When GM introduced the Chevrolet Volt five years ago, critics balked at the then $40,000+ price tag of the world's first range-extended electric car. While there was much to like about Volt—smooth electric propulsion, for instance—many wondered if its price premium over the more plebeian Prius was worth it.
For 2016, GM has completely redesigned Volt, making it incrementally better in every way while broadening its mainstream appeal. Prices have also dropped for the second-generation car: consumers can now get the plug-in hybrid Volt for the same price of a plain-Jane hybrid Prius. Here's how.
(Note: The 2016 Volt is only available in California, Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Oregon, Rhode Island, and Vermont. Nationwide rollout will occur this spring with the 2017 model.)
The Lease Program
The cost of leasing a particular car is determined by its lease program, which is set by the manufacturer, and the selling price, which is set by the dealer. Here is GM Financial's lease program for January 2016:
|Residual Values (36 months)|
|Trim||10,000 Miles/Year||12,000 Miles/Year||15,000 Miles/Year|
|2016 Volt LT||54%||53%||51%|
|2016 Volt Premier||51%||50%||48%|
|GM Financial Lease Rates|
|Credit Tier||Money Factor||Interest Rate|
|Tier A+ and A1||.00040||0.96% APR|
|Tier A2||.00123||2.96% APR|
|Tier A3||.00207||4.96% APR|
|GM Financial CCR||All||$5,800|
|GM Private Offer*||Targeted||$1,000|
|GM Lease Loyalty||Targeted||$500|
|Competitive Lessee Cash||Targeted||$500|
*Some have reported getting a $1,000 Private Offer certificate by browsing Chevrolet.com. The offer may pop-up after a few minutes of browsing.
Note: Targeted incentives cannot be stacked.
A base 2016 Chevrolet Volt LT has an MSRP of $33,995. According to a third-party car shopping website, the average selling price of that model is $32,568 before incentives (Southern California zip code). The lowest selling price currently offered by a dealer on said car shopping site is $31,500 before incentives.
Putting It Together ($168/Month)
Use the lease calculator below to customize your own inputs. Here's a sample deal of a Volt LT assuming a selling price of $31,500, excellent credit, 10,000 miles per year, California residency, and a GM Private Offer. The Volt qualifies for a $1,500 mail-in rebate from the California Air Resources Board, which we've fronted as a down payment in this example.