Nissan Announces Up To $7,000 Credit For Buying Your Leased

[caffeinekid]

At 60,000 miles, my math comes out to about $7,200 in gas based on the mileage the car replaced got... Of course, one must then deduct the cost, if any, of electricity from that number...

Those with 2011 models have now realized 4.5 years of driving gas free. In my household, that would have saved me $12,000 in fuel, plus the savings from no oil changes or other ICE related maintenance. Makes the depreciation look not quite as bad.

Yep. And about half as much if replacing something like a Prius. I haven't realized any significant savings from the Leaf over the Prius, all things considered & comparing apples to apples.

 

[Valdemar]

I did well in gas and maintenance compared to the 21mpg premium gas that my Leaf replaced, $11,500 savings in gas alone so far. But the depreciation is a killer, overall TCO would be about the same over 4 years and 80,000 miles, which I think is not too bad considering the Leaf was brand new vs. a 7yo car that depreciates slower. But yes, it is significantly worse than expected and I would be much better of money wise if I got a Prius instead. Still, I expect my Leaf TCO to be lower over 6 years than 2 or 3 back to back Leaf leases over the same time for the same car/mileage.

 

[DaveEV]

Those with 2011 models have now realized 4.5 years of driving gas free. In my household, that would have saved me $12,000 in fuel, plus the savings from no oil changes or other ICE related maintenance. Makes the depreciation look not quite as bad.

I'm at 4 years / 40k miles now. Old car (Subaru WRX) was good for about 21-22 mpg with premium fuel. Average price of gas has been around $4/gallon over this time, so would have cost about $7,300 in gasoline.

I've spent about $1,600 in electricity (around 3.7 mi/kWh from the wall, 10,800 kWh at $0.15 / kWh), or about $5,700 saved in fuel costs.

But depreciation sucks. I sold the WRX for $9,000 after 8+ years and 100+k miles. Cost of the car was about the same as the LEAF - $25k including taxes / rebates. The LEAF is only worth about that much after half the time and less than half the miles, so in the end, it's probably about a wash or so.

This would be fine if the battery held up, but at 49 Ah it's down about 25% in capacity. I didn't expect to be here until 8 years of ownership or so, so the battery is losing capacity twice as fast as I expected. If the car started with 100 miles of range instead of 75, the capacity loss would be a lot more manageable.

Still, with used LEAFs to be had around $10k, it's tempting to pick another one up to use for local driving, but I hate to have two limited range vehicles. Makes a lot more sense to go with a PHEV which would tally on nearly the same number of EV miles but still get near-Prius like fuel economy on road trips and I don't need to buy a house with a bigger garage to park 3 cars.

 

[eatsleafsandshoots]

I am so, so insanely glad that I leased. Between the federal tax credit, state tax credit, and this buyout credit, I will have essentially paid $19k for a $35k car.

 

[mwalsh]

I am so, so insanely glad that I leased. Between the federal tax credit, state tax credit, and this buyout credit, I will have essentially paid $19k for a $35k car.

I bought (early) and mine cost me $22.5k with those same incentives (except the buyout credit, of course). Hardly a difference worth wetting ones pants in excitement for.

 

[RonDawg]

I'm likely not going to go for this offer. My buyout price even with this offer is $13k. A quick BlueBook check is $9500 for one like mine in "Excellent" condition in my area, and we all know how BlueBook tends to be optimistic about its values.

I am so, so insanely glad that I leased. Between the federal tax credit, state tax credit, and this buyout credit, I will have essentially paid $19k for a $35k car.

I bought (early) and mine cost me $22.5k with those same incentives (except the buyout credit, of course). Hardly a difference worth wetting ones pants in excitement for.

While an extra $3500 off the price of my $35k car is not enough to wet my pants over, it's certainly enough to take a nice short vacation, or even a week long one depending where you go and where you stay.

 

[Elephanthead]

Yikes my 2012s residual value is $18,000. I would need $8,000 off to buy it out.

 

[eatsleafsandshoots]

I am so, so insanely glad that I leased. Between the federal tax credit, state tax credit, and this buyout credit, I will have essentially paid $19k for a $35k car.

I bought (early) and mine cost me $22.5k with those same incentives (except the buyout credit, of course). Hardly a difference worth wetting ones pants in excitement for.

I agree, but my 401(k) enjoyed a nice $3,500 post-tax boost that it otherwise wouldn't have had. Good with money.

 

[dhanson865]

At 60,000 miles, my math comes out to about $7,200 in gas based on the mileage the car replaced got... Of course, one must then deduct the cost, if any, of electricity from that number...

Those with 2011 models have now realized 4.5 years of driving gas free. In my household, that would have saved me $12,000 in fuel, plus the savings from no oil changes or other ICE related maintenance. Makes the depreciation look not quite as bad.

Yep. And about half as much if replacing something like a Prius. I haven't realized any significant savings from the Leaf over the Prius, all things considered & comparing apples to apples.

I bought a 2005 Prius used and now a 2012 Leaf used.

