Anybody buy spark their at end of the lease? $?

Has anybody bought their spark at the end of the lease yet? If so, how much?

U.S. Bank called yesterday and offered to sell me my 2014 Spark for $10,700 including tax. Level 2 without DCFC and a 12K mile/year lease.

It sounded good until I started looking around at some of the lease rates on a new one.

I have a deposit on a Tesla 3 but that's at least a year and a half away. And if the federal subsidy goes away, I'll probably bail on the Tesla. I don't want or need to spend $40K on a car especially since it doesn't have a hatch and can't carry things that my Spark can.

Hmm. What to do?

The Chevy web-site has a "trade in value estimator" on their web site. It gives you the black book value of your car. It is a tool dealers use to help determine trade in value. I put in my info for my 2014 spark, with almost 40k miles on it with the DC option. It came back between 7 and 8k value. My lease is up 6 months from now, so it will be worth even less. My lease paperwork says I can buy it for 16k. I want to keep a spark for years to come, and chevy is no longer making the spark, so if I don't try to get a new one now I could be screwed if they don't give me a good deal on my current spark! I can buy a new spark right now here in CA for about 11k after all incentives (I qualify for them). Sooo, alas, I too am in a "what to do?!" situation. Best case scenario? They sell me my current spark for the black book value at the time, I am figuring 6-7k......

2nd best case, if they won't sell it to you for 6k, you turn it in and give the VIN to somebody who can buy it at the dealer auction for you. That somebody will want $500-1000 for his trouble.

3rd best, lease another while you can. The $2500 state money is two per person per lifetime, right?
Do you have a wife?

As for the Model 3, I think you'll find the Bolt is what the 3 would be if Tesla had GM's engineering budget. Tesla's batteries are as good as GM's now, but I don't know when Tesla's motor/transmission will match GM's in quality and efficiency. (they'll probably always be the tops in size/power)

I doubt dealer will sell it for $6K 6 months from now. One can see in autorader and cars.com and other places that 2014 with many miles is going for about 12K typically. Assuming some negotiation, 10K might be what they would go for.

But I like Taxman's suggestion. It might be interesting if anyone's done that and if they would list reputable guys to go for such service.

Taxman said:

I think you'll find the Bolt is what the 3 would be if Tesla had GM's engineering budget.

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I don't think so. Tesla consistently compete against gas cars in its price range. That's evident in Tesla 3's claimed 0-60 MPH under 6 seconds, which is among the top of $35K cars . They would not have made Bolt to be the bottom of similarly priced gas cars and come only with FWD. Rather, Tesla Bolt would be quicker with RWD as base, and option for AWD and bigger battery to dominate against all cars of its price range.

I had hoped "Tesla Bolt" mentioned above would be Chevy Bolt, seeing how SparkEV dominated against all gas cars of its price range. Alas, Bolt is more like Nissan Leaf than SparkEV.

As for motor / battery, GM is doing much better than Tesla. One can see this in C rating of SparkEV battery at DCFC and driving. While Tesla is barely 1C or 1.5C while charging, SparkEV is over 2.5C sustained, like that of Tesla with ludicrous mode but available only for very short time . Meanwhile, Bolt is only 0.8C. If GM put their resources behind EV, they could've made Bolt far more capable. So far, no such luck even when we know GM is capable of so much more.

CSW said:

The Chevy web-site has a "trade in value estimator" on their web site. It gives you the black book value of your car. It is a tool dealers use to help determine trade in value. I put in my info for my 2014 spark, with almost 40k miles on it with the DC option. It came back between 7 and 8k value. My lease is up 6 months from now, so it will be worth even less. My lease paperwork says I can buy it for 16k. I want to keep a spark for years to come, and chevy is no longer making the spark, so if I don't try to get a new one now I could be screwed if they don't give me a good deal on my current spark! I can buy a new spark right now here in CA for about 11k after all incentives (I qualify for them). Sooo, alas, I too am in a "what to do?!" situation. Best case scenario? They sell me my current spark for the black book value at the time, I am figuring 6-7k......

