GerryAZ
Gold Member
Posts: 2954
Joined: Mon Nov 22, 2010 6:47 pm
Delivery Date: 12 Jun 2011
Location: Phoenix, AZ

Re: Lease vs cash vs finance?

Fri May 14, 2021 6:09 pm

LeftieBiker wrote:
Fri May 14, 2021 5:19 pm
SageBrush wrote:
Fri May 14, 2021 5:04 pm
If Prescott is hot Arizona, think twice about a LEAF
Certainly think twice about buying one, or leasing one with the intent to buy it.
Prescott is cooler than Phoenix. The 62 kWh battery in my 2019 SL Plus is doing fine after 21 months and 31k miles (still above 93% SOH) in Phoenix so I would not be too concerned about battery longevity in Prescott (especially with high annual mileage use). I recommend purchase for high mileage use if you are certain you can use the full tax credit. When you lease, Nissan Financial gets the tax credit and you hope they share it with you by discounting the lease payments.
Gerry
Silver LEAF 2011 SL rear ended (totaled) by in-attentive driver 1/4/2015 at 50,422 miles
Silver LEAF 2015 SL purchased 2/7/2015; traded 8/10/2019 at 82,436 miles
White LEAF 2019 SL Plus purchased 8/10/2019

LeftieBiker
Moderator
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Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: Lease vs cash vs finance?

Fri May 14, 2021 6:30 pm

When you lease, Nissan Financial gets the tax credit and you hope they share it with you by discounting the lease payments.
No. They provide it up front, as additional down payment, and you know exactly what you are getting from them before you sign the lease.
Brilliant Silver 2021 Leaf SV40 W/ Pro Pilot & Protection
2009 Vectrix VX-1 W/18 Leaf modules, & 2 lithium E-bicycles.
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PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

WetEV
Posts: 4376
Joined: Fri May 04, 2012 8:25 am
Delivery Date: 16 Feb 2014
Location: Near Seattle, WA

Re: Lease vs cash vs finance?

Fri May 14, 2021 8:32 pm

SageBrush wrote:
Fri May 14, 2021 5:04 pm
If Prescott is hot Arizona, think twice about a LEAF
Any FUD to sell Teslas, right?
Prescott, AZ has a mild climate.
WetEV
#49
Most everything around here is wet during the rainy season. And the rainy season is long.
2012 Leaf SL Red (Totaled)
2014 Leaf SL Red
2019 eTron Blue

DaveinOlyWA
Posts: 15635
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 16 Nov 2019
Leaf Number: 319862
Location: Olympia, WA
Contact: Website

Re: Lease vs cash vs finance?

Sat May 15, 2021 6:39 am

eyedrop wrote:
Fri May 14, 2021 11:29 am
I found a new 2020 SL Plus with 12 miles selling for an advertisement price of 32k. Dealer says I can get it for only $30k if I lease.

I told the salesman I drive a ton, 30k miles a year and he said leasing would still be a better option for me vs buying cash.

The dealer doesn’t know it yet, but I will ultimately be trading in my 2017 S550 for it, which is valued at $ 38k.

I plan on using the fed tax credit to its fullest extent.

How should I go about this purchase? Lease vs cash vs finance?

Thanks…
Your post is a bit vague. The prices stated is your negotiated price? So you lease @ 30K this does or does not include your "cash" payment (which is the federal credit plus any Nissan cash?) or not?

The reason I ask is on a 2021, it would be a great deal. On a 2020, it would be an average deal. The purchase of 32k means another $7500 in tax credits should you have that much liability. These are things you need to clarify.

Otherwise, I would look at what your financing options are. Sounds like you can easily afford zero interest 72 month terms on a purchase. This I think would be your best bet. If lower payments are better for you, then do a lease to purchase. Instant fed credit means only slightly more total on payments but payments would be less.
2011 SL; 44,598 mi, 87% SOH. 2013 S; 44,840 mi, 91% SOH. 2016 S30; 29,413 mi, 99% SOH. 2018 S; 25,185 mi, SOH 92.23%. 2019 S Plus; 19,653 mi, 93.47% SOH
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SageBrush
Forum Supporter
Posts: 6252
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: NM

Re: Lease vs cash vs finance?