You can see the rest of the math at http://ecomodder.com/forum/showthread.php/nissan-leaf-30243-9.html#post483049" onclick="window.open(this.href);return false; but the short version is

Assuming no surprises on repairs for the Leaf I expect the cost per mile to always favor the Leaf with the comparison currently at

~2 cents per mile Leaf (around $0.10 per kWh)
~4 cents per mile Prius (around $2.50 per gallon)

with my costs in TN and assuming gas to kWh pricing stays in the ballpark of the current ratio of 25 to 1.

I paid less for my used Leaf than if I had gotten a 2nd Prius so I'm saving something like $300 a year in fuel costs with the Leaf and saved $1000 or so off the cost of buying the car.

I'm wondering the price of electricity vs gas for TomT and asimba2 or are they ignoring the cost of electricity and only quoting the cost of gas in those numbers?

 

[rogersleaf]

I am so, so insanely glad that I leased. Between the federal tax credit, state tax credit, and this buyout credit, I will have essentially paid $19k for a $35k car.

Nissan's problem is they wanted (or needed) $35K for a $19K car. That is why they have a problem with residual values. The beauty of a lease is the problem is Nissan's, not yours.

 

[TomT]

As it says in my original post: "Of course, one must then deduct the cost of electricity from that number... About $2,000 in my case."

I'm wondering the price of electricity vs gas for TomT and asimba2 or are they ignoring the cost of electricity and only quoting the cost of gas in those numbers?

 

[MikeinDenver]

I personally hope these are still around when my lease is up. I will take it in a heartbeat. With a commute of 15-16 miles round trip and the ability to L2 charge at home I can see it lasting forever as a commuting vehicle at least until I move again for work.

 

[addseo2015]

Thanks for posting the interesting information.
Good to see your news.
Nice to be member here.

 

[VegasBrad]

Thanks for posting the interesting information.
Good to see your news.
Nice to be member here.

Your welcome, lots of good people here you will find.

 

[onlyonechop]

With this offer ending at the end of June, I'm trying to figure out if I should pull the trigger now or holdout and hope Nissan ups the offer in the following months. :?:

 

[DaveinOlyWA]

great deal but my lease runs till Dec 2016 and I really don't know what my buyout price is because it is really not an option. I will likely turn it in at 45,000 (or more which is looking pretty likely right now) with 10-12% degradation but that is miles that I do need.

So I will be moving on to the longer range LEAF going for the most I can afford although I suspect I will get much better range for not much more money. If the tax credit is still kicking, it really becomes a no brainer for me.

as for gas savings, I have run a side by side comparison against 3 different cars; 2010 Prius, 2012 Yaris and 2000 Corolla which takes into account the variances in cost from both electricity and fuel. With the Prius, I did not save the most because it lived when gas prices were high plus it did mixed driving which lowers its efficiency. The Corolla is only used for highway driving and primarily on trips of at least 40 miles one way. So it boosts the mileage to over 40 mpg (year round average 38.91) in Summer.

With electricity cheap, my LEAF's current running average for charging is 1.7 cents per mile with just over .2 cents per mile added to cover public charging fees. I currently am able to do most of my driving without stopping and that will change come next year as degradation sets in.

As far as depreciation goes, we are making payments on the Yaris ($256 a month) and lease payments on the LEAF ($245) but there is no comparison to perceived value and TCO, the LEAF is in a different class. Based on reimbursement for mileage driven for work, I literally drive a completely free car.

So I think that Nissan needs to provide a bit more incentive (which I think they will in a year or so) for me to rethink my situation. For anyone coming off lease late next year, I think you will be boggled by the options available to you

 

[rrsmith5]

Here is my lease cost break down.... At the end of my lease the $7000.00 off will still be too little..


I am / was an extremely happy owner of a 2013 Leaf SV.. In a little over 24 months Ive logged 25,007 miles.. I’ve got another 12 months until my lease expires so I’ve begun looking into my choices.
Should I lease again?
Should I buy?
If I buy .. New ? Used ??

Here are the final numbers on my 36 month lease..


$5700.00 down
$7500.00 Fed rebate
$13,200.00 INVESTMENT IN LEAF

36 Month lease @ $286.65 = 10319.40

$ 23,519.40 Total out of pocket for 36 months

$653.31 Actual cost to me to lease the leaf for 36 Months..


The buy out on the lease is over $17,000.00 in April 2016 .

 

[MGS9500]

I evaluated this deal and considered buying the car and "flipping" it. My buy out with a 2013 Nissan SL Leaf was about $12,500 including the rebate.

On a buy out you need to pay for sales tax and vehicle registration. There is no direct transfer or "flip" possible.

So, a resale for a negligible or break even profit would require a minimum of about $13,500. I called several dealers and found the car is selling on the used market of about $14,000 and no one is interested in buying it.

So, I turned it in.

 

[eloder]

It sounds like this new residual is built into new leases.

My 2015 S with quick charge was $2400 down, $242 a month on the lease, and $10500 on the residual after 3 years / 12k annual miles.

I'd still consider it a pretty great deal. Brand new car, Lizard battery, ~9k in total lease payments, and if I choose to buy out over 2018 options I can do so for less than the price of a current used 2012 in my area.