Californians: You Can Now Get A Volt For The Price Of A Prius (From $168/Month, $0 Net Down) (Expired)

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.)

2016 Chevrolet Volt Premier (source: chevrolet.com)

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

  
    Incentives
  
    Incentive
    Availability
    Amount
  
    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.

Selling Price

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.

(11/13/17: Have issues with the calculator loading? Refresh the page. We are working on a fix.)

MSRP:

Sales Price:

% off MSRP

Taxed Incentives:

e.g., cash-back offers, loyalty cash, bonus cash.

Untaxed Incentives:

e.g., manufacturer-to-dealer cash rebate or if you live in a state where customer cash rebates are not taxed.

Down Payment:

In CA, you get $1,500 back as a mail-in rebate.

Acquisition Fee:

I want to pay my acquisition fee upfront.

Net Capitalized Cost:

Residual: %

( miles/yr)

Months:

Miles/yr:

Adjusting the miles changes the residual(%).

Money Factor:

APR: %

I want to pay my total lease payment upfront to lower the MF by 0.00073.

Money Factor with One-Pay Lease Discount:

Monthly Payment (Excl. Tax):

Document Fee:

License/Registrat. Fee:

Sales Tax: %

Tax your state, county, and city levy.

Tax is levied on the monthly lease payment (most states).

Tax is levied on the sales price upfront (e.g. VA, TX, GA).

Tax is levied on the total lease payment upfront (e.g. NY, MN, OH).

Monthly Payment (incl. tax):

Drive Off:

First month's Payment incl. tax:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on cap cost reduction and fees:

First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the Sales Price:

First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the total lease payment:
Tax on cap cost reduction and fees:

Leasehackr Score:

The number of years it would take for the accumulated monthly payments to exceed the MSRP. Higher is better.

Disposition Fee:

Total Lease Cost:

The total cost of leasing over the lease term, including applicable taxes and disposition fee but excluding registration/license fee and the refundable MSD payment.