So I drove an electric car


 
Caveat: I've never leased, I've never been able to make the numbers work for me. I've also never bought a new vehicle.

My observations on leasing anything has been it really only makes sense if you intend on walking away from the asset at the end of the lease. Residual buyouts at the end of the lease tended to be higher than market value at the time, and the nickel & dime damage & overage charges will add up quickly.

A $15k incentive? That sounds vaguely wrong to me. I'd really be trying to figure out where the money is going.

As far as your in-laws observation.... I have a little pithier viewpoint. You'll always leave something on the table. That's where the leasing company makes money. Your payments will always be more than initial value + fees - residual. If you're churning vehicles, it might make sense if all you're really covering with the lease is depreciation.
 
15K incentive if you lease, but not if you buy? Seems wrong and has to affect the resale value. Kind of like an item retailing for $100, but regularly sells for $60. You could not expect to get more then $60for it used.
 
Actually I got the answer this AM from the dealer. It's all good. If you purchase the car because it's made in Japan it does not quality for $7500 rebate. But due to weird vagaries in how our tax codes work, and a few other things Toyota can take advantage of the incentive from the govt even though the buyer cannot if and only if it's a lease. So they simply take any and all incentives from a purchase and apply it to the lease value.
Frankly I don't care how it's done. But it makes the proposition VERY attractive and in the end, if you convert the lease at the end it's like having bought the car brand new for like $13k off.
Nice thing, as it's first time "owning?" a BEV, if it's not holding up or working out at the end of 36 mos I'll simply turn it back in, if we really are liking it, I can buy it right from Toyota financial for a very nice residual, as a Certified vehicle and likely get even more incentives from that as they many times do.
 
That’s how the guy set up my KIA purchase, get as many little incentive things as you can! After the lease we negotiated a good deal for a buy it out deal so, that worked for us.
 
Mike Martin said:
What is the rebate for and where does it come from?
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The Inflation Reduction Act (IRA) of 2022 made a tax credit of up to $7,500 available to qualifying purchasers of certain EVs. But restrictions on buyer income and where the car components are manufactured severely limit the availability of that credit to car buyers. Leasing companies (the firms owned by or partnered with automakers that consumers lease cars from), however, aren’t subject to those restrictions, which means they can receive the tax credit and pass it on to the consumer in the form of a less-expensive lease.

www.consumerreports.org

Everything You Need to Know About Leasing an EV or PHEV - Consumer Reports

Our experts show you how to qualify for a federal tax credit of up to $7,500 by leasing an electric vehicle or plug-in hybrid.
www.consumerreports.org www.consumerreports.org
 
Edward Lee said:
The Inflation Reduction Act (IRA) of 2022 made a tax credit of up to $7,500 available to qualifying purchasers of certain EVs. But restrictions on buyer income and where the car components are manufactured severely limit the availability of that credit to car buyers. Leasing companies (the firms owned by or partnered with automakers that consumers lease cars from), however, aren’t subject to those restrictions, which means they can receive the tax credit and pass it on to the consumer in the form of a less-expensive lease.

www.consumerreports.org

Everything You Need to Know About Leasing an EV or PHEV - Consumer Reports

Our experts show you how to qualify for a federal tax credit of up to $7,500 by leasing an electric vehicle or plug-in hybrid.
www.consumerreports.org www.consumerreports.org
Click to expand...
This. They told me this right up front at the dealer. So, on the lease (only) Toyota Financial is offering $7500 "incentive" then combining it with the $7500 from the gummint, and offering it to the lessee. In the end it's a "win win" for me. As it allows me to get into this thing "low risk" and then know an absolute "rock bottom" situation (or worst case) if I decide I like it enough to keep it. After all. What better used car can you buy than one you've had and cared for properly for the previous 3 years, rather than a stranger that did who knows what?
My experience driving it was my first ever behind the wheel experience. I guess if I was resigned to only a 3 year commitment then any other brand could have sufficed IOW a KIA, Hyundai, VW, GM, what have you since I truly have no faith in those brands based on past and family experiences owning them. Or dealing with them on a professional level. Again, not wanting to start an "issue" here. If someone else "likes" any of them or feels I'm wrong. It's fine. I respect that. But, all I have to go on are my own actual experiences. And I will stick to that. There are "things" and people I trust implicitly. And others I do not.
In any case, now I have the option. If I decide the BEV is doing everything I could hope for and then some and want to stay in it, I have the option of being able to purchase it and in a $$$ manner I could not be able to do in another manner.
Believe me I tell everything like it is (likely why I am sort of treated funny by a few here). But I really don't have a filter. And if this thing turns out to be a bad choice or not do what I want. I'll be forthright and point it out. If it does, I'll point that out.
Say what you will. Everyone knows they can count on me for that :D
 
JimK said:
So, when do you take delivery? :cool:
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Monday morning. I just ordered a level 2 charger for it as well which will be here Monday. https://www.amazon.com/gp/product/B0CN9HL376/?tag=tvwb-20
Though I am nowhere near being able to install my 220V 50amp line. I ordered that charger so I will not be constantly lugging in and unplugging the 240V receptacle. Plus it's programmable to take advantage of Com Ed's night time rates (since I have hourly rate plan). And it has a 30' cord allowing it to reach outside the garage until I can get my garage straightened out.
Also my Toro Power Clear 60V snow blower arrived Thursday. I assembled and charged it yesterday. It's pretty cool. I'll be selling the gas one. Come winter I will be able to use the 7.5AH battery on the mower alongside the 10AH one with the blower (which can hold 2 batteries and will switch to the reserve as the 10 runs low.
Then only 2 things of outdoor equipment will need gasoline. My generator (which I will convert soon to LP/NG) and my power washer of which when I find one suitable in battery power I will move to. Then I will only have to take care of 2 ICE's The gen and my Kubota (which will have to be pried from my cold dead hands).
 
