What is being offered at end of lease?
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meisterhao
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My Spark EV at the end of my lease after 3 years @ 12k miles per year had a price tag of something like $16K, but the dealership sold it to me for $10K ($8900 + tax and fees) without much negotiation. I was considering a used Fiat 500e at around $8K and I told the dealership as much. I thought the price was fair considering it's a car I know, I replaced the front tires within the year, it has DCFC, and searches on Carmax yielded similar prices at the time of my purchase.
nikwax
Well-known member
A co-worker's Spark is coming up for end of lease, the bank offered it to her for $8100, she's thinking of offering $7k. Under 20k miles.
Jason90405
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So can you always bargain at the end of the lease, instead of paying up the pre-printed pricing on your lease?
My lease won't expire for another 2 years.. I wonder how much m 2016 will be worth by that time?! Maybe 5K?
My lease won't expire for another 2 years.. I wonder how much m 2016 will be worth by that time?! Maybe 5K?
SparkE
Well-known member
The more 200+mile BEVs are on the market, the less it should be worth.
nikwax
Well-known member
scrambler said:$8100 for 20k miles is not a bad offer.
No harm in bargaining, but she could settle for 8k including tax
She just signed the paperwork for a $7000 buyout
GladstoneCoach
Active member
nikwax said:scrambler said:$8100 for 20k miles is not a bad offer.
No harm in bargaining, but she could settle for 8k including tax
She just signed the paperwork for a $7000 buyout
I assume she's here in Portland as well? Who was her leaseholder - Bank? / Dealership? / GM Financial? / Other?
I've been doing some research to try and get prepared for an attempt to purchase at a discount from the residual (~$14k? - NO WAY) at the end of our lease.
nikwax
Well-known member
GladstoneCoach said:nikwax said:scrambler said:$8100 for 20k miles is not a bad offer.
No harm in bargaining, but she could settle for 8k including tax
She just signed the paperwork for a $7000 buyout
I assume she's here in Portland as well? Who was her leaseholder - Bank? / Dealership? / GM Financial? / Other?
I've been doing some research to try and get prepared for an attempt to purchase at a discount from the residual (~$14k? - NO WAY) at the end of our lease.
Yes, Portland. US Bank was the leaseholder. They never really tried to get the full residual.
ReddyKilowatt
Well-known member
Any updates for end of lease deals? Our lease doesn't expire until middle of next year, but I am curious to see what is being offered and by which lenders. Our lease is through GM.
MrDRMorgan
Well-known member
I am interested in the answer to your question too. I too have a 2015 Spark EV 2LT and my lease is up at the end of May next year. Recently, on CarGurus.com, I found a 2015 Spark EV 2LT with 26.4k miles for sale at $7950. I would love to buy my 2015 Spark EV 2LT for that price or lower. The price in the contract is ridiculous!ReddyKilowatt said:
MrDRMorgan said:
Look on the bright side, that inflated residual value kept your monthly payment low. The leasing company is taking a beating on most low range EVs because the residuals are so much lower than originally calculated.
MrDRMorgan
Well-known member
CCIE said:
YEP! And.... all of the "available rebates" paid my total lease costs for three years. Not bad - a free car for three years with the possibility of purchasing it for much less than the inflated residual value.
CSW
Well-known member
I had Ally Financial as the lase company on my 2014 spark..... they are the most ghetto finance company I have ever dealt with. They did not budge on the 16k resid value. Also, they we calling me like a collection company for the last payment when I had not even got the bill yet and never made a late payment. Horrible company, very unprofessional.
WattEV
Member
I also had Ally for my leasing company. I tried to buy my car at the end of lease, but no, they would not negotiate the same $16K residual. So I played them.
I turned the car in at the end of April after making my last payment. It is a 2014 2LT with the DC quick charge option. I didn't have to turn it in until the end of May, but I already leased a Fiat for $54/month. At any rate, it sat at the dealer I turned it into until the end of May and then I received a letter from Ally that my car was sold at auction and I owed about $145 in excess wear. Whatever. I sent a check in and paid it. I then got a letter saying my lease is over and I have no other obligations.
I then started to google the VIN beginning in June. My car showed up...At a dealer in Colorado. I was actually surprised, but it was sold at auction so I guess anything can happen. My car along with two other Spark EV's were at this dealership, mine was being sold for $8900 and the other two were being sold for $9900 because they had lower mileage. I signed up for price alerts, but the price never dropped.
