Traded in The Green Machine ('16 Spark EV 2LT)

[bro1999]

What did I trade it in for? A '16 Spark EV 2LT!

Wait, what?!

I leased a 2LT Spark EV back in May. I thought at the time I got a really nice deal (MSRP $27,135 2LT for 36 months/10k miles for $150/month, $150 down). After kicking the tires around a bit with the dealer I leased Spark #1 from, I ended up trading it in for a new Spark EV lease!

Same exact specs as the first Spark, except the color. Despite nearly $2k in negative trade equity, I was able to lease a new Spark EV for $2/month less than my old Spark!

Vitals:
MSRP: $27,135
Term: 36 months, 10k miles/year
Sale price: $23,822 ($3,313 dealer discount)
Lease cash: $10,475
Private offer: $500
Farm bureau: $500
GM earnings: $108
Residual: 40% ($10,854 lease end buyout)
Money down: $0
Monthly payment: $147.99

Rolled in $1,957 negative equity on the old Spark, but got a $810 tax credit for the trade-in value of that Spark ($13,500), which was applied towards the new Spark. Monthly payment would have been just $116/month without the negative equity from Spark #1. If I was eligible for the $2,300 MD EV tax credit, my monthly payment would have been just $52/month!

Third time I've cashed in on the $500 farm bureau rebate....best $60 I ever spent.

 

[QuietRider]

Congratulations!

What color is the new Spark?

It would be good to learn more about the $2300 MD EV Tax Credit - hadn't heard about that one. The MD sales tax refund is another helpful perk.

Nothing like getting a new car and lower payments!!

Thank you,

 

[bro1999]

Congratulations!

What color is the new Spark?

It would be good to learn more about the $2300 MD EV Tax Credit - hadn't heard about that one. The MD sales tax refund is another helpful perk.

Nothing like getting a new car and lower payments!!

Thank you,

Went from Lime Green to Salsa Red. The MD tax credit I mentioned is the same as the tax refund you are referring to.

I was surprised they were able to beat my current monthly factoring the negative equity on the green Spark! They really want to move those remaining Spark EVs off the lot.

 

[QuietRider]

Went from Lime Green to Salsa Red. The MD tax credit I mentioned is the same as the tax refund you are referring to.

I was surprised they were able to beat my current monthly factoring the negative equity on the green Spark! They really want to move those remaining Spark EVs off the lot.

That is a pretty good state rebate for MD. Thanks, Bro!

There were plenty of Spark EVs on the lot in June when I was shopping for one - the big Chevy rebates should be returning later in the season. Seemed like they were anxious to give me money off on a purchase, too.