jth4
Posts: 3
Joined: Mon Jun 24, 2019 1:24 pm

2016 Spark - End Of Lease, Should I Buy?

Wed Sep 04, 2019 9:52 am

Hi everybody. Our lease ends this month on our 2016 Spark EV and we think we'd like to buy it, but was curious if anyone has any advice. It has about 17k miles and the buyout cost would be between $8-9k (I'll have to double check). Haven't had any major issues with it and we love driving it. A longer range would be nice, but isn't critical since most of our driving is in-town. My thinking is that at a rate of ~17k miles over three years, we should still be able to get lots of use out of it, but I'm curious what I should look for in making this decision in terms of battery degradation, newer EVs to consider, or anything else? It's our first time buying a car via a lease end buyout (usually we buy used from private parties), so any help is appreciated!

Plus, it's the awesome lime color which looks amazing! And we live in the Portland, OR area if our climate is a factor to consider.

Thanks!

MrDRMorgan
Posts: 977
Joined: Wed Oct 30, 2013 7:27 am
Location: Manteca, California

Re: 2016 Spark - End Of Lease, Should I Buy?

Wed Sep 04, 2019 11:28 am

Be sure to check your lease contract and possibly with the dealer from whom you leased the car. My end-of-lease experience was that GM wanted much more than and equivalent used Spark EV was going for on the open market. I just checked cargurus.com and I found two 2016 Spark EV 1LTs near me (Central California). One was selling for $8599 with only 14,201 miles on the ODO. The other one was selling for $7995 with only 11,793 miles on the ODO.

jth4
Posts: 3
Joined: Mon Jun 24, 2019 1:24 pm

Re: 2016 Spark - End Of Lease, Should I Buy?

Wed Sep 04, 2019 12:44 pm

Ah -- good looking out @MrDRMorgan. Just called GM Financial and the buyout price is: $10,311.30 (gotta have that thirty cents!) which is a little bit more than I was thinking, but not too bad yeah? Checked CarGurus and the 2016 Sparks near me seem to hover around that price, maybe a little below (none were the electric lime color though!). I guess I'm satisfied enough with the buyout price considering the convenience and confidence (and the color!) that comes with keeping the car we're already familiar with, but thanks for recommending those action steps!

Mesasand
Posts: 13
Joined: Sat Jan 19, 2019 10:14 pm
Location: Las Vegas, NV

Re: 2016 Spark - End Of Lease, Should I Buy?

Thu Sep 05, 2019 10:33 am

Also don’t forget to check GMs Certified Pre Owned website. I’ve seen several 2016 CPOs listed for 9k.
Mesasand
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2016 Spark EV LT2, 30k miles

MrDRMorgan
Posts: 977
Joined: Wed Oct 30, 2013 7:27 am
Location: Manteca, California

Re: 2016 Spark - End Of Lease, Should I Buy?

Thu Sep 05, 2019 12:03 pm

jth4 wrote:
Wed Sep 04, 2019 12:44 pm
Ah -- good looking out @MrDRMorgan. Just called GM Financial and the buyout price is: $10,311.30 (gotta have that thirty cents!) which is a little bit more than I was thinking, but not too bad yeah? Checked CarGurus and the 2016 Sparks near me seem to hover around that price, maybe a little below (none were the electric lime color though!). I guess I'm satisfied enough with the buyout price considering the convenience and confidence (and the color!) that comes with keeping the car we're already familiar with, but thanks for recommending those action steps!
Good choice. You already know well the car you currently have so there will not be any surprises. Had the buyout for my leased 2015 Spark EV been closer to the going price at the time, I would have purchased it. Fortunately, the used 2014 and 2016 Spark EVs I purchased have been completely trouble-free.

Good Luck with "Sparkie".

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