Never leased a car before. Any thoughts?

[hybrid2bev]

I was told at dealer ….. no rebate on these at all. Especially when leased…. Was he wrong???

I show $7,500 national EV RCL cash on the 2025 Mach-E. Various other lease incentives for the 2024's.

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[tpsfoto]

Not a federal tax break?….Cash off is what my $10,500 was possibly including
But my dealer was still saying no federal tax incentives as some cars have such as Tesla.

 

[MonkeyNutz]

Not a federal tax break?….Cash off is what my $10,500 was possibly including
But my dealer was still saying no federal tax incentives as some cars have such as Tesla.

The $7500 fed tax incentive for the Mach-e applies only to leases and it is claimed by the leasing company. It is up to the leasing company if they choose to roll that into the lease as a credit to their customer or not.

Your dealer was either misinformed or is purposefully withholding that info as they keep the credit for themselves if leasing through them.

Ford Credit seems to change with the wind on this. Just before the end of the year, all the local Ford dealers were advertising the $7500 incentive in their lease pricing and were pushing leases hard. Now they don’t mention it at all. But it does still exist for this year.

The Mach-e does not qualify for the fed consumer purchase incentive due to it being manufactured in Mexico. Nearly all EV’s, including Mach-e, qualify for the $7500 when leased. I wish I could explain the logic behind that, but there doesn’t seem to be any.

 

[GrayWolf]

From what I have read on the subject, it seems like it's better to sell a car to a dealer and keep the cash from that sale to save/put towards a possible future purchase.

Don't add it to a lease because that becomes a large up front interest payment. That basically nullifies the entire point-and-value of leasing.

I could be mistaken, so feel free to correct me or clarify as appropriate, folks.

 

[wchristie]

Ask Dave Ramsey about leasing….

How…would….anyone…know….

If you follow DR you know. He calls it a fleece. He believes a lease is never a good idea. He is black and white on the topic.

 

[dalola]

From what I have read on the subject, it seems like it's better to sell a car to a dealer and keep the cash from that sale to save/put towards a possible future purchase.

Don't add it to a lease because that becomes a large up front interest payment. That basically nullifies the entire point-and-value of leasing.

I could be mistaken, so feel free to correct me or clarify as appropriate, folks.

Yes, it's (usually)never wise to put money down on a lease. If the payment with 0 down is too high, you can't afford it, and should be looking at other options.

 

[Boourns]

I was told at dealer ….. no rebate on these at all. Especially when leased…. Was he wrong???

Yeah he was lying to you or completely misinformed.

 

[tpsfoto]

Yeah he was lying to you or completely misinformed.

I wonder If all I need to give to my account is a copy of the lease agreement

 

[Phantom E]

At the end of a lease you don't have your car and you don't have your money.

 

[dalola]

At the end of a lease you don't have your car and you don't have your money.

Because that's not what a lease is, it's buying the use of the car over a specified term. You still have the option to buy it at the end of the lease, if you decide you want to own it, and it could cost you less (total) than if you had purchased it from the beginning. Precisely why it's important to understand all the options & numbers, if you're looking for the best deal. ?

 

[Sikkun]

At the end of a lease you don't have your car and you don't have your money.

Don’t worry after 10-12 years I will also not have my car and not have my money.

They have their place. But we are all exchanging money for a depreciating asset, we are all going to lose said money and said asset.

 

[devmach-e]

The Mach-e does not qualify for the fed consumer purchase incentive due to it being manufactured in Mexico. Nearly all EV’s, including Mach-e, qualify for the $7500 when leased. I wish I could explain the logic behind that, but there doesn’t seem to be any.

This is incorrect. The Mach-E doesn't qualify for the tax credit due to the battery minerals sourcing and/or processing/manufacturing requirement, not because of where the car is built.

 

[TheRiddler314]

In January I leased a MME for my first lease ever. Reasons being:

1. Depreciation. EVs keep plummeting in value and I didn't want to be stuck paying that massive depreciation.

2. Purchase price. My purchase price at the end of the 3-year lease (if I choose) is only $20k. That's about $5k less than a comparable used MME if I was to buy one today, which suggests leasing then purchasing might actually be cheaper than purchasing...which it normally doesn't work that way.

3. I get new cars all the time. I've owned cars as short as one year and the longest so far is 6 years.

4. Incentives. My MME MSRP was $46k and I got it for $36k OTD.

 

[MonkeyNutz]

I wonder If all I need to give to my account is a copy of the lease agreement

If you have an accountant, you should give them a copy of the lease agreement. It will give them a better overall financial picture, but won’t change anything and you can’t claim any incentives there. Perhaps state incentives. But you won’t be able to claim the $7500 — the leasing company/ lease holder (lessor) claims it. You, as the leasing customer or lessee, can not.

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