Considering going EV

[Husky]

Leasing will let you walk away after the expiration of the lease period. But, and there is always a but in life, the depreciation will be built into the lease price. So the major advantage of leasing remains the $7500 tax credit.

When I got a lease quote on an EV6 (so that I could get the $7500 tax credit), it was pretty clear that between the high money factor and the low residual value, I would basically be paying them back that credit in the form of higher financing charges. (By comparison, the lease terms on a Mach-e were much better. Interesting, Ford doesn't roll the tax credit into the lease - you have to wait until you file your taxes - although I understand that's changing in 2024.)
I realize that, as discussed here, I could buyout the lease to avoid paying all those finance charges, but then I own the car.
Although I've never leased a car, and never thought it was a smart move for me financially, I've been thinking it might be a wise move in the case of an EV at this point in time. I'm concerned that evolving battery technology (for one thing) might make it hard to sell an EV three years from now without taking a beating on resale.

 

[skiingj]

When I got a lease quote on an EV6 (so that I could get the $7500 tax credit), it was pretty clear that between the high money factor and the low residual value, I would basically be paying them back that credit in the form of higher financing charges. (By comparison, the lease terms on a Mach-e were much better. Interesting, Ford doesn't roll the tax credit into the lease - you have to wait until you file your taxes - although I understand that's changing in 2024.)
I realize that, as discussed here, I could buyout the lease to avoid paying all those finance charges, but then I own the car.
Although I've never leased a car, and never thought it was a smart move for me financially, I've been thinking it might be a wise move in the case of an EV at this point in time. I'm concerned that evolving battery technology (for one thing) might make it hard to sell an EV three years from now without taking a beating on resale.

I just sold my Mach-E for a GV60P. Not sure if you bought a Mach-E but I did a write-up recently on here. If you haven't checked out macheforum, I highly recommend doing so. They have a great group of folks posting. In short I would never buy a Ford again.

 

[Husky]

No, I'm still shopping, but I appreciate the info.

 

[Srickards1]

Me too. In 10 months I have yet to use a fast charger. I just charge at home, overnight, to 80% and it meets my needs (even though I tend to drive the car like I hate it). I have a vacation trip scheduled but I need a bigger vehicle anyway (taking family around) so I will be renting a (ugh) minivan for the trip.

Does it charge to 100% at home? What kind of charger do you have at home? Do you keep it parked in a garage? I unfortunately am not able to park in our garage, would the cord fit under the door?

 

[Dan H]

When negotiating a lease you should start with the sale price. Get the car discounted first. From what I have read on this forum, there are people that bought out the lease immediately and paid no penalties. Checkout the LeaseHacker website it has great info. Although not a lot of GV60 lease examples.

I'm also having trouble following what you are saying. You said you "got" the car for $57K. I assumed that to mean you PURCHASED the car (obviously you would never pay $57k to lease it). But then you said you leased it. Were you actually able to buy out of the lease with no penalties, or are you still leasing the car?
When you said you got the car for $57k, perhaps what you mean is your lease payments are based on a $57k purchase price?
I too am no expert at leasing. One of the reasons I never leased is that it's always been difficult for me to predict what my vehicle needs might be 3 years into the feature, and the fine print of every lease agreement I ever reviewed did not give the lessee the unilateral option to terminate nor buy out of the lease (at any price). I always assumed that's why websites like LeaseHacker exist (as lessors don't want the vehicle back early, nor do they want the lease to end early as they want to earn all the interest originally agreed to). Am I misunderstanding something?

 

[skiingj]

I'm also having trouble following what you are saying. You said you "got" the car for $57K. I assumed that to mean you PURCHASED the car (obviously you would never pay $57k to lease it). But then you said you leased it. Were you actually able to buy out of the lease with no penalties, or are you still leasing the car?
When you said you got the car for $57k, perhaps what you mean is your lease payments are based on a $57k purchase price?
I too am no expert at leasing. One of the reasons I never leased is that it's always been difficult for me to predict what my vehicle needs might be 3 years into the feature, and the fine print of every lease agreement I ever reviewed did not give the lessee the unilateral option to terminate nor buy out of the lease (at any price). I always assumed that's why websites like LeaseHacker exist (as lessors don't want the vehicle back early, nor do they want the lease to end early as they want to earn all the interest originally agreed to). Am I misunderstanding something?

