EV credit expiring

[dishdude]

With the EV credit expiring, I am thinking of reaching out to a dealer or two to see if any lease deals are available. I'm thinking 24 mos, low mileage. Bad idea? Never leased before but that's the only way I'd consider an EV.

 

[AZjeff]

On PHX TV last night someone was talking about $40 leases on EVs, VWs maybe? Didn't pay attention.

 

[redhat]

On PHX TV last night someone was talking about $40 leases on EVs, VWs maybe? Didn't pay attention.

If that is the case that's a tough one to pass up, literally drive the pants off the thing up to your lease allotment and save mileage on something you already have for cheap.

 

[daves87rs]

I’d wait till the EVs get cheaper instead

 

[E365]

I had never leased before either and did it because I got a great lease deal on a Blazer EV. $310/mo. Only problem is I’ve liked it so much I’m gonna blow through my miles really early.

As long as it’s a good deal, the only two downsides I’ve had are

#1 Keeping the miles in check.
#2 Accesories. I’ve bought a few (all weather mats, roof rack, etc.). and that’ll kinda be wasted money. Can sell them and recoup only a small percentage.

My end-of-lease purchase price is $42k. Which I’d never do - it’s worth like $32k used right now... As of now, I plan on buying an OPTIQ or LYRIQ next spring. The only lease I’d consider again is a 15,000/year. I just drive too much.

 

[shortyb]

Yeah, dealers are struggling with EV sales and trying to clear their inventory before the incentive leaves the party. This why lease deals are popping up all over with some really low monthly payments. Need to pay attention to the small print and things like cap cost, residual, money factor etc. Leasing can be good or bad depending on your situation, but you must know how it works. Dealers can (and do) manipulate numbers in many ways to their advantage with a lease. Once you learn the basics of how a lease is structured, you can plug your own numbers into one of the many calculators out there. It's just getting the finance dept. to come off of some numbers, like the money factor, that are key. Caveat emptor.

 

[Snagglefoot]

Canada’s rebate ended earlier this year and the effect was immediate. Battery electric and plug in hybrid sales cooled. Ordinary hybrid sales have overtaken the other two.

 

[alarmguy]

Yeah, dealers are struggling with EV sales and trying to clear their inventory before the incentive leaves the party. This why lease deals are popping up all over with some really low monthly payments. Need to pay attention to the small print and things like cap cost, residual, money factor etc. Leasing can be good or bad depending on your situation, but you must know how it works. Dealers can (and do) manipulate numbers in many ways to their advantage with a lease. Once you learn the basics of how a lease is structured, you can plug your own numbers into one of the many calculators out there. It's just getting the finance dept. to come off of some numbers, like the money factor, that are key. Caveat emptor.

Agree ... and ... there will be a boatload of used inventory when these vehicles come off lease is 2 to 3 years

 

[demarpaint]

Canada’s rebate ended earlier this year and the effect was immediate. Battery electric and plug in battery electric sales cooled. Ordinary hybrid sales have overtaken the other two.

I would expect the same here. I see ICE and Hybrid sales moving higher, and EV prices lowered to move them. Time will tell.

 

[Torrid]

I would expect the same here. I see ICE and Hybrid sales moving higher, and EV prices lowered to move them. Time will tell.

I guess I'll see where it is in 9 years when I'm in the market for my next car.

 

[demarpaint]

I guess I'll see where it is in 9 years when I'm in the market for my next car.

A lot can happen in 9 years, for now I see ICE and Hybrid sales picking up once that credit disappears.

 

[alarmguy]

I guess I'll see where it is in 9 years when I'm in the market for my next car.

Not saying this to be funny but I often think that we think current EVs are the end all of new modern technology.
But what I wonder is, legitimately, is what if the current EVs are equal to, lets say an iPhone 2 and in 5 years the new EVs will be the iPhone 8 and so on ... ?

I think (sometimes too much) it might make current models look obsolete or maybe better said less desirable. I have no clue but technology seems to be moving faster now. Solid State batteries on the cusp of being reality and well 9 years is a long time like, example like when we went to nickel Cadmium to Lithium ... for EVs to have universal acceptance in the USA, prices and charging conveinance need to step up. No doubt in my mind it will if EVs will ever become a majority over the coming decades.

 

[Torrid]

Not saying this to be funny but I often think that we think current EVs are the end all of new modern technology.
But what I wonder is, legitimately, is what if the current EVs are equal to, lets say an iPhone 2 and in 5 years the new EVs will be the iPhone 8 and so on ... ?

I can tell you I'll be buying in about 9 years, if even then. My current car covers my driving and then some range wise and I don’t use FSD, so there really isn't anything the car can't do that I need. I really do just drive a car that happens to be electric. I still use it as any other car. I only meant it though as the immediate market changes won't directly affect my wallet since there will be plenty of time passed after the credit expires before I buy again.

By that time I should be able to get a meaningful change in an upgrade. For that matter someone might make something that will make me want something other than a Tesla.

 

[alarmguy]

@Torrid
Even once in a while I see another credible story on a FSD issue. This one just in the last few days.
TO Tesla credit I think they did a flawless 1000 mile road trip, so excited they ventured on their next. (if I got it all right) they didnt make it 60 miles when Tesla failed to swerve around a piece of metal guardrail in the road.
https://www.autoblog.com/news/tesla-fsds-main-flaw-exposed-in-model-y-accident

 

[97prizm]

Not saying this to be funny but I often think that we think current EVs are the end all of new modern technology.
But what I wonder is, legitimately, is what if the current EVs are equal to, lets say an iPhone 2 and in 5 years the new EVs will be the iPhone 8 and so on ... ?

