I say part a. because this post was becoming an unwieldy opus.
Part b. will delve into the thorny world of leasing.
I have been investigating if the Nissan Leaf electric car would be right for me in Houston.
*I test drove a Nissan Leaf this summer and was impressed with the roominess, quietness and lack of lurch on acceleration.
*My electricity comes from natural gas and coal-this is true for most of us. (Wind, solar may be mixed in, but less than 3%).
*I live in a condo that does not have a garage plug-in unit.
*My workplace does not have a garage plug-in unit.
*Public use charge stations near me at work are $40/mo. and would suck up my lunch hour. Also, they are not covered from the sun or rain. Houston gets about as much rain as Seattle and the only other places in the world I have been that are hotter with the humidity in summer are Singapore and China.
*my weekday commute is 24 miles RT-not bike-able due to heat and massive traffic.
*I would not be able to escape a hurricane.
So, when I asked my friend’s friend on FB (who lives in the Houston area) why a Leaf? The answer was “I’m cheap”.
I scratched my head.
How can this be?
What awesome secret am I missing?
What would it cost to buy one?:
Let’s start with the least expensive one:
We need the “fast” 30 min charger unless we can wait hours and hours for a charge.
Tax 6% in most states
Without car mats.
What about the tax “rebates”? These days, you get credit on YOUR tax bill, so, you still have to finance the $33,477 less any mfr rebates before getting the $7500 federal and $2500 Texas rebates. If you owe taxes, well, you may never see this money. Best case, you are smart enough to get this in refund and apply it to your smallest debt.
People in my age range have an avg. Credit score of 645.
That’s not good.
Below 650 is considered “nonprime” and I will pay a lot more for this loan-6.29% vs 0%.
What would it cost the a g person to finance this car for 3 years?
(Let’s assume no trade-in or bargaining).
Also, I did not see any manufacturer rebate offered.
I did see 2 years of free evgo charging, though.
Worth up to 24 mo @ $40/mo.
$960 for 2 year membership
Let’s put it into the bankrate calculator:
If the median income for US families is $62,000 @ 25% taxrate, I cannot afford this car.
Takehome pay for 2:
15% of that is
For 2 people.
$290.62 per driver for note, insurance, fuel (gas or other) maintenance.
What WOULD my family have to make to afford this car?
$16750*.15=$2513 for 2 people
$1256 per driver
Year 3 costs per month