Wondering another thing (more related to the yard equip.) With these batteries on the Toro machines. The mower has a 7.5AH, the blower a 10AH. The snow blower I am sure will be a bit harder on batteries especially in heavier snowfalls or wetter snow. Will I be better off through out either one's "off season" to use both batteries in whichever piece of equip is in seasonal use? I'm referring to the batteries. I'm assuming I'll definitely need to use both in winter but summer not so much if at all as for what the mower is used for it only takes 2 bars off the 7.5 AH And I don't have the patience to try walking a half acre lawn with a 21" mower :D
 
Just got home a short while ago with new ride. Holy cow I LOVE that JBL sound system. I have the high quality feed rate on Pandora and it's like a concert hall in there.
And to keep the "haters" at bay I did not end up with those stupid "EL" plates that scream to haters "here I am"
 

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timothy said:
That's sharp.
Click to expand...
Thanks! Getting the app all set up and everything took a little doing.. But I think it had more to do with after I'd seen the car about 10 days ago, I think someone (either a customer trying it out or dealership personnel), were likely dinking around with it to see how it worked and bypassed some of the initial setup screens. But, now it's working great, Android Auto works like a champ. LOVE the JBL sound system. Thinking I am really gonna appreciate this car. 🤞 🤞 🤞 hoping I do.
 
Chris Allingham said:
I like that a lot. Similar in some ways to the Venza, especially the back end, which I like a lot. Congrats and enjoy!
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Thanks!. I like the interior size. MUCH more generous than the RAV. Except for slightly less headroom than my Highlander, but not like in the RAV where I'm always bumping my noggin, Great legroom front and rear as well. This one even has the available radiant front pass heater in the dash to warm feet and legs. Not sure if I should be worried it does not produce enough heat for our arctic conditions here. But I've not seen anything to indicate that. But, then my wife is always complaining I keep the car too cold in winter anyway.
I was a little perplexed I got it home with more indicated range than I left the dealer with. SIL says it's because they learn your drive style and adjust as necessary. Plus was such a pleasant day (low 70s) I did not turn on any climate control systems
 
LMichaels said:
This. They told me this right up front at the dealer. So, on the lease (only) Toyota Financial is offering $7500 "incentive" then combining it with the $7500 from the gummint, and offering it to the lessee. In the end it's a "win win" for me. As it allows me to get into this thing "low risk" and then know an absolute "rock bottom" situation (or worst case) if I decide I like it enough to keep it. After all. What better used car can you buy than one you've had and cared for properly for the previous 3 years, rather than a stranger that did who knows what?
My experience driving it was my first ever behind the wheel experience. I guess if I was resigned to only a 3 year commitment then any other brand could have sufficed IOW a KIA, Hyundai, VW, GM, what have you since I truly have no faith in those brands based on past and family experiences owning them. Or dealing with them on a professional level. Again, not wanting to start an "issue" here. If someone else "likes" any of them or feels I'm wrong. It's fine. I respect that. But, all I have to go on are my own actual experiences. And I will stick to that. There are "things" and people I trust implicitly. And others I do not.
In any case, now I have the option. If I decide the BEV is doing everything I could hope for and then some and want to stay in it, I have the option of being able to purchase it and in a $$$ manner I could not be able to do in another manner.
Believe me I tell everything like it is (likely why I am sort of treated funny by a few here). But I really don't have a filter. And if this thing turns out to be a bad choice or not do what I want. I'll be forthright and point it out. If it does, I'll point that out.
Say what you will. Everyone knows they can count on me for that :D
Click to expand...
I did the same thing with a lease last year on a Mitsubishi Outlander PHEV. In part because it was the only way to get the $7500 rebate and in part because I wasn’t sure how I would feel about an electric vehicle. After almost 18 months, I’m pretty sure I’m gonna purchase at the end of the lease. There is a part of me that almost wants to go full EV, but the gas engine is so convenient for the 3 or 4 long trips we take each year.
 
Edward Lee said:
I did the same thing with a lease last year on a Mitsubishi Outlander PHEV. In part because it was the only way to get the $7500 rebate and in part because I wasn’t sure how I would feel about an electric vehicle. After almost 18 months, I’m pretty sure I’m gonna purchase at the end of the lease. There is a part of me that almost wants to go full EV, but the gas engine is so convenient for the 3 or 4 long trips we take each year.
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If it was gonna be our one and only, I'd certainly feel the same. But, if/when a long trip is needed the RAV4 will be called in for service. But I gotta hand it to that BZ it is REALLY comfortable. Way more comfortable to me than the RAV. Wife may feel better as she "fits" in it better than my big fine body
 
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