36 month vs 48 month

[Outre]

I can get roughly the same payment on either. I would like to hear thoughts on what is better and why.

One of the main advantages I see with a 48 is the at there is a better chance that redesign would be out by then.

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[HuntingPudel]

Loan or lease? Are the incentives the same for loans vs. leases? Need more info.

 

[Outre]

Lease. I wouldn’t do a loan on an EV right now and the lease incentives are pretty good.

 

[ChrisO]

Given the same monthly payment that means that you will be paying more of the principal of the car off and also more interest.

So, to get a clear picture of each you need to get exactly what the total principal and interest you will be paying for the term of the loan, and how much left will left to buy it.

That will at least give you a clear picture of what it is costing you. And depending on how much is left to buy the car the likelihood you might want to buy it and keep it.

Note the 7500 loan incentive goes away at the end of the month. Once that is gone most likely buying on a lease will go back to being to the more expensive option.

The reason we pulled the trigger on changing from a 2024 Select standard range to a 2025 premium extended range was that the deal was just too good to pass up (and we really wanted extra features).

 

[Vgkfan]

All things being equal, I would go with the 36 month. Your first payment of x amount would be on a brand new car. Your 37th payment of x amount would be on a 3 year old car, or you could get a brand new car at that point. If the lease is insanely cheap, possibly the 48 months would be better. Just my 2 cents worth.

 

[Willymy]

Another consideration is the bumper to bumper warranty will not be in effect starting month 37. You will be on your own for the last 12 months

 

[dalola]

Another consideration is the bumper to bumper warranty will not be in effect starting month 37. You will be on your own for the last 12 months

This. One of the big pluses of a lease is putting as much of the "risk" of the vehicle back on the manufacturer as possible. This is why you never put money down, and never be in a lease out of warranty, 2 very basic no-no's.

Unless they add extended warranty coverage (this can be negotiated in), go with 36 mo.

 

[ChrisO]

For what it is worth we went with the 36 month lease. The 48 month lease numbers didn’t add up for us.

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