So many numbers

[Jdl30]

I would have to agree with all the financial advice given by the others. Don't try to force yourself into the Volt because of it's greatness if it doesn't pay off financially. Weigh the cost of maintaining your current car and if it's still doing well, then keep with it and put money aside to increase your down payment when it does come time to buy a new one.

For another example of costs, I decided to purchase my 2012 instead of leasing. I got a few options, but not fully loaded and got the car at invoice. I had a trade in worth about $4000 plus a $10,000 down payment. With 0% at 72 months I'm still at $406 a month on my payment. I checked with my tax adviser long beforehand and I qualify for almost the full $7500 Federal tax incentive as well as the $6000 Colorado incentive. I fully plan to take those rebates when I get my refund early next year, pay down the loan and refinance it. That should put me closer to $250 a month.

[holland]

Nice advice everyone. One thing I'd like to add is I'm not going to be buying this car within a month. It's going to be at least a year. During that year I'm rebuilding my credit and doing the whole spreadsheet thing to see exactly how much my Cobalt costs per month.

I've ran the hypothetics and my math says that the Volt is roughly double what I currently am paying for my Cobalt. I just keep telling myself to wait a year because I have a daily commute of 40 miles.

http://www.donjohnsonmotors.com/j/i/...Volt_Base.html

That's the Volt I want! Right color, right gizmos, and fabric interior! That's my dealer's test model/for sale model. I flat out told them I want that car and after I told him about the baby, he just said he'd do his best to hold on to it and have people order there's and use that model as a test driver. Further knocking down its price. I'm so going to win!

[cab]

Sounds like you are doing the right thing by waiting. The awesome lease deals folks throw out there aren't always what they seem either. The "specials" you see GM advertising ($299/mo with $2500 down this month or $369/mo with $0 down last month) as an example sound awesome until you add in some features like leather, Nav, etc....then some fees...and then you have states like Texas that require the 6.25% tax hit up front. Even with generous discounts you are suddenly a lot higher than $299/mo. Basically, if you can't stomach a payment much closer to $400 for leasing, well...(note: I don't recommend big down payments on this lease, or any, when the money factor is this low).

[DonC]

In a year we should see the first leased Volts becoming available. Because of the way the lease is structured very few people will be buying them at the end of the lease so there should be inventory available. But I think prices will be high. Too high in my estimation but time will tell.

Contrary to some here, I don't think the Volt is expensive if you look at total cost of ownership. If you intend to hold the car for five or six years, and put a reasonable number of miles on it, it's probably cheaper than a Cruze if you can take advantage of the tax credit. Many here think that just looking at the monthly payment is a mistake -- and they're right. But just looking at the initial acquisition price is likewise a mistake. You want to look at total cost of ownership over the expected lifetime. The Volt can be a compelling deal depending on your situation, including the cost of electricity and the number of miles you drive.

[drbruns]

Also make sure you had(or more importantly will have) a net payment of at least $7500 in Federal taxes as that is what the Volt rebate is - a deduction in what you owe. I don't know if the Volt rebate can allow you to get more money back then what you paid in so tread carefully if you don't pay North of $7500! Unless you are leasing. If you are leasing then you don't own the car the lease company does and they get the $7500 credit so it is not an issue then.

Just to be clear, the $7500 is a tax credit, not a rebate. When filing your taxes, the credit is applied against your tax liability, so if your liability is not $7500, you will only get a credit equal to your tax liability. Some people have confused their tax liability with their tax refund. Be careful when describing the proper terms or you may end up not receiving the amount of the credit you may be expecting.

[ShannonVolt]

Just to be clear, the $7500 is a tax credit, not a rebate. When filing your taxes, the credit is applied against your tax liability, so if your liability is not $7500, you will only get a credit equal to your tax liability. Some people have confused their tax liability with their tax refund. Be careful when describing the proper terms or you may end up not receiving the amount of the credit you may be expecting.

Is GM still throwing around the idea of actually having a rebate program that could be made available at time of purchase? That in itself would clear a lot of confusion of how much someone qualifies for under the current tax "credit".

[mwfromva]

I have heard that the tax credit is able to claimed over more than one year. Any truth to that?

[Henry_FL]

No, no carry forward

You can buy more Volts now, or in future years that all get there own credits, maybe that what your confusing it with

[holland]

It is a "time will tell" game and that's what I hate. I have to check my numbers because I would basically be charging for free at work using the RV hook ups we have. I think what it's going to come down to is my running cost. I only have $500 left on my Cobalt to pay off and then she's all mine, but then it all comes down to running cost per month. Does it outweigh the monthly payments of a Volt? One thing I was always taught was to get the lowest monthly price possible and then always budget to pay $75-$100 over per month. Give myself wiggle room.

Would it be safe to assume that if we were to do a graph that showing monthly costs comparing that of my Cobalt and the Volt would show them crossing at one point making the Volt a more feasible vehicle to own?

[Henry_FL]

Unfortunately, no. The Colbalt get good gas mileage and its a simple car to maintain. You could replace most of the running gear in the Colbat for year or two of Volt payments, so the Volt will never be cheaper.

The Volts great, I'll never ever go back to and ICE gasser, but it still is a 30K plus car and can never compete to keeping the Colbalt running forever.

They are totally dfferent class of car in features and comforts, that cost $$ EREV or not