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

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)

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.

Select to auto-populate the acquisition fee, disposition fee, and MSD fields.
% off MSRP
e.g., cash-back offers, loyalty cash, bonus cash.
e.g., manufacturer-to-dealer cash rebate or if you live in a state where customer cash rebates are not taxed.
In CA, you get $1,500 back as a mail-in rebate.
I want to pay my acquisition fee upfront.
%
( miles/yr)
Adjusting the miles changes the residual(%).
APR: %
Enroll in Mercedes-Benz Autopay to lower the MF by 0.00010
I want to pay my total lease payment upfront to lower the MF by 0.00073.
APR: %
%
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).
First month's Payment incl. tax:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on cap cost reduction and fees:
Acquisition Fee:
First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the Sales Price:
Acquisition Fee:
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:
Acquisition Fee:
The number of years it would take for the accumulated monthly payments to exceed the MSRP. Higher is better.
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.


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