NorCal e-Golf SEL Lease, should I do it?

[SaintTiki]

Hey guys. Been lurking here for a little while. Just moved to California and dying to get my hands on an e-Golf. I test drove one twice now and I really like it. The catch is that I just got here and am not moving into my house for a couple weeks. I don't really have a place to charge at my hotel or at work. There are a few level 2 stations in town, but that isn't super practical, and there is one DC Fast Charge station as well but I'd rather not have to be there everyday for lunch to top off. Currently driving a rental car and my wife is car-less for a few weeks.

Anyway, here's the lease deal I'm looking at. I've never leased before but based on competing figures I've seen online, this seems like a good deal. The question is whether I should pull the trigger and take advantage of the deal while it lasts (end of June) or take my chances on next month's deal. Either way, I'd still need the rental car until I move in to my house.

Short-version: $2500 drive-off, $280/mo including tax, 10k/year, SEL Premium.
Long-version: Here's all the numbers from the dealership. Not exactly sure what it all means but he did say he discounted the car even more than the special.

Cap. Red. Tax: 8.7500% $748.63
Rate: 0.00001
Term: 36
Base Monthly Rental: $257.34
Monthly Tax: 8.7500% $22.52
M.S.R.P.: $36,265.00
TOTAL MONTHLY PAYMENT: $279.86
L.E.V. %: 37.00%
Bank Fee (in cap): $625.00
Lease-End Value: $ 13,418.05
Total Working Cash: $ 10,000.00
Rebate: $ 7,500.00
INITIAL CAP COST: $ 30,600.00
Cash Cap Reduction: $ 1,055.76
DMV Fee: $ 291.00
Total Cap Reduction: $ 8,555.76
Customer Cash Down: $ 2,500.00
**TOTAL DRIVE OFF**: $ 10,000.00
ADJUSTED CAP COST: $ 22,669.24



Let me know what you think I should do!

 

[miimura]

A dealer selling price below $31,000 is good, which is about what the Sunnyvale Advertised $217/mo comes from. Based on the numbers you gave, I guess your dealer selling price is about $30,500. At that price, I would have leased the SEL over the deal I got on the LE.

Only you can judge the hassle of relying on public charging until you are settled in your new place. I would bet that the deal is going to stay the same or get better in July. Supply is very strong in NorCal. It looks like there are 379 cars within 200 miles of San Francisco and one dealer has 80 e-Golfs. That is ample supply.

 

[Electricbowtie]

Ask for upgrade to 12k miles. I pay $277 per month for 12k miles per year, $2400 down and $13065 residual from Sunnyvale VW.

 

[SaintTiki]

As far as a lease, a lower residual is better? That means I can purchase the car for cheaper at the end? Is there any other implications?

 

[miimura]

As far as a lease, a lower residual is better? That means I can purchase the car for cheaper at the end? Is there any other implications?

Monthly payment is higher because you're paying for more of the car during the term of the lease. If you don't plan to buy it out, then a higher residual is better. The higher mileage leases cost more because the value of the car at the end of the term is less because it has more miles. This is borne out in the residual.

 

[TrailRider]

Looks like an a-ok deal. As miimura noted, inventories are very healthy from a buyer perspective so I wouldn't worry about not getting a good deal in July either.

If I were in your shoes I'd probably wait to be in my house to have access to reliable charging unless there are chargers available to you where you wouldn't mind spending time at.

Mike

 

[Chefboyarlee]

I think I got a pretty good deal on my SEL yesterday.
15k miles
$299/mo including tax
$1307 drive off down payment and I still get my state $2500 rebate.
Residual was $12,200

 

[jaq]

I'm also thinking about leasing the eGolf SEL. This would be my 2nd Golf (i previously had a TDI, but i left it in Canada - so i have major range anxiety)

I went to the dealership today, he gave me:

CAP Cost: $29,400
7500miles
3yr lease
$170/mo including tax
$12100.00 Drive off ($4600 cash down +$7500 fed rebate)

$10569 for my lease cost

and I dont intend to keep the car after the 3 year lease.

This is my first time leasing, so i think those are the numbers that matter!
I got the impression that I could work it down more, and possibly ask for him to throw in the charger and maybe some mats?
What do you guys think? Is what i'm asking for absurd?

Thanks!

 

[sweetwagon]

Are you in the SF bay area? There is a special for LE at capitol vw for 7500 lease if that is what you are interested in.

36 MONTH LEASE
$139/mo plus tax
On approved credit. Lease for $139 per month plus tax for 36 months.
$2,499 due at signing plus $0 security deposit. 7,500 miles per year, $0.20 per mile thereafter.

