So, I've been without a car for a year now. My old POS broke down and it wasn't worth the money to fix it. I took the money I was spending on gas and insurance and used it to to pay off all my remaining debt. (Yay!) Also, since then I've gotten a much nicer job, with that much nicer paycheck. I live in a suburb of Seattle (Kirkland) and not having a car is pretty much the worst. Anyone who's lived here knows our bus system is comprehensive, but terribly slow.
Why a Leaf? A few reasons. I hate combustion engines. They've given me nothing but grief, my whole life. I hate all the fiddly little maintenance required, the thousand things that can go wrong. Not that EVs are impervious, but still. I rarely need to go anywhere outside of a Leaf's driving range. EVs also have that sweet SCIENCE!
vibe. Not paying for gas is nice. You're not going to change my mind on this point.
So the question, should I lease or buy it? Around the net there's a lot of talk how--despite the common wisdom--it's a better idea to lease an EV in this early stage of their development. After my rent/utilities/insurance/other bills/food budget I have a bit over $1400 a month in income. Pros and cons that I can see:
$7500 credit. I don't pay enough in taxes to get the entire credit, if I were to buy.
Much lower monthly cost, around $300. The $7500 federal tax credit is claimed by the leasing co, who spreads it across the length of the lease.
I still would be busing to work (which is convenient for me), so I won't hit the mileage cap.
If the battery goes to crap it's not my problem.
If they improve the technology for EVs I won't be stuck with a 1st gen POS with no resale value. (the early adopter problem)
They might screw me over on 'wear and tear' charges.
If I do decide to buy it at the end of the lease I'll have paid out more than buying it from the beginning.
I've never done a lease, please tell me how else they get ya.
If I don't buy it out all that lease money is gone.
Get that sweet, sweet equity.
Can negotiate price.
They can only screw me while I'm in the dealership, no surprise fees at the end.
Does this look better on your credit? Mine's already pretty good anyway, around 800.
Will probably cost about twice as much per month.
Have to do tax shenanigans to claim credit, and won't be able to get the full $7500
Depending on how EV technology progresses, there might not be much equity left in the thing anyway.
That's a lot of debt.
So, thoughts? Any leasing pitfalls I should take into mind?
life's a game that you're bound to lose / like using a hammer to pound in screws
fuck up once and you break your thumb / if you're happy at all then you're god damn dumb
that's right we're on a fucked up cruise / God is dead but at least we have booze
bad things happen, no one knows why / the sun burns out and everyone dies