Chevrolet Volt Lease Was Competitive, Now a Steal

By Nick Kurczewski · August 08, 2012

The Chevrolet Volt lease seems too good to be true.

When General Motors first released pricing for the Chevrolet Volt two years ago, the lopsided low lease price raised eyebrows. By playing with the Volt's residual value, G.M. was able to set the $40,000-plus Volt's lease price at nearly identical terms to the lease for the $32,000 Nissan LEAF. The Volt lease got even better over time, and was recently named the number one best lease deal in July by TrueCar.com.

According to TrueCar.com, the current Volt lease offer—which expires on September 4—is $2,529 down, and $260 a month for 36 months. But PluginCars.com is hearing about even better lease offers from individual dealers. There are anecdotal reports of a two-year lease for $249 a month, with $2,479 due at signing; and a three-year lease at $268 a month, with only $999 paid upfront.

These deals echo a June report in The Motley Fool, which listed the Volt plug-in hybrid as one of the automotive world’s best bargains. According to The Motley Fool, the terms of that deal in play in June started at $369 a month with $0 down at signing. The lease, managed by Ally Financial, could even potentially net a tidy profit for anyone who opts to purchase the Volt at the end of the lease and then immediately resell it. As we recently noted, the estimated trade-in value of a 2011 Volt, according to the NADA guide, is $29,325— or 90 percent of its post-incentive $32,780 sticker price.

The attractive lease price could explain why Volt sales have been dramatically higher this year, especially compared with sluggish sales of the Nissan LEAF. (In June, Nissan announced its own reduced lease price—$289 per month for 39 months with $2,999 down on the 2012 Nissan LEAF SV.)

Short-Term Gains

In the short-term, the Volt lease does seem a steal. As Chris Baines in The Motley Fool notes, the Volt lease is nominally ($80-bucks) more expensive than a local deal being offered near him on a vastly cheaper Toyota Camry sedan. Yet the Volt is nearly double the price of the Camry and, depending on your driving habits, the Chevy could save you a ton of money in terms of fuel bills. Baines also argues the Volt is “way cooler” than the Toyota.

The terms of the agreement with Ally Financial sets a fixed purchase price once the Volt lease is over. If resale values hold strong and demand for fuel-sipping cars outstrips supply, the former-lessee-turned-Volt-owner could sell the car for a profit…perhaps. The problem is that the plug-in and EV market is extremely new and potentially more akin to ‘the next big thing’ mentality that dominates the mobile phone and tablet computer market. As Baines points out in his article, all it could take for Volt (let’s call it Version 1.0) resale values to drop is if Chevrolet builds, say, an improved Volt with much greater electric-only range. In fact, the 2013 Volt has an EV range of 38 miles—a 3 mile jump in all-electric range from the 2012 model.

Or gas prices could temporarily fall, giving U.S. car buyers the false impression that fuel efficiency is not worth any extra investment.

About the author

· Nick Kurczewski

Nick Kurczewski is an automotive journalist based in New York who has contributed to The New York Times, Road&Track, Edmunds.com, Car&Driver, Delta Sky and many other well-respected automotive and mainstream publications in the United States, Asia and the U.K. Raised in Milwaukee, Wisconsin, and Westfield, New Jersey, Nick transferred his long-time passion for cars into a successful ...

Full bio · 52 posts

Comments

· Christof Demont... · 41 weeks ago

I saw someone in a comments stream for another Plugincars.Com story by Zach MacDonald -- http://www.plugincars.com/plug-hybrids-pull-ahead-evs-123565.html -- claim he put down just $999 and was paying just $269 for 36 months.

That's outstanding -- and a bit unbelievable, actually. In fact, it's so good, it might even make sense for us, even though we'll be spending one of the next three years out of the U.S. and would probably just have to let the Volt sit for that time.

Anyone know where this phantom $999 down + $268 per month Volt lease is actually to be gotten? (We're in Colorado, BTW)

· Anonymous (not verified) · 41 weeks ago

According to the Bureau of Engraving and Printing, all U.S. bills weigh the same: one gram. There are about 454 grams make a pound, which means that a ton of dollar bills would be worth $908,000

· Jim Burness (not verified) · 41 weeks ago

We leased ours for $380/mo with zero down. Didn't even get out a checkbook. And we are saving $160/month in fuel ($200 savings in gas plus $40 in addl electricity). And we get a big fat tax credit from the State of Colorado.

If you're looking for a new car, you MUST check this out.

· Anonymous (not verified) · 41 weeks ago

Jim;
Where did you lease yours, at dealership?

Can we lease direct from Ally?? I have a Ram leased thru Ally, and they are great to work with! I have two Prius' leased thru Toyota, but they are coming due and looking for comparable options.....

· Jay (not verified) · 41 weeks ago

I just got my 2012 from Reliable Chevrolet in Missouri. 24 month lease from Ally, 10,000 miles a year. Zero down, $247/Mo after tax. I'm in Cleveland and I paid $650 to have it shipped to me. The car is incredible. I mean, it turns heads, it's utterly silent, rides smoothly, handles well, and is generally restoring my faith in GM's ability to build a quality automobile. Test drive one and you'll be a believer! :)

· Anonymous (not verified) · 41 weeks ago

Why are we leasing our 2012 VOLT for a whopping $638 a month for 3 years? Yes, we did purchase an extra 15,000 miles. Needless to say they surprised us this price the day we picked it up after waiting 7 months for the car. We were told it would be $350 a month at the time we order it. :( Do love my Volt but we are certainly paying a lot of money for it.

· David Murray (not verified) · 41 weeks ago

We traded in our 2010 Prius on a Volt lease deal like this. Not only did it actually lower our monthly payment by $150 but it also saves us $150 a month in gasoline, making the Volt actually $300 per month cheaper than the Prius.

The downside is that had we actually kept the Prius it would be paid off in another 3 years where with the Lease we have nothing at the end. But as far as monthly bills go, you can't beat this!

· Anonymous (not verified) · 41 weeks ago

In the lease capital of the world, suburban Detroit, I just leased my 2012 Volt at an unbelievable price. $290 a month for 24 months with 12 k miles per year. Loaded, except Nav, black with black leather. Roughly $900 was due at signing, first payment plus sec deposit and tax on rebates. Traded in 09 Outback, got $1,000 for the trade, signed and drove off the lot! Dealer was Buff Whelan Chevy, great experience.

· Matt (not verified) · 41 weeks ago

Also in suburban Detroit, I went to Les Stanford in Dearborn and got a 2012 loaded, Nav, Leather, Rear View Camera, Upgraded Bose Stereo, polished wheel for even less. I was looking for just leather to keep the price down. No haggle they offered $1499 down $219 a month for 24 months 10,000 miles. I needed plates and with taxes on applicable rebates, first months payment etc etc etc I paid approx $2800 to get out the door and my monthly is $219 including tax.

I'm not a fan of leasing. This is my first lease, but you can see why I couldn't pass up this deal.

Hoping more can get this deal, the more Volts on the road the better! I love this car!

· Anonymous (not verified) · 41 weeks ago

I am a Chevrolet dealer in Iowa and we have leased 32 Volts in the last 3 weeks at $250.00 a month with no down payment for a 24 month and 24,000 mile term. I currently am down to 7 Volts available at that deal but am trying to get some more, if interested in one email me at frank@fitzpatrickauto.com before September 4th and we'll try and get you one.

· Modern Marvel Fan (not verified) · 41 weeks ago

If I saw that deal, I would have leased my Volt instead of buying it. But with the 0% 72 month deal, I guess I think of it as a 6 yr lease with unlimited mileage... :)