End of Lease

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vizcarmb

Member
Joined
Sep 29, 2013
Messages
7
Hi

My lease is ending at the end of Sept, what have you guys done when your lease ended? Got a 2014 in sept 2013, anyone had the experienced of returning a lease
 
Got a quote ($13,814 for my 2014 2LT with 35k miles) from lessor bank. My lease is a 36mo lease with 15k miles/yr that will end this November. The bank originally wanted $18,435 as payoff amount. I told them the car is nowhere near that in value due to EV obsolescence issue, and they came back with the $13k figure. Hope this helps you.
 
You can currently purchase one new at a local dealership here for a little over 19k. Assuming you qualify for full $7500 tax credit that makes it less than $12k for a new spark ev....

My residual on my lease is around $15k - I can't imagine buying it at the end of the lease unless they come *way* down...

And for the previous post - NADA gives trade in value of ~$9k and retail of $11k for 2014 spark ev 2lt with 35k miles...

jeff
 
I was kind of hoping they might let me lease it month to month-- is that unlikely?
 
My lease is up April of 2017 and I am already wondering what to do. I would like to buy it, but the price on the lease paperwork is $16k. Right now here in CA, you can BUY a new one for about $11k after all rebates (part of Chevy's 20% off sale). My Spark now has 33k miles on it. So what to do? I won't be able to lease another new one because they will not be available anymore in April 2017. I would buy it for around $8k bucks at the time I would think? But do lease companies negotiate the purchase price in the end? I would like a Bolt of course, but it will probably be too expensive.... and I like my Spark and would like to keep it, but I am not going to pay 2x as much as it is worth. It seems a smarter business decision for them to sell the car to me and be done with it for 8k. I guess we shall see.
 
CSW said:
My lease is up April of 2017 and I am already wondering what to do. I would like to buy it, but the price on the lease paperwork is $16k. Right now here in CA, you can BUY a new one for about $11k after all rebates (part of Chevy's 20% off sale). My Spark now has 33k miles on it. So what to do? I won't be able to lease another new one because they will not be available anymore in April 2017. I would buy it for around $8k bucks at the time I would think? But do lease companies negotiate the purchase price in the end? I would like a Bolt of course, but it will probably be too expensive.... and I like my Spark and would like to keep it, but I am not going to pay 2x as much as it is worth. It seems a smarter business decision for them to sell the car to me and be done with it for 8k. I guess we shall see.
The federal tax credit is not a "rebate" like the $2500 California Clean Air Rebate or other County Clean Air Rebates like the $3000 San Joaquin County Clean Air Rebate. To claim the full Federal $7500 tax credit, you have to have a tax liability of $7500 or more (form 1040 line 63) prior to applying any payments or credits. Said another way, the amount shown on form 1040, line 63 is the amount of the $7500 credit you can claim for the tax year in which you purchased your vehicle. Second, the $2500 California Clean Air Rebate ran out of funds in June and is currently on hold pending receiving more funding. The timing of a decision to purchase needs to be carefully thought out. I too hope the buyout is negotiable as I plan to keep my 2015 Spark EV 2LT car when my lease is up in 2018.
 
Hi Everyone

I just came on this forum and I am having a dilemma, I am leasing the spark EV 2LT for 153/month on closed end lease for 39 months and have the option to purchase the car at end of lease around FEB of 2019 for 10,300

Any suggestions or ideas?

Fresh out of college have a decent paying career position.

Thanks
 
To me , it would depend on what it is worth ( in cold hard dollars ) at that time . Versus the cost of something else .

Will you wish to try one of the newer 200 + mile cars coming out " any time now " .

God bless
Wyr
 
My lease is also up Spring 2017 and I would prefer to buy the car, but with a residual of $14k+ that would never happen. I will likely return and try and purchase a lease return from somewhere else for some ridiculously low price. I figure these cars will likely be nearly given away when all the lease returns start coming in.
 
If you have a spring 2017 turn-in date and want to keep it, why not take out a lease on a new 2016, assuming that GM is willing to buy out your old lease as part of the deal? Your buy price in 2019 will be $10,700 or less, assuming you haven't found something better by then.
 
I bought my spark instead of leasing it because I want to keep it long-term. I have a 40 mile round trip commute that I drive 2 or 3 times a week, a bicycle and a gas burner, so it is perfect. I paid, after CA and Fed tax credits/rebates, less than $14k "out the door." Many have done better, yes. I could have leased it, but then I would have had to worry about tires, damage, mileage, etc. and the residuals at the time on leases were roughly the same as the price I paid. Yes, I could have negotiate that but I wanted to buy it. I mean, $14K is not much for a car, especially when you're like me and can charge with the included 120 charger. Also, in two years, when my lease would have been up, how many cheap new EVs will there be for purchase or lease. Sure, plenty of them coming off lease, but I don't like used cars. Showing my bias here, especially not used GM cars. $30K is more than I ever want to pay for any car, Bolt, Tesla, Leaf, whatever. So given the uniqueness of the car and its low price, I think buying makes sense.
 
TurboSoCal said:
My lease is also up Spring 2017 and I would prefer to buy the car, but with a residual of $14k+ that would never happen. I will likely return and try and purchase a lease return from somewhere else for some ridiculously low price. I figure these cars will likely be nearly given away when all the lease returns start coming in.

Around San Francisco, used Spark EVs start at about $12,000 - most run over $13K. The 'very low mileage' (under 3000 miles) dealer cars are about $14K.
 
Meanwhile, here in Sacramento, the Ford dealer here is selling 4 Focus EVs for $9k. Under 30k miles. This is a car that stickered for $8-10k more than the spark ev when new......so the spark should sell for even less yes?
 
CSW said:
Meanwhile, here in Sacramento, the Ford dealer here is selling 4 Focus EVs for $9k. Under 30k miles. This is a car that stickered for $8-10k more than the spark ev when new......so the spark should sell for even less yes?

Nope. That's not how capitalism works. The used price *should* reflect how much a person is willing to pay for one (more or less). If the electric focus is available for $9k, then that is what it is worth (or less, if they don't sell at that price).
 
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