• Thu. Jan 21st, 2021

Nearly Free Electric Car Leases

ByBinyomin Terebelo

Nov 23, 2020

Nearly Free Electric Car Leases

Looking for a car how about an electric one? I live in New Jersey so I will focus on New Jersey however I enclosed is also the info for other states.

Keep in mind if you are leasing in N.J. you must have a N.J. leased vehicle. Which means it was leased from an instate dealership always make sure to ask, if it is an out of state vehicle even though you leased it in N.J. you will not get the rebate.

Here are the details:

For all states other then N.J. here is a link, you will hover your cursor over your state and see your states policy.

  • New Jersey through this website offers the most generous rebate in the country for the purchase or lease of an electric car. The rebate is in the form of a check mailed to you after you submit the documentation online for up to $5000.
  • You do not have to spend this money when you lease the car if you can get it for less then $5000.
  • However you must lay out the and cover all the expenses at signing. You can put it on an interest free credit card for the 2-3 months it takes to get the rebate check).

Example

  • A Hyundai Ioniq electric Limited 2020 is eligible for a $4250 rebate. If you lay that out on a 36 month lease it yields payments of around $150 a month or less. The base model Ioniq SE (if you can find them) can be in the low $100s a month. And with effectively $0 down because you’re getting back the money you laid out! These are crazy deals for a lease today, and rival the total cost + maintenance of an older used car bought as a second ‘local’ car. 
  • They controls and dashboard are like a regular car yet it is smoother drive because it is electric.
  • The cost of charging it is around 80% cheaper than gas! (One calculation has it at the equivalent of around 40 cents a gallon!)
  • So why doesn’t everyone do this? Maybe because most people are using their car as their primary vehicle and therefore for longer ranges, and the charge time for an EV (electric vehicle) is much longer than filling up on gas. (The quickest charge is around 50 minutes at limited charging stations.) Would you want to be in a rest stop for that long?
  • However, they are near perfect for use as a second local car, that is driven locally 20-50 miles a day. A regular outdoor 120v outlet gives around 5 miles of charge an hour. So if you plug it in for example after at night when you get home and unplug it before shacharis 8 hours later, that’s 40 miles of charge, enough for a typical day of local driving.
  • For a quicker charge it’s relatively inexpensive to install a 240v outlet which gives up to 28 miles of charge an hour, or 170 miles of range in six hours. You could run the battery dry during the day and wake up with a full charge the next morning.
  • In any event, multiple friends have already done this and are very happy!
  • If you want, you can do your own research: Chargeupnj.com has all the program details and lists eligible vehicles and rebate amounts per vehicle. Then negotiate the best price with a dealer with that amount down.
  • If you’ve never dealt with a auto before, be aware that they’ll try to push you into the highest payment possible. Know the price you’re asking for before you walk in.
  • What I reccomend and I am not getting a kick back or paid Email the contributer of this article at electricsecondcar@gmail.com He may be able to connect you with a dealer who’s familiar with the situation and won’t give you the runaround. Not that you can’t get a better deal on your own.

