Estimated monthly cost for a lease in NJ?

[pooter03]

I'm in NJ as well. I think your residual is probably too high. Also the NJ credit is $5,000, not $7,500.

Here's the assumptions I was going off of when calculating "Ford Options":

	Ford "Options"
MSRP
Mustang Mach E Premium	50,000
Std Range AWD	2,700
Infinite Blue Paint	400
D&D	1,100
Total MSRP	54,200
X Plan Discount (2% less $275)	(779)
Cost basis	53,421
Down Payment (cash)	(7,000)
Trade In	(3,000)
Tax Credit (IRS)	(7,500)
Tax Credit (NJ)	(5,000)
Total amount financed	30,921
Balloon Payment	18,697	35%​
Interest Rate	4.00%​
Term (months)	36
Payment per month	$423.22​
Total cost to purchase	40,933.10

I'm at the end of my current lease for a Kia Optima PHEV. The MSRP was about $41,000 and the residual value after 3 years was about $18,500. Being that the Mach E is $10,000 more expensive, I wonder if the residual be closer to the mid or upper 20s?

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[SD_Solar]

In any case, it doesn't really matter, either I get $12500 off up front, or I get $12,500 back from the IRs. That's $347/mo over 3 years.

I don't think the NJ $5,000 EV Rebate has anything to do with the IRS.
That comes from the NJ taxpayers.

 

[pooter03]

I don't think the NJ $5,000 EV Rebate has anything to do with the IRS.
That comes from the NJ taxpayers.

It does. I was hoping that was implied as it doesn't change the end result.

 

[timbop]

I don't think the NJ $5,000 EV Rebate has anything to do with the IRS.
That comes from the NJ taxpayers.

Actually, it comes from an energy fund that was created a few years ago which is funded by small surcharges on electric rates. In phase 2 you can ask the dealer to take the $5000 off the price, but until then you have to pay out of pocket and submit a request online - you won't have to wait until you file your taxes the following year.

 

[c max]

Actually, it comes from an energy fund that was created a few years ago which is funded by small surcharges on electric rates. In phase 2 you can ask the dealer to take the $5000 off the price, but until then you have to pay out of pocket and submit a request online - you won't have to wait until you file your taxes the following year.

Excuse my ignorance, do you know when the phase 2 begins or has the state not told us that.....thanks

 

[c max]

Excuse my ignorance, do you know when the phase 2 begins or has the state not told us that.....thanks

I found that phase 2 should start sometime in July/August

 

[timbop]

Excuse my ignorance, do you know when the phase 2 begins or has the state not told us that.....thanks

nope. just like Ford, the state board of utilities let's you know when they get around to it

 

[pooter03]

I placed my order last night. Here's the estimated payments on a red standard Premium RWD .without taking into account the tax incentives.

 

[Frank861]

The NJ ev credit is $2000 not $5000.
If the car MSRP is under $45000 then you get the $5000. Anything MSRP from $45k to $55k gets $2000 over $55k the incentive disappear. Also you said you taking a loan to pay the 7k upfront down payment. That $7500 you have on your spreadsheet can't be applied to the car since you have to pay back yourself when you receive your tax refund. Also you have to make sure you have at least $7500 yearly tax liability since it is not a refundable credit.
Example 1: you paid $10000 on federal taxes a year you get the full $7500.
Example 2: You paid $5500 on federal taxes you get $5500 back not the $7500.

 

[pooter03]

I don't know if they changed it after I applied but I received the NJ $5000 rebate check last week.

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