Sunday, May 7, 2017

RIP Chevy

Since I am on pace to go well over 20,000 miles this year on my LEAF, one might think that I would do anything for a longer range EV and I would do a lot and that is true!

Now don't get me wrong, the Bolt has the range. I had strongly considered it. After all, I spent premium money on my 2011 LEAF SL so it would not have been the first time I was swayed by EVvana and if I had to do it all over again, I wouldn't change a thing but today is different. We are farther down the EV road where as my 2011 had to clear a path.  There are options, considerations to weigh and one thing is really quite an easy decision.  Compromising my core values was not an option.

But options are soon to be had. I have a gasser; a Corolla.  Its old, beat up,  but runs reliably well.  Its not worth much but I need to replace it. I hardly ever drive it and even with minimal insurance and super cheap tabs, its still costing me over $600 a year which brings its TCO cost to over 30 cents per mile.  I do have a co-worker, a single mother who doesn't make any money (I know this because she works at the same company I do!) who had her car stolen out of the parking lot of K-mart while working 5-6 years ago. She will never get enough money together to get another one, no matter how cheap so I was simply going to give the Corolla to her.  Her not having a car also affects how much money she can make because she isn't scheduled to work unless there is a co-worker near by working the same job.  That option is limited to two people and I am one of them.  But we only work together on pharmacy jobs which is a lot of what I do but not that much.

Either way, I need another car. A longer range car and I don't want to go EREV or hybrid or whatever the PC term is these days. I want an EV that can fill the gaps.  I am a few days short of 6 months into my 2016 LEAF lease but I don't have 2½ years to make a decision. I have 45,000 plus a bonus (thanks Ray!) miles before I pay the penalties and I can't keep driving the LEAF as my primary car at the rate I am going.  Roughly speaking I have until mid 2018 to switch the LEAF to "around town" car.

But looking at the Bolt, I am still not finding the deals.  They are not passing all of the $7500 tax credit along unlike nearly EVERYONE else.

I ran the Bolt lease calculator for May and true to form, it went down again, so I attempted to email several dealers for details and got error messages on the website stating I was missing information. Even after filling out several fields with "NA" I was still unable to send one quote request. I guess this is a way to force me into the dealership...

This was for an LT with heated seats, floor mats and QC.  Weighted price is $483 a month. Don't know the rent fee (interest) or Money Factor (interest rate) or the residual (purchase price at the end of the lease) , all of which would be needed to determine the total cost.  Now, well qualified buyers were getting 4.9% interest on purchases so guessing lease terms will not be all that great for Chevy, or at least not the .07% term I got on my current LEAF.

But if thumbnailing costs,  my total payout on the lease term would be  $17,393.  We take $1500 (on the high end) for random fees, etc., the residual would be about  ($39K - $17 K - $7.5 K or in the $14.5 K range, maybe $15.5K at the most.... But I am thinking its likely to be closer to $22K which means Chevy will be pocketing the Federal Government's gift to me!

This is something I cannot accept in even the smallest of terms.  Even if Chevy cut the price to $20,000, if they kept a penny of the federal credit on a lease, they are nothing more than shysters in my eyes.  They are dead to me.

My Conclusion;  "Chevy who?"


  1. That about sums that up! Too bad, I'm REALLY looking forward to more 200 mile per charge cars!

    1. When LEAF II and the T 3 come out, I think Chevy will rethink their ideology on this. I am not the only one in this boat. I simply can't afford to let Chevy take this money out of my pocket. The downpayment is not a problem and neither is the monthly payment (despite the fact I will be paying on the LEAF at the same time) its simply the fact that the money is mine!

    2. The only way to be sure you get the full tax monies due to you is to buy outright.

      Whenever a dealer "passess" savings onto the consumer there is a temptation to claw back some or all the money. Fleeces are what dealers do best.

    3. JP; I am glad you are apparently in the tax bracket that would allow you to get the full $7500 back. I am not. Not even close. This is why I have to lease the car, get the full credits and discounts, then convert to purchase later. This is what I hope to do some day. I have a LEAF with 34,000 lease miles left, so I have time to investigate other options if need be.