Sorry I am no expert at leases or explaining them even after four leases. I normally buy my cars. The MSRP was $70k. I leased and did not buy out the car. The lease was based on the discounted price of ~$57k. It is best to negotiate sale price before you get into term, payments, and how much if any money down. You can buyout the GV60 lease immediately with no penalties. Also at the end of the lease, you can buy the car instead of turning it in. The end of lease price (residual value) is agreed upon and listed in the contract.
I have turned in an Infiniti over a year early with no penalties.

 

[Grayson]

Sorry I am no expert at leases or explaining them even after four leases. I normally buy my cars. The MSRP was $70k. I leased and did not buy out the car. The lease was based on the discounted price of ~$57k. It is best to negotiate sale price before you get into term, payments, and how much if any money down. You can buyout the GV60 lease immediately with no penalties. Also at the end of the lease, you can buy the car instead of turning it in. The end of lease price (residual value) is agreed upon and listed in the contract.
I have turned in an Infiniti over a year early with no penalties.

How did you get them to discount $13k?!? Can you break down the $13k?

 

[Grayson]

Does it charge to 100% at home? What kind of charger do you have at home? Do you keep it parked in a garage? I unfortunately am not able to park in our garage, would the cord fit under the door?

You can set the charge limit by 10% increments between 50% and 100%. Most do not charge to 100% because it's better for your battery to keep it between 20%-80%, or better yet, 40%-60%.

I park my car outside and used to charge with the 110V cable the car came with. I then had a 240V 14-50 plug installed outside for L2 charging.

 

[steveinarizona]

Does it charge to 100% at home? What kind of charger do you have at home? Do you keep it parked in a garage? I unfortunately am not able to park in our garage, would the cord fit under the door?

I could charge to 100% at home but I have so far chosen not to. I have a Chargepoint unit on a 50 amp line so I am charge at a steady 40 amps. The cord is moderately thick and assuming you have a garage door with the rubber at the bottom you should be able to squeeze the cord under the door without damaging it.

If you haven't wired your garage yet, there are units that can sit outside safely so you could do that as well.

 

[skiingj]

How did you get them to discount $13k?!? Can you break down the $13k?

$7.5K Lease Cash
$4k Dealer Discount on website
$500 Veteran
~$1k Negotiate between five or so dealers

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[Looney100]

You can set the charge limit by 10% increments between 50% and 100%. Most do not charge to 100% because it's better for your battery to keep it between 20%-80%, or better yet, 40%-60%.

I park my car outside and used to charge with the 110V cable the car came with. I then had a 240V 14-50 plug installed outside for L2 charging.

View attachment 55965

Is that EVSE rated for outdoor use?

 

[Guru0006]

Here in Las Vegas they offer a super low electric rate if you send them your registration. 6.5 cents a KW off peak.

 

[GreyGV60]

Here in Las Vegas they offer a super low electric rate if you send them your registration. 6.5 cents a KW off peak.

In parts of California it's between 36 cents KW to over $50 cents KW.

 

[Grayson]

Is that EVSE rated for outdoor use?

Yeah, it's rated for -32 ºC to 50 ºC (-25 ºF to 122 ºF)

 

[Husky]

In parts of California it's between 36 cents KW to over $50 cents KW.

Those rates seem crazy, even by New Hampshire standards!
Are those rates a function of the area in CA you live in, or the provider you've chosen?

 

[Zcd1]

Those rates seem crazy, even by New Hampshire standards!
Are those rates a function of the area in CA you live in, or the provider you've chosen?

California’s average cost per KWH is indeed higher than New Hampshire’s at just less than 27 cents/KWH vs about 23 cents/KWH:

Electric Power Monthly - U.S. Energy Information Administration (EIA)

 

[Husky]

Yes, but 50 cents per kWh???

 

[JohnSC]

We know Electrify America was a $2b settlement for VW's diesel emissions fraud. It wasn't market driven. Doesn't explain what others are doing, but from VW's perspective, EA started out $2b in the hole. That's 4b kWhs at 50 cents. I average 18 kWhs a day. But the bigger issue is charger availability, of course, and it doesn't appear that 50-cents per kWh is creating expansion. A darker view is that it took 100 years for McDonald's to partner with gas stations. Guess we're lucky to find a working charger on the back lot at Sam's and Walmart.

 

[M1chael]

Those rates seem crazy, even by New Hampshire standards!
Are those rates a function of the area in CA you live in, or the provider you've chosen?

I live in SoCA, and you're right those rates are high. They need to change their rate plan.

 

[M1chael]

In parts of California it's between 36 cents KW to over $50 cents KW.

I live in SoCA (SCE), and my rates aren't close to that. You may need to change your rate plan. (SCE) has a plan for EVs.