Survey type questions for those who leased....just curious

I suppose it might've been better to set up a formal survey, but would be happy to just get off-the-cuff answers.

Normally, I'm unenthusiastic about leasing cars, but with EV's and the MiEV leasers might, it turns out do OK.

Mostly, as a cash buyer myself, I'm just curious about how the leases looked, how/what you leasers are projecting you might do at end of 36 months, etc.

So here goes:

Short answer to "why did you lease instead of purchase?"

How much time is left on your lease?

How many miles are you allowed in your lease to put on the car before they hit you for an excess mile depreciation charge?

How much is your monthly payment?

Assuming no repairs not warrenty coveredand not counting charging costs how much money will you have paid out at the end of your 36 month lease?

What is your official buyout price at the end of the lease?

Is there any chance that you might exceed you miles per year "allowed?"

Are you liking the car enough that, assuming it would not be ridiculously costly,
you'd like to keep it past the end of the lease or replace it with a similar car?

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Finally.... not part of my informal survey:

From what little I've been able to find out about the leases the buyout prices printed in them for at the end of the lease appear to be unrealistically high given the relatively low real world selling prices for used EVs in general and MiEVs in particular.
Seems to me the smart thing to do at the end of the lease IF you want to keep the car would be give it back to the leasing company. Seems likely the leasing company has no choice but to sell it.... most likely at wholesale used price most likely to the dealer you leased it through.
And then you can just go to the dealer same day and buy it at retail used price which as far as I can tell is going to be a lot lower than what the buyout price on your lease documents specify.

That make sense? Any of you leasers thought about this stuff?

Well, here goes:

a) Leased due to uncertainty about future technology (batteries, etc.) and new vehicles becoming available.
First leased vehicle, ever.
b) Lease expires in Feb., 2015 so, five months remaining. Twenty four month lease.
c) Mileage allowance, 12000/year on two year lease. After 17 months, driven 13500 miles.
d) Monthly payment: $123.13.
e) Twenty four months of payments plus $248.02 sales tax +$125. security deposit.
f) Residual value (buyout price): $23,006.25 (plus official fees and taxes ???)
g) No, I will not exceed mileage limit. In fact I'll be way under.
h) I have contacted finance company about extending the lease after two years. The will extend for three months only and at twice the price!!!
i) Yes ,I have thought about the auction buyback at the end of lease. Not sure about the logistics of that procedure or how to coordinate the purchase. I would be very interested in continuing the relationship with my i-miev.

Hope this is some benefit.
2012, Silver ES with QC . Leased Feb. 2013.

Well, I had 4 months remaining on my lease. My payments were $180 per month. I had 12,000 per year mileage and was under when I turned it in a few month early. The residual was something like $28,000(yes, I know, the brand new "I"'s with more standard equipment are selling for $6,000 less!!!). I never contacted the leasing company about extending the lease, because I realized that I needed a dependable ICE car to go along with my EV. My fanmily van is ICE, and is NOT reliable to the extent that I felt comfortable with it to travel anywhere much farther than I could already go with my I-Miev, so that really meant I needed a car with more range. I could not afford a new EV along with a new ICE car, so I went the used Chevy Volt route. By the way, the dealer I purchased my Volt from tried to buy out the car and they were told that they would not budge from the residual price. Hah, good luck gettin ganythign close to that at the auction...

Lou

gatedad11 said:

By the way, the dealer I purchased my Volt from tried to buy out the car and they were told that they would not budge from the residual price. Hah, good luck getting anything close to that at the auction...

Lou

Click to expand...

This behavior by the lessor would have amazed me if I had not spent the last few years as a homeowners' association treasurer putting liens on bank-owned foreclosed properties. The big banks have been so penny-wise and pound foolish that they have lost sales and been stuck with a house for many more months due to disputed HOA dues totaling $450 or less...

a. I'd never leased before, but the changing technology made me consider it and the sweetheart deal I got sealed the deal. I'm basically paying the same price I was paying for fuel and repairs on my clunky old Subaru.

b. Six months remaining out of 24.

c. 12,000 miles a year, but you can get 15k or 10k depending on your needs. (18k as well I think.)

d. 23 payments of $155/month including taxes.

e. I'm paying $3,565 total including all taxes and fees.

f. $24,683 residual.

g. No, I won't exceed my allotted miles. You just need to do the math on how much you drive and get a lease that reflects that. No point in paying for more than you use, but you obviously don't want too few either.

h. They gave my car a rather high residual in order to move it at such a good rate, so I definitely wouldn't take it at that price. I like the car and would lease a new one at the same rate. That's probably not likely, so I'll be exploring other EVs as well. Definitely not going back to ICE.

(2012 SE with premium package leased at end of February 2013.)

gatedad11 said:

Well, I had 4 months remaining on my lease. My payments were $180 per month. I had 12,000 per year mileage and was under when I turned it in a few month early. The residual was something like $28,000(yes, I know, the brand new "I"'s with more standard equipment are selling for $6,000 less!!!). ........By the way, the dealer I purchased my Volt from tried to buy out the car and they were told that they would not budge from the residual price. Hah, good luck gettin ganythign close to that at the auction...

Lou

Click to expand...

Hi Lou,
You have to wonder what planet the folks at the leasing company live on. The only way their inflexibility makes _any_ human or business sense is if , as someone here says he found out, they have insurance policies they paid fior against the car having lower than projected residual value when turned in, and to collect on that they have to go to competitive bid auction in to prove they lost X dollars involuntarily due to market.

I have often thought that if I had to have only one car (I have the MiEV plus old but reliable ICE Subaru 2001 forester) the Volt would be top of my short list... Especially since price got less insane over last two years.
Some interesting and originak and promising engineering in there, and outstanding performance. Utility of the layout not nearly as practical and versatile as MIEV