manufacturer's change the names of their "discounts" but I don't think the entire $7500 was passed on directly to me.

How it was explained was $2250 in Customer Cash Rebate + $1,250 in cash incentive then $33xx in dealer discount off msrp make up the $36xx. I don't have the info in front of me and the link isn't working for some reason.

I can claim the $7500 tax credit if I purchased the car (same as the eGolf). Usually lessors include that in the cap cost reduction but they only sort of did here? Again, I was in a slight bind and was looking more at the net impact from what I had leasing the eGolf.

Take away for me is: the Bolt is a nice car, lacks some of the refinement of the eGolf (see previous post) but has cool technology and great range. I'm certain if I waited 3-6 months I could have leased for a cheaper price but my net financial impact is about $10 more a month so I'll take that.

Go back and get them to apply that $7500 on your payments.

 

[GlennD]

You really can not plan your accident timing. I totaled my Mercedes B in property tax season. I could have taken money from my reserve but a new car is hardly an emergency. Besides I find I really like my SEL. I am happy with its short range since I am only nearing 3K miles in six months. When you are retired you no longer have commute mileage. That alone dropped out 40 miles per day.

How would you compare your E benz 250 to your SEL e-Golf, on quality of drive, quality of components, features you like versus miss, etc?

I just don't see VW trying to get anyone in to try to test drive the e-Golf. At least not so much here in So California. Around Silicon Valley is probably a whole different ballgame, there's a ton of techies there that want the latest and greatest electric car technology.

I like both cars but what I really liked was the Mercedes service experience. I got an error message and I took it to the Anaheim dealer since Long Beach is no longer convenient for me They treated me really well and gave me a much too large for my taste SUV.

The VW looks a whole lot better and it is the right size for me. That said I sometimes miss the powerful Tesla drive train. The car had bells on top of bells and whistles. I just wish it had blind spot warning. That was a must have for me and that is why I have drive assist.

The Mercedes had gap insurance that covered the gap between 27K and 32K but that did nothing for the 6K I put down. They say it is best to not put any money down but that makes the monthly payments very high. I essentially put down no money on the VW. I put 1K down but most of that was for fees. At best only a few hundred went to the car.

 

[mfennell]

Edit Arrgh! OP got cheated out of the $7500

His lease looks about like my 2011 Volt lease. The residual is unrealistically high by approximately the value of the tax credit.

To the best of my recollection, my 3yr lease Volt residual was $25500 (63%?) but its actual value when I turned it in was $17k-ish. It looked like they took a real beating until you factored in the credit. Then they only took a little beating.

 

[miimura]

I never thought about it until now, but if they put the tax credit in the residual instead of giving it to you as a Cap Reduction, you don't have to pay sales tax on it. Good for the lessee, but I don't see how that's in their interest. It also guarantees that nobody is going to buy out the lease unless the buyout price is negotiated down.

 

[mfennell]

It also guarantees that nobody is going to buy out the lease unless the buyout price is negotiated down.

I was surprised I never received a cheaper buy-out offer but my car was an early one. Maybe they wait until they have a history of auction values. I think that later lessees did receive better offers.

 

[forbin404]

I'm wondering that they have to show the $7500 somewhere. Otherwise they are keeping it for themselves.

 

[bizzle]

They can keep it for themselves. There's nothing requiring them to pass the incentive through to consumers.

 

[oftheseven]

They can keep it for themselves. There's nothing requiring them to pass the incentive through to consumers.

Yup. Eventually, we'll probably see it included. I say wait if you can the deals will be coming.

Two week update with the Bolt: So far so good. Some little things are annoying: the sunshade visors don't slide out, no sunglass holder, no homelink, no little tray left of the steering wheel, shifter operation to go to R is odd, shifter and cup holder need to be swapped, tires are a little squeally, phone app is just passable, some fit and finish is just ehh. Relatively minor things.

On the plus side: range is great! Doing OC to LA trips without worry and over 150 miles to spare. Can be fast, easy to maneuver through traffic, big infotainment screen with ApplePlay is pretty good. Charging time (TOU) setups are a breeze and work without a hitch.

Some people may be turned off by the Chevy name but I think this car is a game changer (i know, overused word). Breaking the 100-120 mile barrier with all electric is huge. Hopefully, the car (and batteries) stay reliable through the next 3 years.

 

[JoulesThief]

What are you seeing for range on a charge on the freeways of So CA? Say from San Diego to Los Angeles, and how much recharging time? Does it take 240v at 30 amps or is it 40 amp/ 10kWh capable?

 

[oftheseven]

What are you seeing for range on a charge on the freeways of So CA? Say from San Diego to Los Angeles, and how much recharging time? Does it take 240v at 30 amps or is it 40 amp/ 10kWh capable?

I haven't driven more than 90 miles on a single charge so just estimating but the conditions have been pretty much perfect for EV driving (cool temps, not much HVAC use, 35-65MPH on fwys due to traffic).

Yesterday's OC to LA trip yielded some ridiculous numbers so this morning it showed "Estimated total range 320 miles". My wife just drove it 20 miles, mostly freeway and the app now shows 271 miles remaining.

It has a 7.2kW charger and DCFC. 8.3hours from empty @ 32amps. http://insideevs.com/chevrolet-bolt...kw-dc-fast-charging-owners-manual-now-online/
I'm using my lowly ClipperCreek LCS-20 from my Ford Energi and it's been fine.

I plan to take it from Fullerton to San Diego on Memorial Weekend.

 

[JoulesThief]

Looking forward to the results of the Fullerton to SD trip and back. Think you can do a round trip on one charge?