You can lease a Polestar 2 for under $200/month
The Polestar 2 is a new sedan from Polestar, Volvo’s electric spin off brand. The brand us currently offering aggressive EV incentives along with a limited time incentive from Costco that could take your payment to as low as $190/month before tax. Let's dive in to how to get this deal.
The Tesla Cyber Truck will depreciate like every other Tesla
The Tesla Cybertruck came out as one of the most hyped vehicles of the past decade, and immediately drew celebrity status. The first models to be resold on online auctions saw prices well over MSRP, in some cases selling for more than double what the original owner paid. However, this trend is not likely to continue. The Cybertruck is meant to be a mass market vehicle, and I am confident in the next 6-12 months we will start seeing second hand cars sell for below MSRP and the depreciation that impacts other EVs will hit the Cybertruck.
Deal Alert: The Kia EV6 is One of the Best Lease Deals Available Now
Kia has been aggressive in moving its electric cars, and is currently offering very attractive discounts on its EV6 model. You can expect to pay as low as $250/month for a car with a MSRP over $50k - a phenomenal deal in this market.
Takeaways from the New York Autoshow
I had the chance to attend Thursday’s media day at the new york international autoshow and there were quite a few exciting developments that I want to share with you, lets jump in
The RAM TRX is Finally Getting Discounted
Over the past 2 years the RAM TRX has been one of the hottest trucks on the market, but we are finally seeing production catch up with demand and dealers are removing markups and instead starting to discount the car. How much of a discount can you get? Let's dive in.
Deal Alert: The Audi E-Tron is offering over 25% off MSRP
Audi has been very aggressive recently with incentives and dealer discounts on the Audi E-Tron GT. We are seeing people get lease deals of up to 30% off MSRP and leasing cars for well below the 1% target monthly rate. This seems to be one of the best car deals you can get right now and a great deal for someone looking at luxury EVs.
When is Leasing cheaper than Buying?
This is a debate that many new car buyers deal with, what makes more sense? Is it better to have equity in the car? Where is the breakeven between leasing and buying? I will go through 2 scenarios and do the math to see which option is going to provide the best value. The numbers below are based on real life lease offers available as of February 2024.
The Wrangler 4XE is the best lease deal on the market
Jeep has been very aggressive in its discounting of Sport and Sahara trims of the Wrangler to start the year, and we are seeing lease deals as low as $260/month before taxes for cars with MSRPs in the $55,000 and up range. This is a great opportunity to take advantage of incentives and federal rebates to get a great deal on a Wrangler lease
The Audi R8 is a great used supercar bargain
Buying a used supercar is a great opportunity to get top level performance for a fraction of the cost. Many supercars tend to depreciate poorly as new models come out and owners upgrade. The Audi R8 is one car that has been victim to depreciation over its lifetime and now models can be purchased for under $60,000 - or the price of a new A4.
Luxury EV Sedans are Depreciating Fast
It seems like luxury EV sedans have a serious depreciation problem. When looking at the Lucid Air, Tesla S Plaid, or the Mercedes EQS - all those models suffer from over 30% depreciation in their first year. This provides a great opportunity for buyers looking to get one of these models on the used car market for a bargain over their list price. Let's dive deeper into what kind of deals you can expect on luxury EV sedans.
Leasing a new Ford Bronco is unaffordable
The new Ford Bronco came out more than 2 years ago, but inventory at dealerships is still low and some models, especially the 2 door, still have a markup over MSRP. The high prices along with a complete lack of incentives from Ford leads to a poor leasing environment for this car, with some dealers quoting lease prices above what financing would cost on the car. I want to dive into some alternatives if you are looking to lease an off road SUV.
Used Porsche Macan are an attractive luxury SUV option
Porsche has now been making the Macan for over 6 years, and is producing over 100,000 units per year. This means that the used car market is now flooded with cars that came off lease or even 2nd owners selling their Macans as warranties start to expire. This leads to a good opportunity for someone looking for a sportier alternative to the traditional crossover. Lets dive into the state of the used Porsche Macan market.
The Hummer EV is not going to be a good deal anytime soon
If you are looking to buy a Hummer EV, you will most likely be paying above MSRP for at least the remainder of the year. As EV production is ramping up and EV prices are dropping, the Hummer seems to stand out as one of the few EVs that is unable to scale production or see dealer markups go away. Lets find out why the Hummer EV is not getting any cheaper.
Does it Make Sense to Buy a Used Electric Car?
At a glance, there are over 21,000 used electric cars for sale in the US right now that are newer than 7 years old (typical age to let you qualify for a car loan), but is it worth buying them? I took a look at used EVs available for sale for under $25,000 and believe if you are looking for a car with more than 100 mile range, it is not worth it buying a used EV. Lets dive into why:
Why are there so many used Rivians available for sale?
Over the past few months I have been closely following the market for used Rivian SUVs and pick up trucks and I am starting to notice an interesting trend. Prices seem to be falling rapidly, and inventory is growing quickly. This raises a lot of questions, as the company did not start delivering any meaningful amount of cars until 2022. That means, people are getting out of their cars quickly and are willing to take a loss on the price they paid. Let's dive in a bit more:
Used Jeep Wagoneer Prices are Falling Fast
Jeep introduced the Wagoneer and Grand Wagoneer to compete with the luxury large SUVs from Cadillac, GMC, and the European brands. With some trims starting at over $100,000, the car became the most expensive Jeep available on the market. However, the used car market has been tough on this car, with models losing over 20% of their value after just one year - something that has been rare in the post pandemic car market. There are now great deals to be found for 1-2 year old Grand Wagoneers if you are in the market for one.
The C7 Corvette is Going to Keep Going up in Value
The 7th generation of corvette is looking like an instant classic and its used prices have not depreciated like a standard car. Being the last front engine corvette ever made, owners are hesitant to sell the cars and many people are holding on. Many cars are listed for close to their original MSRPs from 7 years ago. I believe these cars will start appreciating in value soon and can be a great purchase if you are looking for a high performance car that will not lose value.
4 Used sports cars that will stand out in the crowd
Sports cars are meant to stand out in the crowd, but lately the streets have been flooded with mustangs, camaros, chargers and challengers, as well as many european “M” and “AMG” variants. As manufacturers put sports badges on almost every model, what can you buy that will make you stand out in the crowd and also give you the thrill of performance driving? I wanted to share 4 unique used cars that I think you can get a great deal on right now that will be sure to make a splash at your local gas station or car meet.
It Does Not Make Sense to Buy a Used Ford Ranger
The new Ford Ranger has had some of the most resilient used car prices of any recent car, especially a relatively cheap pickup truck. While usually I am a supporter of buying 2-4 year old cars to take advantage of your typical 30% depreciation, in the Ford Ranger case it does not make any sense to buy a used car and you might as well buy a new car.
What can you negotiate in a car lease?
Approaching car leasing negotiations can be daunting. I want to share some information on what can you control when negotiating a car lease and what aspects are out of your hands.