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I doubt the bank would sell you the vehicle for the Blue Book trade-in value. Rather, you should expect to pay the going market value. However, it never hurts to make an offer to the bank and see what they do. Negotiate your best deal and then make your decision.

You should also check http://www.cargurus.com for your area to see what price range the vehicle is selling for. I intend to purchase my 2015 Spark EV 2LT at the end of my lease in 2018 "IF" I can negotiate a better price than what is given on the lease. My plan it to offer the bank the market price for my car at the end of the lease. If I can't negotiate a deal, it goes back.

Taxman said:

2nd best case, if they won't sell it to you for 6k, you turn it in and give the VIN to somebody who can buy it at the dealer auction for you. That somebody will want $500-1000 for his trouble.

3rd best, lease another while you can. The $2500 state money is two per person per lifetime, right?
Do you have a wife?

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*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

SparkevBlogspot said:

... If GM put their resources behind EV, they could've made Bolt far more capable. So far, no such luck even when we know GM is capable of so much more.

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Capable?
You mean fast? On dry roads?

We will be able to compare prices some day for all the versions Tesla talks about.
I need FWD and a hatchback. The Bolt will probably meet it's advertised price, soon !!
But for now, I can live with an 82 mile rated EV.

Maybe GM is going for the long haul reliability aspect of EV.
Tesla allows "cranking it up to 11" for fun, for a moment, but maybe at a cost of reliability.

Look up Tesla 'drive unit replacement'. http://www.teslarati.com/like-need-tesla-drive-unit-replacement/

And 'thousands of 18650 size li-ion laptop cells' for a battery pack. Does that make sense in this day and age? Although I guess the degradation is decent compared to some EV's.

We are still in the early days of EV. Only time will tell about long term reliability. Stay tuned!

NomadMac said:

U.S. Bank called yesterday and offered to sell me my 2014 Spark for $10,700 including tax. Level 2 without DCFC and a 12K mile/year lease.

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is your lease up? Did they proactively call you?

Neon said:

*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

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Seek out one of the few that are subscribed to the 20% of MSRP rebate. Even at MSRP, it gets pretty attractive with a $5k+ rebate and $9800 (MD) or more (CA) government aid (if you can use the $7500 federal credit).

Taxman said:

Neon said:

*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

Click to expand...

Seek out one of the few that are subscribed to the 20% of MSRP rebate. Even at MSRP, it gets pretty attractive with a $5k+ rebate and $9800 (MD) or more (CA) government aid (if you can use the $7500 federal credit).

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That is what I am looking at. Here in CA, there are some with the 20% off, so the car is like 20k, then less the 7500 federal and the 2500 CA rebates, the spark is like 10-11k BRAND NEW! Crazy cheap! Maybe I should go to the dealer and see if I can trade-in my lease early since I would be buying a new one? What-to-do?? Hmmmmm

Usually they'll cover your old lease obligations if you lease another one. Don't know if they'd do it for a new purchase.

Can your spouse/teens use the old one for the winter?
Sub-let it to your neighbor for $100 a month?

Taxman said:

Neon said:

*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

Click to expand...

Seek out one of the few that are subscribed to the 20% of MSRP rebate. Even at MSRP, it gets pretty attractive with a $5k+ rebate and $9800 (MD) or more (CA) government aid (if you can use the $7500 federal credit).

Click to expand...

Being able to use the full $7500 federal Tax Credit is the difficult part. You need to owe $7500 in federal taxes on your form 1040 prior to applying any credits / payments. Not everyone can take advantage of the full credit and it does not carry over to the following year. I live in San Joaquin County in California. The total rebates / credits available to me are $7500 federal tax credit, $2500 California Clean-Air rebate and $3000 San Joaquin County Clean-Air rebate. That's $13,000 off of the retail price of the car including tax, license and dealer fees. Unfortunately, I can use very little of the $7500 federal tax credit.

MrDRMorgan said:

Taxman said:

Neon said:

*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

Click to expand...

