I've been trying to figure out how to lease a Bolt to get the $7,500 federal tax credit without having to owe $7,500.
Supposedly there are leases for $299 per month, although I can't seem to be able to find any. Most are over $400 and up.
https://gmauthority.com/blog/2023/02...e%20available.
But at $299 per month for 36 months with a required $5,239 down payment, the total for leasing is $16,003, and to purchase would be that plus the residual value. From what I read on Google, GM puts the residual value at around 60%. If it is 60% that puts the residual value of a base model $27,495 Bolt at $16,497 for a total lease to purchase price of $32,500, which is more than the MSRP of that same vehicle without even including the tax credit!
If we take a $27,495 Bolt and took off $7,500 from the price it becomes $19,995: THAT'S $12,505 CHEAPER!
Even if a person didn't qualify for any of the $7,500 tax credit, they'd still be better off just purchasing the vehicle instead of leasing to buy as the difference would be $5,005. Of course that doesnt' include any interest, but unless they expect to pay more than $5,005 in interest and can swallow a $16,497 balloon payment at the end of the lease, leasing seems like a terrible deal.
Am I missing something??? It seems I must be way off, but I can't find what I'm doing wrong? If the resale value were more like $5,000 then leasing and buying would make more sense. What am I doing wrong?