May 09, 2015 - 01:52 AM
May 09, 2015 - 09:27 AM
May 09, 2015 - 10:26 AM
If you drive mre than the average person (commuting for work) you will end up paying a few hundred or thousand dollars for going over the allotted number of miles. (CON). But if you find that you drive an average amount, tend to trade in after a few years the lease may be the best choice. Typically with the lease your payments are much lower. After your lease is up, you dont have to worry about how much your car depreciated, so you will never be upside down in your payments, but you will also not have any equity for trading in either. With electric cars, the technology keeps improving, so in a matter of years, range will most likely have increased, (hopefully significantly) so youwould be able to upgrade at the end of your lease.
I bought because I was commuting 55 miles each day. After a year I changed jobs and now am 10 miles round trip. I wish I would have leased, but I didn't want to get dinged in the end with my high mileage. I love my car, but wish I had upgraded with some of the goodies, but I couldn't afford the upgrade. So now, I wish I had a lease just so that I could upgrade at the end of 3 years. My car has depreciated significantly in the year and a half since i owned it. I now feel that i have to hang on to it for a long time to feel like i got something out of the depreciation. I do not regret my purchase. I love, love, love my Volt. But had I known that I would change jobs and not have a commute, I would have leased only because of the depreciation factor and because the evolution of the electric car keeps evolving. The Chevy Volt is a win though, so no matter which you choose, you wont regret getting a Volt.
May 09, 2015 - 04:17 PM
Lease Profile = ALL of the following:
- you don't customize your vehicle
- you drive about 1K miles per month
- you prefer to replace your car in 3 years instead of keeping it for 7
- you don't like the hassle of privately selling your used car, or losing money on a trade
- you don't want to gamble on resale value
Buy Profile = ANY of the following:
- you want to be able to do what you want to update or customize the car (wheels, paint, upgrades)
- you drive very few miles (<500/mo), or a lot of miles (>1,200/mo)
- your car takes a beating- kids, animals, scratches, dings, hauling stuff, etc.
- you keep your car for 7+ years
- you simply prefer to "own" your car
Other Leasing benefit:
- The tax credit is built into the lease payment, regardless of your tax situation or income.
Jul 12, 2015 - 11:47 AM