Reserved for Lease information and my reasoning for new lease
Why did I do this?
My original lease was for 39 months, 12,000 miles a year and it would have ended July 1, 2014. I knew that I wanted to replace the LEAF with another EV, also as a lease to protect against rapid technological change.
I appreciate good handling and performance, and I have always driven sports coupes, with a history including a 240Z, two Mazda RX7s, a Ford Probe GT, an Infiniti G35 sedan and a BMW 328i Coupe. The EV that got me excited about driving an EV as a sporty, fun but earth-friendly experience was the MiniE. I knew when I got the first LEAF that it wasn't the sporty car that I wanted, but it was the first affordable and practical EV, and I became an EV enthusiast as well as a sports car enthusiast.
My situation is that I'm married and a grandparent who is actively involved in child care for a small grandchild, with more possible in the future. The LEAF works perfectly along with our Prius so that my wife and I can trade off cars depending on the distance of our planned trip, and both cars work well for hauling kids and their stuff, due to their interior space and flexibility.
When I looked at the other available EVs, none of them but the upcoming 2014 BMW i3 meet my needs, other than the LEAF. The Fiat 500e is too small and only has two doors. The Chevy Spark EV is also very small, though it has four doors, and it should accelerate very well, though its other performance characteristics are yet to be known. But it is a cheap, Korean made EV based on GM's smallest, cheapest car, and I found the interior materials on the gas model really cheap and chintzy. And it only has a 3.3 kW charger and Frankenplug as an option, with no DC chargers now on the ground. The Honda Fit is fun, but it is more cramped for passengers and cargo, it has a down market feel compared with the LEAF, as well as more minimal instrumentation, it is now hard to get a car due to demand, and the 3 year lease is longer than I wanted. The RAV 4 EV is too big a car and not the kind that I like to drive, plus the lease is a bad deal and I don't want to buy an EV right now, and it lacks DCQC. Infiniti postponed their LE, so that removed an option for me. Tesla is out of the question right now due to price, the size of the Model S and no leases available. I like the way the Ford Focus EV drives and handles, but the interior and especially the luggage space are cramped, and there is no DCQC. The Smart EV and the Mitsubishi i are way too small and basic.
So it comes down to the BMW i3. I love BMWs and this car promises to be reasonably sporty and a very good EV, designed from the ground up to be an EV and available as a lease. It will even have an option of a small range extender gas engine if I so decide. The car should be available in the US starting at the end of this year or early in 2014, so the timing was good for a transition at the end of my old lease, next July. But as I started thinking about it, this was a brand new platform for BMW, a brand new vehicle, like nothing they had ever built before, with a carbon fiber body structure and completely new interior, seating and instrumentation. Reading the experiences of the BMW ActiveE field trial customers hasn't been encouraging, either. I'd say that most of them have had serious issues, many have been inconvenienced and have had to drive ICE loaners for a while, and some have opted out of the program because of problems. I want to give BMW an extra year to get the bugs out, and I want to read about the experiences of the first year buyers before I sign up for this car. I'd also like to opt out of the hype and emotion of trying to be one of the first to get an i3, including dealer gouging on the early cars. In fact, I'd like to be able to negotiate a discount on an improved 2015 model after the early fuss is over.
EDIT: (I realized that I hadn't finished the thought process.) I could have chosen to ride out the last year of my 2011 lease and then see what was happening with the BMW before making a choice of next car. After all, most of my driving fits into the remaining comfortable 60 mile range of the 2011 car (with careful driving, 70 miles to Turtle). But reports from Planet4ever and evnow, who had traded up to a 2013 LEAF, got me thinking about whether the new pricing, lease incentives and loyalty cash would put me into a new car for a two year lease for very little money, and I'd have more range, faster charging, leather, AC/heat improvements and other goodies for the next two years. So I contacted Mark Ranauro at Connell to see what a new lease would look like. And the rest is history. Mark made a good offer, we fine tuned it over email, he traded another dealer for the car I wanted and I was into the new car inside of a week.
Here's some information about the financial side of my transition. I'm not particularly interested in comments about whether I got the best deal I could get. I'm happy with the outcome and that's all I care about.
My dealer bought my 2011 LEAF back and paid off the 39 month lease after I drove the car for 26.5 months. I have an excellent relationship with Connell Nissan, and I'm not sure whether they would offer as good a deal to others.
The remaining payoff amount was $19,330. The trade-in allowance for my 2011 LEAF with 24,000 miles and almost new Michelin MXV tires was $17,000. The car also had significant paint scrapes under the front bumper. So I was $2,330 under water on the car. That under water amount was rolled into the new lease.
For the new car, the dealer gave me a $2,220 discount from MSRP and I got the $1,000 Nissan loyalty discount that all of us LEAF owners are eligible for, on top of the $7,500 Federal credit. I am liable for about $1,300 to return to the CVRP from the original $5k rebate that I got.
My old lease payment on my 2011 car was $413. My new lease payment is $438. So I'm paying $25 a month more than my old lease payment, plus a net of $562 (the $1,000 out of pocket lease payment less the first month's payment), plus the $1,300 repayment to the CVRP to get a brand new car with leather, a 6 kW charger, a new battery pack, Bose sound, Around View Monitor, 17 inch alloy wheels and Michelin tires. And I didn't have to pay the $395 lease end fee on the original lease, nor pay to repair the scraped front bumper.
EDIT: My 2011 car is now for sale at Connell for $18,999.