ELECTRIC CAR DEAL, ADDITIONAL POINTS TO CONSIDER

  • All info is for informational purposes only. No guarantee at all of accuracy or if these deals qualify for the rebate etc. Do your own research and take your own risk please!
  • Here’s how to estimate the “monthly payments” on an older used car: Purchase price divided by however many years you expect the car will last + $600 or so insurance a year + mechanic expenses [$500-1000 a year?] + gas [$950-1200 a year?] divide by 12 and you’ll have the estimated monthly cost.  (Example $5000/5 = 1000 +600+750+1000 = 279 a month.) Obviously just an estimate, bs”d you won’t have to visit the mechanic once! (Electricity costs on an EV are roughly $20-$30 a month for Lakewood driving.)
  • Insurance: If you’re looking to lease, In addition to your lease payment you obviously must pay for auto insurance which is $50-$60 a month more than on an older used car (partly because you need collision coverage), about $100 or so in total. So for a $150 a month lease you’re really paying $250 a month. Still cheap!
  • Optional Damage waiver: Some dealers offer damage waivers (forgiveness of a certain level of damage at the end of the lease) for extra money. Typical is $15 a month for a $5000 damage waiver.
  • Disposition fee: Many dealers charge a fee if you don’t lease from them again at the end of the lease. Typically around $400 or $450. If the NJ rebate holds for that long, you can officially do it up to four times in ten years so you may be able to lease again the same way at the end of your current lease.
  • Please be careful not to get a New York lease through a New Jersey broker. It probably won’t qualify for the rebate even if the broker himself thinks it will. Doesn’t help that it’s registered in NJ etc. If you go through a broker, make sure that  the car comes from NJ and you sign a contract that says it is a NJ lease from a NJ dealer. Is this enough? I think so, don’t know for sure. Do your own research. Many (wonderful) local lease companies are brokers. 
  • XM radio the free 3 month trial, try asking at the dealer not to activate your trial period. If that doesn’t work call XM and nicely but firmly insist (in spite of all their begging) that you want them to deactivate your XM account, even from the free trial, and that should work.

Here are some prices going around:

  • Chevy Bolt: 259 mile range, $5000 rebate
    • For current Costco members (as of August) with an existing lease in the household some say they’ve gotten it for as little as $69 a month plus $5000 down. Seems hard to find that low (some got quoted $94 a month or so). Without Costco membership it supposedly comes to $155 or so. Some dealers require entire lease amount upfront (as well as the $5000 rebate amount). Some dealers don’t have them in stock and put you on waiting lists.
      • Careful: if you’re not a Costco member and have someone who is, lease it, if they’re not a NJ resident you may not get your $5000.
    • Do your own comparisons from any NJ Chevrolet dealer. 
  • Hyundai Ioniq EV SE (eye on ic): 170 mile range, $4250 rebate
    • This is the base model, but has decent amount of features, including some self-drive features. Make sure it’s the full electric. The hybrids and plugin don’t qualify for the full $4250 rebate. (Plugin gets like $750)
    • Hard to find. A broker claims to have it for $96 a month plus $4250 down from NJ dealerships. Plus $229 registration fee. So equivalent of $102.27 a month. Text Andy 551-204-8712. EXTRA NO ACHRAYUS on this one. Maybe a local leasing company will do the same deal, I don’t know. Make sure it’s a NJ car!
  • Nissan Leaf S: 150 mile range, $3725 rebate
    • Has been quoted for $127 a month plus $3750 down. Insurance may be slightly cheaper ($15 less a month or so). Not a tested deal. Contact electricsecondcar@gmail.com for dealer info. 
  • Hyundai Ioniq EV Limited:  170 mile range, $4250 rebate
    • This is the fully loaded version of the Ioniq Electric; leather, nav, sunroof, LED headlights, self-driving features, etc.
    • Steady deal at a nearbyish dealership for $159 a month plus $4250 down. Seems a very good price for such a feature-packed car. Many have done this. Contact electricsecondcar@gmail.com to be connected with this dealer.
  • Hyundai Kona EV SEL: 258 mile range, $5000 rebate
    • Small SUV. More powerful motor than Ioniq, much longer range. 12K miles allowance per year vs. 10K for the Ioniq.
    • One (white) left at above dealership for $179 a month with $5000 down. Contact electricsecondcar@gmail.com to be connected with this dealer.

All above numbers are 0 down after you get your rebate check. Compare any of these to one of the cheapest regular leases: Kia Forte $179 a month with $1400 down, or $218 a month with 0 down. Plus gas. (No worrying if you’ll make it back from NY though!) 

FOr Ioniq at $95 a Call Yona Holtzberg, 718 637 1140. 

He gets them from a New Jersey dealer. He’s offering $200 a month with $595 due at signing. But if you want to put down 4250 it comes to around $95 a month. Optional damage waivers are extra.

Other articles you may like Credit Cards 5/24 What Does It Mean, Credit Cards And Credit Scores.

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Binyomin Terebelo

Keep in mind this article is solely a source of info. and we can not be held responsible for anything within you a must use your better judgment.

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