This Is The Cheapest Electric Vehicle You Can Lease Right Now: FIAT 500e for $99/Month, $0 Down (California)
Current lease program valid through January 4, 2016.
First things first: to qualify for this deal, you must be a current lessee of a non-FCA (Fiat Chrysler Automobiles) vehicle. If not, then the total cost of the lease will rise by $1,000.
The car in question, the 2016 FIAT 500e, has a retail price of $32,795. Aim for a selling price of $31,771 before incentives. There are California dealers on a popular car buying site promising that discount.
There are two incentives available from FIAT: $1,000 in Conquest Cash (for non-FCA owners only) and $7,500 in Lease Cash Allowance. There's also a $2,500 mail-in rebate from the State of California, which we assume you will front as a down payment.
After the incentives and the $895 acquisition fee, the net capitalized cost drops to $21,666. Chrysler Capital estimates the 500e is worth $18,037 (55% of MSRP) after 39 months of use at 10,000 miles per year. Therefore the total depreciation expense is $3,629, or $93 per month.
The money factor on the lease is .00016 (equivalent to 0.4% APR), which results in a monthly finance charge of $6. Total monthly payment? $99 per month.
Here's what you should expect when all is said and done. We've added in Los Angeles County sales tax (9%), license/registration, and fees. Program valid through January 4, 2016.
|First month's payment (after 9% tax)||$108|
|Dealer document fee ($80 max. in CA)||$80|
|Capitalized cost reduction||$2,500*|
|Sales tax on incentives and capitalized cost reduction||$997|
|TOTAL DUE AT SIGNING||$3,976|
*You get this back through a $2,500 mail-in rebate from the California Air Resources Board.
In addition to the incentives listed above, residents of the San Joaquin Valley (e.g., Fresno, Bakersfield, Modesto, and Stockton) are eligible for a $3,000 Drive Clean! rebate, which effectively brings the cost down to $22 per month.