There is also a 10K/yr lease special at Sunnyvale for LE.
$159/MONTH FOR 36 MONTHS. $2449 down plus tax and title.

In any case, monthly and down are lower so if you're in the SF bay area I would give them a call first.

 

[miimura]

I would not put $4,600 of my own money into a lease. I would not put more than the state rebate amount of $2,500. If the car it totaled, that money is gone. The effective interest rate is nearly zero, so it won't cost you much more over the term of the lease.

 

[jaq]

Yeah i was on the fence about this before, but you're right. Thanks!

I would not put $4,600 of my own money into a lease. I would not put more than the state rebate amount of $2,500. If the car it totaled, that money is gone. The effective interest rate is nearly zero, so it won't cost you much more over the term of the lease.

 

[Jlo]

Sweetwagon- that's a heck of a great deal!

My costs- $249/mo $2500 down (all fees and taxes included) for this I get an LE 12K miles with $10K lease wear/tear coverage (I have little kids so that was a must for me)

 

[jaq]

I'm pretty set on the SEL but i'll see if they have anything to offer for that!
Thanks! i didnt think to down to San Jose.

Are you in the SF bay area? There is a special for LE at capitol vw for 7500 lease if that is what you are interested in.

36 MONTH LEASE
$139/mo plus tax
On approved credit. Lease for $139 per month plus tax for 36 months.
$2,499 due at signing plus $0 security deposit. 7,500 miles per year, $0.20 per mile thereafter.

There is also a 10K/yr lease special at Sunnyvale for LE.
$159/MONTH FOR 36 MONTHS. $2449 down plus tax and title.

In any case, monthly and down are lower so if you're in the SF bay area I would give them a call first.

 

[miimura]

Sunnyvale, Oakland, and San Jose (Capitol) have the most inventory of any dealers in the country by a large margin. I would bet that you would be able to negotiate the best deals from them, purely on that basis.

 

[SaintTiki]

Awesome info, thanks guys. I'm about 1h:45m from Sunnyvale so I think I'll Amtrak it down there and drive home with an e-Golf with a pit stop on the way.

I think I'll wait until I move in before I lease and hope to strong arm them in July since they have so many. The good news is that the main electrical junction box for the house is on the wall outside the garage. I should be able to get a NEMA 14-50 outlet installed inside the garage for cheap since the electrician shouldn't need to run really any wiring (outlet will be less than two feet from the breaker box).

To the guy looking at the 7500mi lease, I'd be very cautious about that low mileage. 10k would be much safer and not much more cash.

 

[hattrick]

SaintTiki -

Here's what I did - I emailed the dealer and told them if they gave me the following deal I would come in and sign right away:

- $0 down, $0 drive off
- $333/month (I basically want to pay $12K total over 3 years including all fees, taxes, etc).
- 12K miles

Sunnyvale VW said yes and got my business. I did the same 3 years ago (11K that time) for a 2012 Leaf SL. Pretty much hassle free, all over email.

Love my new e-golf - great car.

Hope it helps.

 

[SaintTiki]

hattrick, that's good to know they are easy to work with. I'll definitely try to do an email deal before making the trip down there. Can't wait to get the car!

 

[tom]

SaintTiki -

Here's what I did - I emailed the dealer and told them if they gave me the following deal I would come in and sign right away:

- $0 down, $0 drive off
- $333/month (I basically want to pay $12K total over 3 years including all fees, taxes, etc).
- 12K miles

Sunnyvale VW said yes and got my business. I did the same 3 years ago (11K that time) for a 2012 Leaf SL. Pretty much hassle free, all over email.

Love my new e-golf - great car.

Hope it helps.

LE or SEL?

 

[SaintTiki]

I ended up getting an SEL for $2500 drive off, $250/mo, $270/mo taxed (7.875% where I live). Cap cost was $30450. Got suckered into excessive wear and tear plan as well (price on that is negotiable too, FYI) mostly because of the flexibility to extend the lease at the end which I may need and the amount of door dings on our previous vehicles. Loving the car! Still working around the lack of home charging currently.

 

[tom]

I ended up getting an SEL for $2500 drive off, $250/mo, $270/mo taxed (7.875% where I live). Cap cost was $30450. Got suckered into excessive wear and tear plan as well (price on that is negotiable too, FYI) mostly because of the flexibility to extend the lease at the end which I may need and the amount of door dings on our previous vehicles. Loving the car! Still working around the lack of home charging currently.

Did you go to Sunnyvale to do this? BTW, how many miles per year? (I assume 3 year lease) Can you explain roughly what you get for wear and tear, and how much did it cost you?