Getting Ready to Lease, Is this a good deal?

[msvwdude]

Hello Volt Community,

I'm about to lease a 2012 base Volt in Naperville Il (suburb of Chicago) . I have read enough posts to know I should have more data than I'm presenting but this is what I have:

2012 base Volt (basically no options)

36 month lease

10,000 miles per year

$499.00 cash down. No more thats all I'm giving the dealer to walk out the door, this includes 1st months and a discounted security deposit.

$349.00 per month.

Does this sound good or is it as great as the dealer is trying to make it sound?

I'm thinking of asking the dealer to go to 12,000 per year for the same monthly number.

Thanks for any help you can provide.

[bonaire]

First, negotiate price. Don't work off of monthly payments.
Negotiate buy-price of $38300 and go from there. That's just about invoice price for the base model. And, for a lease, don't buy the extended warranty Get the VIN number of the car. If ends with five digits below 03000, complain "this is a really old one and has been sitting around since last September" if they don't like your offer.

Dealer in WNY here has a demo model with 3000 miles on it, it is early 2012 build (vin about 00640) and they will do a lease at $289/month for 10k/yr miles with $2500 down.

Or, go with your $349 and ask for 15k/year. You may not hit those numbers either but it's better than 10k and going over.

[Codyozz]

It makes it so hard to compare evenly when the numbers are always different at different dealers. Have you got a competing bid yet?
Other questions you should be able to answer here:
-Is this a BRAND NEW car or a demo type vehicle?
-Are the miles allotted really enough for you? (I know it's enough for me;-)
-Is this the car you REALLY (@ this equipment level, color, NAV) want? I don't need nav or the 30gb hard drive, I like to stream music.

If you go back into negotiations with this dealer, work with him on the lip spoiler option, and dig into them about the servicing of the car (loaner car, free check ups, full tank of gas, whether they have the equipment and knowledge to service YOUR car, and whether they have parts for you, etc)

I worked at a car dealer for years and I would always stress the service dpt to customers because I wanted them to be happy with the whole ownership experience and to know we care about their business AFTER the sale, and our customer service proves it.

I know all this might be moot as this may not be your closest dealer, but it's good to know nonetheless.

BOTTOM LINE, I think this is a decent deal, but I agree with you, miles may need to go up for it to be a great deal.


edit: I agree with Bonaire, work on getting the retail price down first... then look at other details.

[DonC]

As in most things the answer is: Compared to what? The standard deal is $349/month with $2499 out of pocket. You're not paying for a cap reduction nor a destination fee nor an administration fee, just a discounted security deposit. This deal is $349/month with $499 out of pocket. That's a $2000 difference.

If that were all there was to it I'd say it was a good deal. However, as you point out there is the problem of the miles. This deal only includes 10k miles. The advertised special deal includes 12k miles. At $.20/mile you're looking at $400 per year ($.20 X 2000 miles) or $1200 over the three years. Essentially it's $800 better than the advertised special. Put another way, you're essentially paying $800 under MSRP for the car. A year ago that would have been a great deal, but I think you should be able to do a little better.

My opinion, and it's just my opinion, is that your instincts are right to hold out for 12k miles. That would mean you'd be paying $2000 under MSRP which is pretty darn good. Unless of course you won't use the extra miles. But trust me, you'll put more miles on the Volt just because it's fun to drive and the fuel is so cheap.

NOTE: It really is hard without more specifics. For example, if the car has a premium paint job then that could be another $1000. This assumes you're looking at a base model without any options and standard paint.

[Henry_FL]

Sounds like your paying MSRP ... a 10K year lease with a Stingray discount would be more like 300 month with taxes

http://www.stingraychevrolet.com/Veh...-FL/1698583663

36,529 for a base Volt

Ally gives you 3000 on top of that

Always start with the purchase price of the car, lease only means someone else is buying then renting to you, vs buy, its you and the banks, both cases your payment is based on the purchase price first

Its a VERY common sales tacit to point to the 349.00 number, what they don't tell you is you don't have to pay MSRP to get the same terms, which means for every 1K you get off MSRP your payment go down ~25 month

For a 10K year lease on a base volt, you can be well under 300 month

[DonC]

Sounds like your paying MSRP

He's under MSRP but about $1800 above the Stingray price. Their pricing is very aggressive. But even with Stingray prices I don't see how you get under $300/month before taxes much less after.

Let me explain why I don't think he can get it below $300. Let's assume a 45% residual on a base price of $39, 145 or $17, 615. Add the $7500 credit and a $3000 Ally credit in and you end up at $28, 115. Now back out the $2000 he's not paying as cap reduction, and you end up at $26, 115. So his payments, the difference between the Stingray price and his residual is $10, 414. Over 36 months that's $289 but interest will take it way over $300.

[Henry_FL]

Not sure I'm following your math ...

Ally on my lease, residual was 67% of Gross capitalized cost, they don't break out the 7500 in the figures

36500 * .67 = 24,455

Annualized cap cost is 36500 - 3040 = 33460

33460 - 24455 = 9005 this is the base for periodic payments

Add taxes on 9005 * 6% = 540
Add 2% for 36 months on 9005 = 285

payment = 9005 + 540 + 285 = 9830 / 36 = 273 month

Figure other charges like rent charge, Ally admin fees, tax and tile bring it up, but these number are from Ally actual lease

The purchase at end of lease amount is something else that Ally dreams up ...

[gaboothjr]

I don't know if you have ever leased before, but I would never go with 30k miles on a lease. That's like 181 miles a week. Way too low. I would be consumed by the anxiety over blowing the lease mileage out. I know....all you have to do is watch you miles. Still, you get halfway through your lease and you find you're at 75% of the milage allowance. It'll make yo crazy.i

[Henry_FL]

There is no incentive to get a higher mileage lease with Ally.

The 10k leases charge a flat rate of 20 cents a mile over the agreed mileage allowance, the cost difference for the higher mileage leases is no savings over the flat rate and paying the exact overage when you turn it in, vs paying for more than you use as you get no credit back turning in a under mileage lease, the lessor keeps the $$


50% of drivers average less than 10K a year, 75% less than 12K year

[patrick40363]

I leased a 2012 with an MSRP of $45,070 for $417 mo plus tax/license for a total monthly payment of $450.95 in California. I paid a total of $500 for drive off which included tax/license fees. I think you can do better since your Volt is a base model. I did my lease last month.