January 25, 2013

One Lease I'd Take : $69 /Month Electric Car

I normally don't think leasing a car is a good idea.   The Autoblog site ran a story about a dealer in Illinois that was advertising a $69 per month 24 month lease deal with $2100 in fees on the Mitsubishi i-MiEV.   : Mitsubishi i available for just $69 a month in this outrageous lease  I visited the site of the actual dealer O'Brien Mitsubishi but I see no $69 lease advertised there.   Its possible they already sold them out and removed the deal, I have no idea.

In any case if I had the opportunity to lease a car for $69 a month I think I'd do that in a heartbeat.  Especially if it was an electric car.   Lets say you just commute 25 miles round trip to work and your car gets 25 MPH which is relatively common situation.   That means you spend about 1 gallon in gasoline per work day.    That alone equates to about $70 in gasoline per month.   Once you add in the cost of depreciation on the car it makes even more sense to get a $69 lease.   Of course you do have to pay for the electricity but thats significantly cheaper than the gas.   Also that $2100 in up front fees is a hefty sum.  But all in all this would be a pretty great lease deal if you were looking for a good daily commuter option.    Now on the other hand a reasonably good mileage older used car would still possibly be a cheaper option overall.



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2 comments:

  1. You know, not to be an automatic contrarian, but I've had my eyes on leases over the last few years... and some companies are starting to make sense. To wit? Infiniti, where I've seen some absurd deals after buydowns and deposits. I don't know if I'd go so far as to say it's better that buying, but I've been shocked.

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  2. I would assume that low interest rates and increasing sales prices on late model used cars are making leases cheaper.

    Also from I've seen hybrids or EVs seem to hold their value pretty well. The dealer gets to cash in the $7500 federal rebate and Illinois has a 10% rebate up to $4000. The car MSRP is $29125. With $169 x 24 payments they'd only have to resell the thing for about $14k after 2 years to break even. They'd probably sell it as a certified car and get a higher markup still.

    Jim

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