The 2014 Cadillac ELR began arriving at dealers last month with a base price of $75,995, including destination fees. For those that don’t want to fork over the entire 75 grand, Cadillac has posted leasing fees for the luxurious EREV coupe on its website.
For current owners and lessees of 1999 or newer GM vehicles, the lease fee will be $699 a month, with $4,999 due at signing for a 39 month lease term. Tax, title, license, dealer fees and optional equipment are extra. For those that don’t currently own a GM vehicle, they will owe $5,999 at signing.
Also worth noting is this is for an “ultra-low mileage lease”, meaning you can only drive a total of 32,500 miles over the 39 month lease period, every mile you are over that, you’ll pay 25 cents. It seems this offer is only good until the end of January, so act now, prospective ELR owners.
Comments
Don’t be fooled by the marketing. It’s only $699/month if you buy the base model ($75,995), put down $6,000 cash up front, live in a state without sales tax, and pay all additional drive-off fees on top. Good luck finding that deal in the real world.
Here are actual numbers from a dealership for an ELR with Luxury and Adaptive Cruise Control packages ($79,685), a 39-month lease, only 10k miles per year, and a 51% residual ($40,639.35). The dealership didn’t disclose money factor, but it seems to be 0.00042 (1% APR).
$79,685.00 price
$ 6,412.49 drive-off cash (i.e., out-of-pocket at delivery)
$ 5,575.00 Ally Bank incentive ($1,925 less than the $7,500 tax credit)
$ 628.00 government fees
$ 3,759.33 total taxes (CA – 9.00%)
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$ 925.54 monthly payment
The gross cap cost for this deal is $80,480; the net cap cost is $71,905. The base payment (before tax) is $849.12, and then $76.42 in CA (Los Angeles) sales tax is added.
The drive-off cash includes the first month’s lease payment ($925.54), upfront sales tax ($778.95), first year fees ($628), the down payment ($4,000), and “other” ($80).
Total out-of-pocket cost for this lease will be $36,096.06 for monthly payments + $6,412.49 drive-off for a total of $42,508.55. So for about half the cost of the car, you get to drive it for 3 1/4 years.
9% tax??????
Whoo, boy. They’ll be lucky to sell/lease 3000 of these this year.
Well at least they’ll be sitting there looking pretty on the dealers’ lot.
The Tesla lease is $1273 with a total lease amount of $46,000.
http://vehicles.automobilemag.com/am/99/2013/tesla/model_s/base_sedan/341/leasing.html
or:The Palo Alto, Calif., company said the financing deal, which combines elements of a five-year loan and a three-year lease, would allow customers with good credit to put 10% down on a Tesla Model S sedan that costs about $80,000 and drive it for about $1,199 a month out of pocket for up to 63 months.
And for those who buy into the $500 Tesla lease advertisement: http://mashable.com/2013/04/02/tesla-model-s-leasing-monthly/