I think (sometimes too much) it might make current models look obsolete or maybe better said less desirable. I have no clue but technology seems to be moving faster now. Solid State batteries on the cusp of being reality and well 9 years is a long time like, example like when we went to nickel Cadmium to Lithium ... for EVs to have universal acceptance in the USA, prices and charging conveinance need to step up. No doubt in my mind it will if EVs will ever become a majority over the coming decades.

This is a big reason that ev's can have poor resale value. Every few years kind of like a cellphone, options and performance gets better leaving previous models with less interest and lower sale prices.

 

[Torrid]

@Torrid
Even once in a while I see another credible story on a FSD issue. This one just in the last few days.
TO Tesla credit I think they did a flawless 1000 mile road trip, so excited they ventured on their next. (if I got it all right) they didnt make it 60 miles when Tesla failed to swerve around a piece of metal guardrail in the road.
https://www.autoblog.com/news/tesla-fsds-main-flaw-exposed-in-model-y-accident

Yeah I'm one of the ones not impressed with FSD. I've seen it work well. It's just not consistent, nor do I really want to be driven around by it.

 

[Cujet]

For this to be worthwhile, the lease payment needs to be very low. And the miles per year, at least acceptable. Even in retirement, I'm driving my beater car 12K miles per year, and my sports car 5000 miles per year.

Remember, the insurance on a beater is near nothing. Whereas the expensive insurance on an EV lease will always require $100K/300K comp and collision and at least $50K or $100K property damage. An iD4 lease of $150 per month (possible with some deals) will (around here in South Florida) have a ins premium no lower than $245/mo.

 

[Snagglefoot]

This is a big reason that ev's can have poor resale value. Every few years kind of like a cellphone, options and performance gets better leaving previous models with less interest and lower sale prices.

A big item will be the amount of kWhrs per that can be stored in 1 lb of battery weight. If some advances are made, they can either start to get rid of the ridiculous weight or extend the range. The weight of the truck EV's is astounding.

 

[alarmguy]

Yeah I'm one of the ones not impressed with FSD. I've seen it work well. It's just not consistent, nor do I really want to be driven around by it.

I would love to have any of them from any manufacturer for our longer interstate trips but not rely on them to drive me around town or secondary roads. We are kind of rural on the coast here but not really ... and my wife's 25 equinox (gas) has kind of spoiled me into not liking my aging 2017 Traverse though we need it to tow our boat.

Since I love electronics. I love the cruise control following the car in front of me, braking and accelerating. It has lane assist but that just won't let you drive off the road, if you leave that to the car you will look like a drunk driver but you wont leave the road. *LOL*
(I know your other cars before Tesla worked the same way)

For fun now, I'll set the cruise on secondary roads RT 17 in Myrtle Beach. Its a little unnerving but for fun (and to freak my wife out) With the cruise set following the car in front of us and a red light in front of us I will not step on the brake petal, the car will brake to a full stop (sometimes a little abruptly) and accelerate on its own. It's still an uneasy feeling and I am not so sure this simple set up is made to be used like that. I do keep my foot ready in case. The next test is that I am unsure if it detects red lights when on cruise if no car is in front of us. I thought I saw something about red light detection but havent looked into it. I find it hard to believe but ... who knows.

Anyway, I think I would love the Tesla system for the highway along with Ford or Chevy's system. Both our kids are roughly 4 hours from us, daughter closer to 5. Seeing the drunk driving way the Equinox will not let me drive off the road makes me want one of those 3 systems above for those trips. This distance is part reason why right now gas works for me. We truly drive non stop, midway to use the bathroom and walk the dog but at an interstate rest stop, we dont get off the interstate.

 

[dogememe]

For this to be worthwhile, the lease payment needs to be very low. And the miles per year, at least acceptable. Even in retirement, I'm driving my beater car 12K miles per year, and my sports car 5000 miles per year.

Remember, the insurance on a beater is near nothing. Whereas the expensive insurance on an EV lease will always require $100K/300K comp and collision and at least $50K or $100K property damage. An iD4 lease of $150 per month (possible with some deals) will (around here in South Florida) have a ins premium no lower than $245/mo.

So, in some cases, the EV pays for itself. My ex went from paying on a Nissan Kicks to paying on the Equinox EV. Yes, insurance and payment are higher, but he drives 25-30K miles/year, and gets free charging at work. So that saves a lot on our expensive $4.50-5/gallon gas.

Sure, at the end of the 72 month loan the Equinox EV is going to be worthless… but who are we kidding, a Nissan Kicks would have been worthless at that point too.

The reason he got the Kicks was the transmission in his previous car went out. When I informed him about the Nissan CVTs not being particularly reliable and that he should have the fluid changed at the dealer every 30k miles he gave me a disappointed look and finally at around 50k went in to the dealer to do it. When they told him it would be $450 is when he went nevermind and a week later got the EV.

Biggest cost is going to be the tires. The Equinox EV RS has 21” wheels, so tires are NOT cheap.

But if you take everything into account across 200K miles, assuming the battery survives, the EV will have been the same price or cheaper per mile, and in the process, it’s a much more comfortable, smoother, faster, quieter vehicle.