Seek out one of the few that are subscribed to the 20% of MSRP rebate. Even at MSRP, it gets pretty attractive with a $5k+ rebate and $9800 (MD) or more (CA) government aid (if you can use the $7500 federal credit).

Click to expand...

Being able to use the full $7500 federal Tax Credit is the difficult part. You need to owe $7500 in federal taxes on your form 1040 prior to applying any credits / payments. Not everyone can take advantage of the full credit and it does not carry over to the following year.

Click to expand...

Which is why I'm stuck with buying used or leasing new.
I wish that 20% rebate would stack with $10,475 of lease cash.

Heck, I just wish the $500 Farm Bureau cash I'd been counting on was real (I'm in one of the nine states that doesn't have the GM discount. I joined Indiana Farm Bureau yesterday, but that still means no $500 discount for me until the middle of November due to the 30 day wait).

MrDRMorgan said:

Taxman said:

Neon said:

*Or buy another while you can. I know I would regret not having this car 5 years from now. Maybe even 10.

Click to expand...

Seek out one of the few that are subscribed to the 20% of MSRP rebate. Even at MSRP, it gets pretty attractive with a $5k+ rebate and $9800 (MD) or more (CA) government aid (if you can use the $7500 federal credit).

Click to expand...

Being able to use the full $7500 federal Tax Credit is the difficult part. You need to owe $7500 in federal taxes on your form 1040 prior to applying any credits / payments. Not everyone can take advantage of the full credit and it does not carry over to the following year. I live in San Joaquin County in California. The total rebates / credits available to me are $7500 federal tax credit, $2500 California Clean-Air rebate and $3000 San Joaquin County Clean-Air rebate. That's $13,000 off of the retail price of the car including tax, license and dealer fees. Unfortunately, I can use very little of the $7500 federal tax credit.

Click to expand...

I do qualify for the 7500. Barely. I heard about that San Joaquin credit for lower-income and that is a good one! So, I am still stuck at "what to do..............." sigh. I would prefer to just keep my "old" 2014 spark..... but if you can get a new one for the same as buyin my old spark with 40k miles on it....... I am going to call the finance company on Monday and see what they say to me just buying it NOW, and if that is possible, how much?

Well, I just spoke to Ally bank via chat and they were no help. Just quoted me the paperwork. They told me to speak to the dealer. Also, I ran the numbers on buying a new spark, with taxes and destination fees and such, it is more like $14k out-the-door to buy a new one, even with the 20% off and $10k in rebates......

KBB.com puts trade-in value (low blue book) at a range of 7600 to 9700, with an expected value of 8600. Private party is at 10600. ...... it seems the bank offered nomadmac about private party kbb value, so maybe I can expect about that 6 months from now? It is looking like I am just gonna hafta gamble and see what happens 6 months from now......

Dealers use NADA price guides when buying, they show Kelly to retail buyers to 'prove' their prices are low.

I haven't paid attention recently, but Edmunds trade in prices were lower than a dealer could ever hope to buy at auction several years ago.

I'm thinking EV prices are falling fast and even NADA is higher than this month's actual sales.

http://www.nadaguides.com/Cars/2014/Chevrolet/Spark-EV

When a lessor sells a car, they've got to ship it to an auction, sell it wholesale to a dealer, and pay fees to the auction house. If they can sell it to the lessee for the auction's hammer price they're money ahead. The residual is supposed to be the expected wholesale value at lease end.

CSW said:

NomadMac said:

U.S. Bank called yesterday and offered to sell me my 2014 Spark for $10,700 including tax. Level 2 without DCFC and a 12K mile/year lease.

Click to expand...

is your lease up? Did they proactively call you?

Click to expand...

January 31, 2017. Yes.

I called them a few months back and they told me $19K+

Good info taxman. Nada puts spark at 8100 for average trade-in, 8900 for clean trade-in, and 11300 for retail. So I assume "average trade" would be my spark? Lets hope so! I would hope the bank would do the smart thing and come out ahead and just sell the car to the person leasing it and make the process easier and make even more money for themselves...... but with banks, sometimes the drones don't make logical decisions....