Factors to consider when leasing a SPARK EV

[evlcc]

Below are factors to consider when working out a deal on a SPARK EV lease. If you have other suggestions to add please reply.:

1. 1LT vs. 2LT. 1LT = cloth seats, 2LT = leatherette seats and some trimming differences

2. What color?
Go here:
http://usnews.rankingsandreviews.com/cars-trucks/Chevrolet_Spark/2016/
scroll down and click on link to interior and exterior photos.

3. DC Fast Charge Option (DCFC) or not?
DC Fast Charger costs ~$10/charge at charging stations that has a DC Fast Chargers. It will take ~20 minutes to fully charge the SPARK EV that has ~20% charge left. This makes it possible using the SPARK EV for longer distance trips!
Here are a few good links:
http://evobsession.com/electric-car-charging-101-types-of-charging-apps-more/
http://www.fleetcarma.com/dc-fast-charging-guide/
http://gm-volt.com/forum/showthread.php?176514-1st-DC-Fast-Charging-Experience-in-Spark-EV

4. Lease price difference between a 1LT option vs. 2LT option is often ~$10. No DCFC vs. DCFC is another ~$10. I think we can safely assume that a dealer advertising a lease price would be for a 1LT and a 2LT would be $10 more per month and one with DCFC would be another $10.

5. Consider the per mile overage charge and how much you may be driving in 3 years. Instead of the standard 30,000 miles per year, it may be better to get a 36,000 miles lease or a 45,000 miles lease up front. Standard lease is 30,000 miles.

6. Consider other optional charges the dealer may suggest for you to tag on. e.g. there is a "wear and tear" insurance you can pay for upfront. Read the terms and see if it is valuable for your situation. @same post the dealer also offered a "tire insurance" I am sure they will say that it is less expensive to buy this upfront vs. getting replacement tires elsewhere when needed. These options can add a $800 to $1300 to the total lease price.
See https://www.gmfinancial.com/finance-options/excess-wear-and-tear.aspx

7. Willingness for the dealer to work with you. If a salesperson is too aggressive with hiding the whole cost I would just walk away and deal with someone else.

Bottom line: what's the total cost of the lease adding all the above. From the list of deals I assembled from the forum postings I think less than $4600 total cost of lease (i.e. averaging ~$130/month cost) including tax and BEFORE any state sponsor rebates is a reasonable target.

Please post to the forum any new leases and details and I will add to the spreadsheet.
https://docs.google.com/spreadsheets/d/1U5FSS5glGtvAr7Q-rGI2R2F6_nBAbTrGxcVJkB3lm0E/edit?usp=sharing

 

[bro1999]

My dealer contact said that through June 15th, GM Financial is waiving the "lease incentives can't exceed 40% of MSRP" policy they have for Spark EVs....so in addition to the $10,475 base lease cash, you can potentially also add a $500 private offer OR $750 conquest cash, $500 farm bureau (stacks with 1 private offer), and any GM card earnings you have. PLUS a $2,500-$3k dealer discount, which any motivated dealer will be able to do.

Also, 2LT has heated front seats.

 

[SparkevBlogspot]

My 1LT also has heated seats. It seems the only difference is vynil for 2LT vs cloth for 1LT.

 

[Neon]

and the leather-wrapped steering wheel on the2?

 

[CSW]

I got the LT1 with the quick-charge option because the "leatherette" interior on the 2LT is terrible. Only thing I missed out on
was the leather-wrapped steering wheel.

 

[bro1999]

Makes you wonder why GM even bothered to make 2 trim levels of the Spark EV, if the only difference between a 1LT and 2LT is the fake leather seats/steering wheel.

 

[Homer]

Makes you wonder why GM even bothered to make 2 trim levels of the Spark EV, if the only difference between a 1LT and 2LT is the fake leather seats/steering wheel.

Some people like to get top of the line and some people like to be thrifty.

 

[rickp]

I doubt anyone will need more than 10K miles per year. I'll be turning in my 2014 Spark with less than 15K miles over 3 years. True, I probably drive less frequently than average but the battery charging times and limited range tend to reduce the heavy use of the vehicle.

WRT those insurance offers, decline them all. They usually don't provide much coverage for what you pay. Your comprehensive and collision insurance covers the type of damage you're most likely to experience.

 

[bro1999]

btw, here are the details of my deal:



$1,488.84 tax (damn MD charging full sales tax on a lease!), $299 title/reg fee, $300 dealer doc fee, $595 lease acquisition fee all rolled into the monthly payments. I paid $150 at signing, and a $150.02 monthly.

36 months, 10k miles, .0004 money factor. $5,400 total lease payments ($2,300 coming back as MD credit). So $86.11 effective monthly payment.

I used a $500 farm bureau rebate and $500 private offer in addition to getting the $10,475 base lease incentive.

 

[flyinbrick]

My 2 cents:

Leatherette much nicer than the cloth IMO, the steering wheel "leather" material is not the same and feels more like "leathery" plastic.

Even though my commute would only incur 10k miles per year, I'm glad I got the 12k mile lease. I often find myself choosing this over my other car for around town errands. IIRC, the residual was 40% for 10k, 39% for 12k. For me, this was based on roughly 25k capitalized cost. 1% difference is around $250, or $7/mo. Also, 12k/yr is easy to keep track of. If I'm exceeding 1k mi/mo, then I know I need to back off and use a but less.