2014 Lease rate

[archie_b]

Mitsubishi has posted lease rates for the 2014 i-miev on their web site:

$189 a month with $3,388 due at signing (plus the normal tax, tags, doc fees, etc). Lease is for 36 months, 12,000 miles a year. How this compares to other EV leases each person will have to draw their own conclusions.

i-miev sales for June were 22 cars. 0% financing is still available so combined with leasing maybe sales will improve. As for the dealers that "adjusted" their market price, sales do not seem to justify any form of increase. A discount is more appropriate.

 

[Don]

Not quite the great deals we saw with the leases in the fall of 2013 when Mitsu was trying to get the remaining stock off showroom floors, but I'm not surprised - Those were practically a give away and we knew they wouldn't be doing that again

This info will help those still on the fence wondering whether it's better to buy or lease

Don

 

[user 1835]

$189 a month with $3,388 due at signing (plus the normal tax, tags, doc fees, etc). Lease is for 36 months, 12,000 miles a year. How this compares to other EV leases each person will have to draw their own conclusions.

Smart ED is $139/mo for 36 months, $1,433 due at signing.

There were some recent deals on Smart in California that was effectively $100/mo with only 10,000 miles per year. Those dealers sold out. Smart sold 278 ED models nation wide in June.

 

[OldGeek]

Smart ED is $139/mo for 36 months, $1,433 due at signing.

There were some recent deals on Smart in California that was effectively $100/mo with only 10,000 miles per year. Those dealers sold out. Smart sold 278 ED models nation wide in June.

I wonder what the Mitsu numbers would be if they Advertised the product, trained dealers before release and assured a healthy supply chain?
:twisted:

 

[gatedad11]

I am not thrilled about the lease deal. If I am running the numbers correctly(and I admit to doing it really quickly), they are asking for about 17% down, and then almost $6500 in payments. I wonder if it makes sense, financially, to simply buy the car? Assuming one qualifies for the $7500 Fed Tax rebate(I know, not everyone will), it seems to me that buying is a better proposition. If you add that rebate back into the monthly payments(actually, subtract the figures), your actual out of pocket costs are very similar. Yes, one requires 60 payments, the other only 36, but you are still very close in final numbers. And I am not considering the effect of local incentives or rebates, just the Federal one. Maybe I am reading it wrong or not doing the math correctly, but it's far from a home run for the consumer(leasing, in this case)...

Lou

 

[Don]

Well, the lease 'deal' would cost you $10K+ and I guess the only question you need to answer is . . . . would a 3 year old iMiEV with 36,000 miles on it be worth about $12K to you? Maybe not . . . . many 2012's have sold used for that much or less when only 18 or 24 months old and usually with fewer miles on them

Personally, few if any lease 'deals' make much sense to me unless you own a business you can write off a large portion of the lease to. I think of leases much as I do extended car warranties - You know the people offering the 'deals' are making money . . . . and where does that money come from? The customer, of course

However, I think maybe you need to make an exception for EV's - They are quite different from ordinary cars, IMO. They don't seem to be holding their value as well as we thought they might and who knows where technology and pricing will be 3 years from now? You might be very happy you leased as opposed to buying 3 years from now - You may move on to something much better and possibly even cheaper too, come 2017

Don

 

[JoeS]

Personally, few if any lease 'deals' make much sense to me unless you own a business you can write off a large portion of the lease to...

+1

The iMiEV was only one of two EVs available to buy at the end of 2011, and I knew that as an early adopter that there would be better deals later; however, I've alredy reaped the benefits of i-MiEV ownership for 2-1/2 years while others are still vacillating.

The total destruction of my prized Gen1 Honda Insight last month and the piddly amount offered me by my insurance company makes me take a fresh look at depreciation and exactly what I'm paying insurance for and what new vehicles are really worth...

 

[gatedad11]

You know, $10K for the lease plus $7500 for Federal rebate is $17,500. In PA we also get $3K cash rebate. That brings us to $20,500. Starts to change the financial equation for me. Not sure yet, but I am thinking...

Lou

 

[danpatgal]

In PA we also get $3K cash rebate.

It's now only $2k, but still decent:

http://www.portal.state.pa.us/portal/server.pt/community/alternative_fuels_incentive_grant/10492/alternative_fuel_vehicles/553206

There is a dealer in Lancaster PA offering a 2012 iMiev with 22k miles for almost $17k, which I find funny since you could get a new 2014 for less than that with the tax credit and rebate. But, maybe they're expecting someone to negotiate down a bit.

 

[Don]

You know, $10K for the lease plus $7500 for Federal rebate is $17,500. In PA we also get $3K cash rebate. That brings us to $20,500. Starts to change the financial equation for me.

It shouldn't - You get the Federal rebate (if you qualify) and the check from the state whether you buy or lease. The question is . . . . do you want to 'give away' that rebate money 3 years later when you hand them back the car . . . . or do you want to keep that money forever by buying the car?

Don

 

[gatedad11]

As DanPatGal pointed out, in PA now the rebate is $2K. If we add that into the equation, I would think that it would reduce the total cost of the car by $9500. The leasing company is getting $9500 up front, plus about $4,000 from the customer. That is a full 50%(actually a little more) before any payments are made. If I then add in $6500($179 X 36), the leasing company would see $20,000 in their hands after 3 years. They then get the car back, with moderate mileage and could sell it for half its price and make a nice profit... Am I reading this correctly? It just doesn't seem like the numbers are working out the way that they should. I understand and acknowledge that there are other reasons to lease versus buy, but financially it looks like a bad deal(on this car, right now) for the consumer.

Lou