Talk me into the Mach-E

[Skelton]

Was looking at a monthly payment of around $500-$600. Would need a sizeable downpayment to achieve.

I glanced at the Polestar 2 configurator, and I was confused by the initial lease cost it showed.

For a car in that price range with the downpayment they're showing... it just wasn't adding up to me. I did a little searching, and that figure is before taxes and other considerations. One person reported their initial number at $465/month but it ended up $703/month. The latter actually makes sense, so that's something to keep in mind.

FWIW - it makes sense with the general #s I have heard in the past. 39 month / 10k miles leading to approx residual of 39k. Obviously, there are variables there, but the sub $500 price didn't line up with the potential range.

Sponsored

 

[J5hort]

Did you calculate pricing using Ford Options? Although there is a balloon payment at the end of 3 or 4 years, it did reduce my monthly a couple of $hundred per month. Unique to Ford. Payments similar to a lease, but I kept the full $7500 tax credit.

Yes. Using Ford Options for MME. Taking into consideration $7500 tax rebate and MA sales tax for my comparison. All configured with AWD, heated seats requirement.

Here is my comparison for purchase decision all include $2000 down and 36 month lease/option:

XC40 - $938/mo lease, No $7500 tax rebate, No MA sales tax
Polstar 2 - $534/mo lease, No $7500 tax rebate, No MA sales tax
MachE Select - $719/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $47895
MachE Premium - $732/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $51400

 

[JamieGeek]

Yes. Using Ford Options for MME. Taking into consideration $7500 tax rebate and MA sales tax for my comparison. All configured with AWD, heated seats requirement.

Here is my comparison for purchase decision all include $2000 down and 36 month lease/option:

XC40 - $938/mo lease, No $7500 tax rebate, No MA sales tax
Polstar 2 - $534/mo lease, No $7500 tax rebate, No MA sales tax
MachE Select - $719/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $47895
MachE Premium - $732/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $51400

If you can swing it: With Options you can "loan" yourself the $7500 and put that down to reduce your monthly instead of just keeping it at tax time (well sort of keeping it: since its a tax credit you may not actually get it as a refund depending on your taxes).

 

[greenaero]

I'm biased but I would just say, buy the MME!

 

[J5hort]

If you can swing it: With Options you can "loan" yourself the $7500 and put that down to reduce your monthly instead of just keeping it at tax time (well sort of keeping it: since its a tax credit you may not actually get it as a refund depending on your taxes).

Yes, this is turning into more of a finance exercise than a vehicle preference discussion. My apologies. For the purposes of comparison I calculated the $7500 rebate over the 36 months. So, the $719/mo for the Select can be reduced by ~$208 over the term. So really ~$511/mo. The MA tax is also considerable at ~$2993. So that has to be considered.

I'll run a MME config with tax rebate in as down payment for good measure. That would be a hefty number for down payment. $9500 and need to pay MA tax of $2993 on top of that at registration time.

For the vehicle discussion a compare and contrast for Polstar 2 vs MME would be helpful as it seems like those 2 will be in the running. Still don't know what XC40 monthly lease is so expensive. It was our 3rd place selection anyhow.

 

[J5hort]

I'm biased but I would just say, buy the MME!

Finances aside, I'd agree. But really what math works for the top 3 will likely prevail.

 

[engnrng]

Yes. Using Ford Options for MME. Taking into consideration $7500 tax rebate and MA sales tax for my comparison. All configured with AWD, heated seats requirement.

Here is my comparison for purchase decision all include $2000 down and 36 month lease/option:

XC40 - $938/mo lease, No $7500 tax rebate, No MA sales tax
Polstar 2 - $534/mo lease, No $7500 tax rebate, No MA sales tax
MachE Select - $719/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $47895
MachE Premium - $732/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $51400

Just to pick nits: The $7500 "tax rebate" is a tax credit, reducing your tax liability (with planning, you can increase your take-home pay, or reduce your estimated tax payments) for the year when you buy a qualifying car. When I took delivery in Feb this year, I reduced my next estimated tax payment (I am semi-retired) by the $7500, effectively keeping that money in my pocket and not waiting until middle of next year after filing my 2021 tax return. YMMV.

 

[Skelton]

XC40 - $938/mo lease, No $7500 tax rebate, No MA sales tax
Polstar 2 - $534/mo lease, No $7500 tax rebate, No MA sales tax
MachE Select - $719/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $47895
MachE Premium - $732/mo Option, $7500 tax rebate, MA sales tax (6.25%) on $51400

A second note on that Polestar 2 price. I would not trust that initial estimate. Once the taxes and other charges come in, there's no way it can stay that low. I expect your end result with a downpayment of only $2000 will be above $800/month.

If they were actually sub $600 those things would be selling faster than they could make them.