I checked the entire month of June at the dealers website to see if my car was still there and then in mid July I noticed the other two cars were sold and mine was still there, so I called them. I offered $7500, but they said they couldn't take less than $8K. I bought my car back! I wired the money and had it shipped back to California. They didn't even transfer the title over to Colorado, so when they sent me the signed title, it was endorsed by Ally and my name was still on it. hahahaha
I went to the DMV, transferred everything and it's mine. My personalized plates were still legally attached to the car too, so I'm a happy camper.
Anyways, I got my car back and saved about half of what they wanted. In addition, they fixed two small dents and touched up some paint chips. I wasn't really planning on seeing the car again, but I liked it and it has a certain charm to it, especially since GM didn't make that many of them. What, about 7500 units?
I turned the car in at the end of April after making my last payment. It is a 2014 2LT with the DC quick charge option. I didn't have to turn it in until the end of May, but I already leased a Fiat for $54/month. At any rate, it sat at the dealer I turned it into until the end of May and then I received a letter from Ally that my car was sold at auction and I owed about $145 in excess wear. Whatever. I sent a check in and paid it. I then got a letter saying my lease is over and I have no other obligations.
I then started to google the VIN beginning in June. My car showed up...At a dealer in Colorado. I was actually surprised, but it was sold at auction so I guess anything can happen. My car along with two other Spark EV's were at this dealership, mine was being sold for $8900 and the other two were being sold for $9900 because they had lower mileage. I signed up for price alerts, but the price never dropped.
I checked the entire month of June at the dealers website to see if my car was still there and then in mid July I noticed the other two cars were sold and mine was still there, so I called them. I offered $7500, but they said they couldn't take less than $8K. I bought my car back! I wired the money and had it shipped back to California. They didn't even transfer the title over to Colorado, so when they sent me the signed title, it was endorsed by Ally and my name was still on it. hahahaha
I went to the DMV, transferred everything and it's mine. My personalized plates were still legally attached to the car too, so I'm a happy camper.
Anyways, I got my car back and saved about half of what they wanted. In addition, they fixed two small dents and touched up some paint chips. I wasn't really planning on seeing the car again, but I liked it and it has a certain charm to it, especially since GM didn't make that many of them. What, about 7500 units?
CSW
Well-known member
That is a good story, and I am glad you got reunited with your 14 Spark, but you should not have had to gone through all that trouble. Ally could have saved themselves a lot of trouble and money by just selling it to you for 8k in the first place. They are terrible.
I searched for my 14 spark after I turned it in and got no results, how did you do it? Just plug in the vin and hit search?
I searched for my 14 spark after I turned it in and got no results, how did you do it? Just plug in the vin and hit search?
suparukuibi
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- Sep 4, 2015
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My 3-year least on a 2015 Spark EV LT2 is ending in a few months, so I'm wondering this as well.
It looks like the amazing deals on EV's I got (and many other got) does not exist anymore. I just did a quote on a 3-year lease for a 2017 Bolt and it was:
$342/mo with $3337 due at signing (Nor Cal). That's quite a bit more expensive than the Spark deal, but you are also getting 5 seats (and I have a 5 person family), longer range, and overall better car.
I'm leaning towards purchasing my Spark at end of lease, but only if it's closer to ~$7k. I won't pay more than that. I have a weekend car that can return to commuter duty. It may not be as cheap to operate, but it's safer, more fun, holds 5, and already paid for.
I had heard word of mouth that the Fiat EV's at end of lease were going for ~$4k.... but they also have had loads of technical and reliability issues.
It looks like the amazing deals on EV's I got (and many other got) does not exist anymore. I just did a quote on a 3-year lease for a 2017 Bolt and it was:
$342/mo with $3337 due at signing (Nor Cal). That's quite a bit more expensive than the Spark deal, but you are also getting 5 seats (and I have a 5 person family), longer range, and overall better car.
I'm leaning towards purchasing my Spark at end of lease, but only if it's closer to ~$7k. I won't pay more than that. I have a weekend car that can return to commuter duty. It may not be as cheap to operate, but it's safer, more fun, holds 5, and already paid for.
I had heard word of mouth that the Fiat EV's at end of lease were going for ~$4k.... but they also have had loads of technical and reliability issues.
CSW
Well-known member
suparukuibi said:
More fun that a spark?! What car could this possibly be? Camero LT1? Porsche?
ReddyKilowatt
Well-known member
suparukuibi said:
Saw a TV ad last week that mentioned a Bolt lease for $199 - check again! I looked at my local dealer just now and it says: "$199/month for 36 months. $3660 due at signing "
I don't have a Fiat dealer within the car's range, so it was never an option for me.
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