SaveOurPlanet
Member
- Joined
- Mar 13, 2013
- Messages
- 14
Hello everyone. I am aware of the fact, that this is a long post, and there are a lot of questions here.
This thread is about the best strategy for keeping a Leaf long-term, when not wanting to pay it outright, and not wanting possible huge surprise repair bills down the road, while possibly also using it for a lot of miles, much more than the 15000/year typically included in a lease.
When someone wants to get a new car every 3 years, then leasing is the way to go.
Still when wanting to get a Leaf to drive it - possibly 8 years, or however long it may last - without buying it outright, the options to get it would be:
a) to lease it, then finance an end of lease purchase afterwards, or
b) to finance it from the beginning.
There would also be another option:
c) to lease it, and then after return of the leased car, finance a different, used car of the same model and age.
Option c) would have the disadvantage of not knowing the history of the used car one buys then, plus the options to extend the warranty might be limited, and in addition if one has exceeded the miles included in the lease a lot, one typically has to pay 15cents per extra mile. So say, in case one had 30,000 additional miles that one drove, that would be $4,500 extra. Also with options a) and b) the damages, and wear and tear of the car might not matter, and one might have to pay a lot for repairs when returning the leased car, especially when not leasing or buying another new vehicle at the same time.
To get the Leaf, for the lease option (for the state of California) there is an offer here on the forum.
a) 2500 drive off on all prices, 36 month leases which qualify for state rebate! 12k per year
SV WITH Quick Charge And led lights, 2500 +1st payment, 231+TAX NON VPP PRICE, 201+TAX VPP PRICE
As the $2,500 drive off cost is taken care of by the state rebate, the effective cost is $231+tax.
$231x36=$8,316 during the 3 years. Plus probably a fee of ca. $400 at the end of the lease.
Then, extra miles and damages/wear and tear would be added.
Questions:
Is it always possible to buy the leased vehicle at the end of the lease? With Nissan, does one have a right to this? Or is it completely up to NMAC/dealership, to offer anything, meaning there is no certainty, but one is dependent on them regarding this?
How much would one be able to buy the leased Leaf for after 3 years?
Is it definitely possible to finance buying the leased Leaf after 3 years, at least through a third-party bank, even if NMAC does not offer it themselves?
The other option would be to finance the Leaf:
b) An SV Leaf (without the QuickCharge option) has a MSRP of $32,000 (according to TrueCar, Nissan says $32,100).
According to TrueCar.com, one is able to get it for $29,087, plus $303 in regional fees and $850 destination fee.
So $30,241 in total (tax excluded), plus an MSRP of $1,630 for the quick charge package.
TrueCar states that $429/mo is the estimated loan payment for a 60 month loan at 2.50% APR and $6,048 due at signing (tax excluded).
So, if the purchase price of the leased Leaf after 3 years would be cheaper than the sum of $30,241+quick charge package+interest of finance minus $2,500 rebate minus whatever one can use of the $7,500 federal tax credit minus $8,316 paid for the lease during the 3 years (all excluding taxes)+finance costs for the purchase of the leased car after 3 years, then leasing+purchase would be cheaper than financing. Then option a) would be cheaper than option b).
Anything missing in this calculation?
Finally, what about keeping the Leaf for longer than its standard 3year/36,000mi warranty (5year/60,000mi on the battery/drivetrain)? What about not getting hit with expensive repairs down the road? Yes, in total electric cars possibly have less parts that can break than gasoline cars. Still it might happen. As I understood it, there is unfortunalty no way to extend the original Nissan warrenty, correct? As I understood it, all warrenty extentions are third-party products, or are they not?
Thank you for reading this post.
This thread is about the best strategy for keeping a Leaf long-term, when not wanting to pay it outright, and not wanting possible huge surprise repair bills down the road, while possibly also using it for a lot of miles, much more than the 15000/year typically included in a lease.
When someone wants to get a new car every 3 years, then leasing is the way to go.
Still when wanting to get a Leaf to drive it - possibly 8 years, or however long it may last - without buying it outright, the options to get it would be:
a) to lease it, then finance an end of lease purchase afterwards, or
b) to finance it from the beginning.
There would also be another option:
c) to lease it, and then after return of the leased car, finance a different, used car of the same model and age.
Option c) would have the disadvantage of not knowing the history of the used car one buys then, plus the options to extend the warranty might be limited, and in addition if one has exceeded the miles included in the lease a lot, one typically has to pay 15cents per extra mile. So say, in case one had 30,000 additional miles that one drove, that would be $4,500 extra. Also with options a) and b) the damages, and wear and tear of the car might not matter, and one might have to pay a lot for repairs when returning the leased car, especially when not leasing or buying another new vehicle at the same time.
To get the Leaf, for the lease option (for the state of California) there is an offer here on the forum.
a) 2500 drive off on all prices, 36 month leases which qualify for state rebate! 12k per year
SV WITH Quick Charge And led lights, 2500 +1st payment, 231+TAX NON VPP PRICE, 201+TAX VPP PRICE
As the $2,500 drive off cost is taken care of by the state rebate, the effective cost is $231+tax.
$231x36=$8,316 during the 3 years. Plus probably a fee of ca. $400 at the end of the lease.
Then, extra miles and damages/wear and tear would be added.
Questions:
Is it always possible to buy the leased vehicle at the end of the lease? With Nissan, does one have a right to this? Or is it completely up to NMAC/dealership, to offer anything, meaning there is no certainty, but one is dependent on them regarding this?
How much would one be able to buy the leased Leaf for after 3 years?
Is it definitely possible to finance buying the leased Leaf after 3 years, at least through a third-party bank, even if NMAC does not offer it themselves?
The other option would be to finance the Leaf:
b) An SV Leaf (without the QuickCharge option) has a MSRP of $32,000 (according to TrueCar, Nissan says $32,100).
According to TrueCar.com, one is able to get it for $29,087, plus $303 in regional fees and $850 destination fee.
So $30,241 in total (tax excluded), plus an MSRP of $1,630 for the quick charge package.
TrueCar states that $429/mo is the estimated loan payment for a 60 month loan at 2.50% APR and $6,048 due at signing (tax excluded).
So, if the purchase price of the leased Leaf after 3 years would be cheaper than the sum of $30,241+quick charge package+interest of finance minus $2,500 rebate minus whatever one can use of the $7,500 federal tax credit minus $8,316 paid for the lease during the 3 years (all excluding taxes)+finance costs for the purchase of the leased car after 3 years, then leasing+purchase would be cheaper than financing. Then option a) would be cheaper than option b).
Anything missing in this calculation?
Finally, what about keeping the Leaf for longer than its standard 3year/36,000mi warranty (5year/60,000mi on the battery/drivetrain)? What about not getting hit with expensive repairs down the road? Yes, in total electric cars possibly have less parts that can break than gasoline cars. Still it might happen. As I understood it, there is unfortunalty no way to extend the original Nissan warrenty, correct? As I understood it, all warrenty extentions are third-party products, or are they not?
Thank you for reading this post.