 

[J5hort]

A second note on that Polestar 2 price. I would not trust that initial estimate. Once the taxes and other charges come in, there's no way it can stay that low. I expect your end result with a downpayment of only $2000 will be above $800/month.

If they were actually sub $600 those things would be selling faster than they could make them.

I am only going by what is available on the online ordering system for comparison. Not sure there is a vehicle sales tax for lease in MA. MME after $7500 is effectively $511/mo via the site (if you factor saving that/month on taxes). Seems like we are comparing a buy vs lease with this comparison, but it is the only way to financially compare.

There are performance and other considerations that may justify one decision over the other. Just trying to sort it all out.

 

[J5hort]

So, more research reveals that in MA, sales tax needs to be paid on leased vehicles (usually wrapped into monthly payment). Also leasrned that for this year, the $7500 tax credit will not be applicable for my decision.

I am working with local Ford, Volvo, Polstar delers to see if there is any difference than what I found online.

The Polstar folks supplied a quote for my requirements mentioned here and a $572/mo payment was obtained. Like the comparisons MA sales tax would need to be paid, but all other fees are included. Looks like the leasing company passed on the 7500 tax credit they will receive.

The likes on the Polstar are the Google Assistant and 402HP. Waiting on Ford dealer response...and teh Volvo one. Had to look around as local Ford dealer wanted $5000 upcharge.

 

[MorsRedigo]

Honestly, the pictures of the Mache turned me off at the start, but being a Mustang person i had to see it in person.

Well here is me 4 months later, replaced my 2007 Shelby GT500 and could not be happier. We have put on 5000km around the city and small road trips within the province.

I have hauled renovation materials, i have used rapid charging, and used it like i would normally use a SUV. Our other vehicle is basically collecting dust and wondering why we dont drive it anymore.

Yes there are a few small problems, every vehicle has those, but i am still super happy and over the moon with this vehicle.

As a side note, my friend who ordered a Tesla Y, is still waiting for it to show up.. and where i live the closest place to get repair work done on a Tesla is ~6 hour drive away.

 

[timbop]

So, more research reveals that in MA, sales tax needs to be paid on leased vehicles (usually wrapped into monthly payment). Also leasrned that for this year, the $7500 tax credit will not be applicable for my decision.

I am working with local Ford, Volvo, Polstar delers to see if there is any difference than what I found online.

The Polstar folks supplied a quote for my requirements mentioned here and a $572/mo payment was obtained. Like the comparisons MA sales tax would need to be paid, but all other fees are included. Looks like the leasing company passed on the 7500 tax credit they will receive.

The likes on the Polstar are the Google Assistant and 402HP. Waiting on Ford dealer response...and teh Volvo one. Had to look around as local Ford dealer wanted $5000 upcharge.

Ford is offering a different kind of financing called "Ford Options" that is a hybrid loan and lease. The car is titled in your name, but you have the option to return the car at the end of the period (36/48 mos). You are eligible for the tax incentive because it is titled in your name.

 

[J5hort]

Ford is offering a different kind of financing called "Ford Options" that is a hybrid loan and lease. The car is titled in your name, but you have the option to return the car at the end of the period (36/48 mos). You are eligible for the tax incentive because it is titled in your name.

Only if you pay taxes at end of year according to my accountant. So if you get a refund it is useless. I was under the impression it was deducted from your tax liability.
And it is not dollar for dollar. So, if you pay 1000 at end of year you do not get the remaining $6500, just the 1000. This would have worked for me in 2020, but not this year.

Curious to see who received this or partial, but do not want to get into anyone's personal finances. Also want to make sure I understand this completly before making a final decision. In MA the $2500 state EV incentive is on both buy and lease and is a rebate.

 

[J5hort]

I think we are off course and missing performance comparision between my top 3. Is the MME Select HP 266 vs Polstar and Volvo XC40 400+ a concern to anyone?

 

[digdug52]

Only if you pay taxes at end of year according to my accountant. So if you get a refund it is useless. I was under the impression it was deducted from your tax liability.
And it is not dollar for dollar. So, if you pay 1000 at end of year you do not get the remaining $6500, just the 1000. This would have worked for me in 2020, but not this year.

Curious to see who received this or partial, but do not want to get into anyone's personal finances. Also want to make sure I understand this completly before making a final decision. In MA the $2500 state EV incentive is on both buy and lease and is a rebate.

It is based on your total tax liability for the year. It does not matter how much you did or did not have withheld (or pre paid for self employment purposes). The $7500 is the max credit value you are allowed, so if your tax liability is only $6000, you get credit for up to $6000. I have already done this before when I bought my Tesla. When I did my taxes for 2018, without the tax credit, my tax liability was around $300 more than what I had withheld and I would have paid that additional amount when filing the taxes. With the credit, and my liability over $7500, I was able to get a refund for around $7200 using the full tax credit amount.

Sponsored