Chevy Blazer EV Lease Rates Are Pretty High Right Now
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The Chevy Blazer EV was unveiled in 2022, dropping in as an all-new, all-electric take on the popular crossover nameplate. Chevy Blazer EV reservation holders were invited to begin placing orders in September. Unfortunately, it’s currently looking like 2024 Chevy Blazer EV lease rates are particularly high right now.
In a recent report, CarsDirect outlines some the details regarding 2024 Chevy Blazer EV lease deals, indicating that GM Financial’s money factor (basically the financing cost of the monthly lease payment) is currently at 0.00325, equivalent to a 7.8 percent interest rate. That’s a higher interest rate than GM Financial’s lease rate for the gasoline-powered 2024 Chevy Blazer, and a 0.2-percent increase compared to a rate of 7.6 percent recorded in August.
CarsDirect also indicates that the residual value (or the estimated value of the vehicle at the end of the lease term) for the 2024 Blazer EV 2LT is at 56 percent on a 36-month lease with 10,000 miles annually. The residual value for the 2024 Blazer EV RS is even lower at 55 percent. Interestingly, GM Financial has yet to release lease rates for shorter leases on the 2024 Blazer EV, which means the all-electric crossover may not offer 24- or 27-month lease options, at least not at launch. There are further questions regarding the $7,500 federal tax credit, which GM may or may not pass along to lease customers.
That said, an EV price war could help to drive down costs. Tesla, the biggest EV manufacturer in the world, has aggressively cut prices in the last several months, including pricing for the Tesla Model Y crossover.
As a reminder, the 2024 Chevy Blazer EV rides on the GM BEV3 platform, and draws motivation from a GM Ultium battery pack and GM Ultium Drive motors. Production takes place at the GM Ramos Arizpe plant in Mexico.
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A mid 50s RV is not bad, it would have been higher however if the price was lower. The more pricing you add without residualized content will decrease the RV.
Lease a EV with 7.8 rate . No thank you . Honestly do see how they plan get people buy this in fleet stock etc .
Always chuckle, someone is going to lease an EV, in this case probably close to $900 to save money on gas, but berceuse it’s a low mileage lease you can only drive it 10,000 per year, how much are you going to save!? Gas for an ICE Blazer with 833 miles a month allowed (833 x 12 = 10,000/year) would only use about $120 of gas per month.
A base AWD 2LT ICE Blazer can be had for around $40,000. A base 2LT AWD EV Blazer starts at nearly $57,000. How much gas can you buy for $17,000?
At $3.29 per gallon (my area this morning), that is 5167 gallons of gas. Considering the ICE Blazer with the 2.0L Turbo gets 25mpg combined (that was my real-world experience with my wife’s ’22 Blazer AWD 2LT), you can drive up over 129,175 miles on that much gas. If the average person drives 12,000 miles per year, that is equivalent to 10.76 years of driving. When we drove her Blazer on the highway, it was easy to get over 500 miles per tank of gas (the Blazer routinely got over 30mpg on the highway). I made a 950 mile trip from Boston to Central Michigan and I only stopped for gas once in Western New York. You can’t do that with your EV…I would have had to stop and charge at least 3-4 times on that same trip instead of spending just 10 minutes at one gas station.
Would you want to take that $17,000 and put that on a loan at 8%-10% interest just to avoid the gas station?
WHERE ARE THE COST SAVINGS?? WHERE IS THE CONVENIENCE?
You dont speak to 2 other points. The less maintenance costs of the EV but more so the NO cost to charge by those of us that have Solar whose out of pocket costs have already been recovered so not spending 1k year on gas at all for typical driving. And regarding trips, I will gladly take a few extra hours over the what 2 trips I might make out of my mileage zone to have to fast charge on the road. Just noting. But I am not in for leasing but buying…the EV.
I didn’t even factor the cost of electricity in my example, so that’s a mute point, and how much maintenance on a 3-year 30,000 lease? Do EV wiper blades last longer?…
Save $200 on oil changes and spend an extra $500 for tires; the Blazer EV would have higher maintenance costs!