Sat May 15, 2021 8:33 am

eyedrop wrote:
Fri May 14, 2021 11:29 am
I told the salesman I drive a ton, 30k miles a year and he said leasing would still be a better option for me vs buying cash.
This is why car salespeople are useful -- you know right off the bat what choice to avoid like the plague.
2013 LEAF 'S' Model with QC & rear-view camera
Bought Jan 2017 from N. California
Two years in Colorado, now in NM
03/18: 58 Ahr, 28k miles
11/18: 56.16 Ahr, 30k miles
09/20: 54.3 Ahr; 38k miles
-----
2018 Tesla Model 3 LR, Delivered 6/2018

eyedrop
Posts: 36
Joined: Sun Sep 25, 2016 10:46 pm
Delivery Date: 04 Oct 2016
Leaf Number: 312554
Location: Black Canyon City, AZ

Re: Lease vs cash vs finance?

Sat May 15, 2021 1:49 pm

Well, I bought the car cash yesterday. The biggest driver in it was simplicity, as I never know what the future may be like financially, and don’t want to be stuck with any payments… And with no clear savings winner either way, I just ended up buying. I have lots of capital gains from selling TSLA so will be utilizing the credit fully. And to make things interesting, I now live in the hotter climate of AZ in Black Canyon City! My commute is 62 miles round trip so I should be good for awhile.

Thanks for all your help! Especially old friend gerryAZ! Long time no see!
Current EV's:
2020 Leaf SL Plus
2020 Bolt EV

Prior EV's:
2015 Leaf S
2014 Model S P85D

DougWantsALeaf
Posts: 2688
Joined: Fri May 10, 2013 8:21 pm
Delivery Date: 18 May 2013
Leaf Number: 407811
Location: Chicago North Side

Re: Lease vs cash vs finance?

Sat May 15, 2021 2:46 pm

Congrats.
2019 S Plus (93.86% SOH) & 2019 SV Plus (93.35% SOH) Both Silver
2013 Leaf SV sold 2019 with 11 bars
100 Mile Club Member (Number 87)
Max Miles on 13 Leaf: 120 miles
Max Miles on 19 SV+: 242 Highway miles @ 4.5 miles/kWh

GerryAZ
Gold Member
Posts: 2954
Joined: Mon Nov 22, 2010 6:47 pm
Delivery Date: 12 Jun 2011
Location: Phoenix, AZ

Re: Lease vs cash vs finance?

Sat May 15, 2021 9:31 pm

eyedrop wrote:
Sat May 15, 2021 1:49 pm

Thanks for all your help! Especially old friend gerryAZ! Long time no see!
I wondered if that was you--I had to replace my phone and lost some of my contact numbers/emails. You will get you money's worth with your longer commute and you will really like the 62 kWh battery. It takes a little getting used to seeing the numbers on the GOM after a full charge and to see the range reduction of several miles (instead of 2 or 3 miles) when you turn on HVAC with a full charge.
Gerry
Silver LEAF 2011 SL rear ended (totaled) by in-attentive driver 1/4/2015 at 50,422 miles
Silver LEAF 2015 SL purchased 2/7/2015; traded 8/10/2019 at 82,436 miles
White LEAF 2019 SL Plus purchased 8/10/2019

hbquikcomjamesl
Posts: 93
Joined: Mon Mar 01, 2021 10:01 am
Delivery Date: 30 Dec 2020
Contact: Website

Re: Lease vs cash vs finance?

Sun May 16, 2021 4:08 pm

SageBrush wrote:
Sat May 15, 2021 8:33 am
eyedrop wrote:
Fri May 14, 2021 11:29 am
I told the salesman I drive a ton, 30k miles a year and he said leasing would still be a better option for me vs buying cash.
This is why car salespeople are useful -- you know right off the bat what choice to avoid like the plague.
I'm still pissed at my dealer for writing a 5-year note (at a substantial per diem!) for what was intended to be a 30-day debt. (Exactly what part of "Balance on Net 30 terms" did they not understand?) And when I saw the per diem, it became about a 15-day debt.

The personal banker at Chase, who straightened out the auto loan people, and got them to stop sitting on my pink slip, agreed with me that writing a 5-year note for a 30-day debt was ludicrous.
--
James H. H. Lampert

qqqqqqqqq
Posts: 2
Joined: Fri Apr 30, 2021 8:59 pm
Delivery Date: 01 May 2021

Re: Lease vs cash vs finance?

Mon May 17, 2021 5:15 pm

knightmb wrote:
Fri May 14, 2021 4:27 pm
Make sure you have enough income to use the full tax credit also. Nothing burns more than the IRS telling you that only half or 3/4 of your tax credit can be applied to your filings... :evil:
Fairly certain that the only way you wouldn’t get the full tax credit is if you’re subject to AMT, which few people are, and if you are, you almost certainly know it. You’d need lots and lots of creative deductions to be subject to AMT.

It’s a tax credit, not a deduction.

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