Now it is my turn?

[Duck Vader]

Since GM is being a dick and killing off the Volt it has me thinking.

Currently my Volt has about 60k miles on it, but the extended powertrain warranty is done in April and the warranty on the batteries is done in 2021 or 100k miles.

My original plan was to wait until next year when the 2020s were going to be released, which would have been a redesign, and get a 2019. However, 2019 is the last model year.

We were also looking to possibly move this coming summer or the following at the latest.

Currently I owe about $10k on the Volt, which is approx trade in value.

I really like the Volt, and with current pricing, and the 0% for 72 going on this week I can get the new one for about $150 more a month than my minimum payment on my current Volt. That would give me the 3 yr/36,000 mi basic, 5 yr/60,000 mi powertrain warranty and the Premier trim and all the new safety tech.

Or I could lease it for about the same $ or even less.

Problem is, that is about a $35k debt to add on (less if I lease), which with looking at buying a new house next year might be too much DTI to get what we want.

Right now, the Volt is the only car on the market that suits my wants/needs. Close to 50 miles electric and comfortable.

I could always get something full electric with a longer range. We do have the Jeep and Kia for long range stuff, but the Kia is on a low mileage lease I believe, so longer trips have to be taken with caution.

So my question is, do I risk keep the Volt I have now as it goes out of warranty and hope it stays as reliable as it has been, or get a new one?

Or option 3, look at a different vehicle all together?

[Duck Vader]

We would also get the big tax credit on the new Volt still too.

[Chris95RT]

Is your plan for your lives going to be the same tomorrow as it is today?

That would be my first question as it seems that it is very fluid.

[Duck Vader]

We have things planned out for the next 2 years.

In Oregon and California you can lease a Honda Clarity Electric for only $200 a month, but it only has like a 80 mile range.

[Chris95RT]

Don't get anymore debt, figure out your living situation first since you have enough cars and then figure out the car situation.

There will always be a PHEV you can buy.

My lease is my only means of transport, and I will be up against buying a house as well; if I wasn't up against losing my car, I'd boot that can so far down the road.

[DCIV]

Why is Chevy axing the volt?

Also is there anything wrong with it that you need to trade it in? I agree, staying out of as much debt as possible is always the best thing.


Coop

[Duck Vader]

GM is getting rid of the Volt, Cruze, and Impala and laying off a bunch of people and closing a bunch of plants.


Currently nothing is wrong with it. But it will soon be out of warranty, and an electric car out of warranty scares me.

[Chris95RT]

Id stick with the car, personally. EVs are well engineered and any CARB components related to the emissions like the battery are 10/100.

And GM, like Ford, is looking to cut low margin business and thus the Cruz, Volt and Impala are donezo.

[Duck Vader]

So had a long talk with the wife last night.

Couple of things.

We are not going to move for the next 3 years minimum unless for some reason we both get really high paying jobs down near Salem that pay more than we make now.

We also spoke about the car thing.

She asked me to get in touch with the local dealer to see what kind of numbers we can actually get. We have some bigger expenses happening next year and that $7500 tax credit will come in very handy (but we only get that if we buy, not lease). She thinks if I can get within $200 of what I pay now on a new car payment, it might be worth it. I am thinking closer to $150 personally.

So we will see what kind of numbers they offer and go from there.

There are a lot of features and options on the newer Volt that we both really like, and at the local dealer, if we buy new, we get a free lifetime powertrain warranty on top of the factory warranty as well. We would go for the Premier. Better electric range, more safety features, new warranty, etc.

If they do not come back with good enough numbers we will keep out current Volt. Looking up some stuff it seems they are turning out to be quite reliable.

[Chris95RT]

[Duck Vader]

Trying to figure out what my limit above what I pay now makes sense.

[DCIV]

How does that tax credit actually work? Just go in your taxes? Get a percentage of it back?


Coop

[Duck Vader]

Goes with taxes. Basically from my understanding is that if over the course of the year you pay $7500 or more in federal taxes they give that money back to you come tax return time.

[Duck Vader]

Just not sure if I would get it next year, or the year after since you have to file proper paper work for it.

[Jeff V.]

You apply for it when you file your taxes in April. As long as you don't owe anything, you'll get $7500 back. But if you have to buy a $30,000 car in order to get it, it's more like a loan than 'free cash'.

From what I've seen, the used value of the cars is also calculated based on the value of that refund. So if you sell it used 2 days after you buy it, the market value is closer to 23k than 30k. You're upside down on the car from day one unless you immediately apply the tax credit to the loan principal.

I think some dealers figured out how to write the credit into the loan, so you only have to finance 23k. But of course, they keep the tax credit. I'm not sure how the paperwork works for that though.

[Duck Vader]

Looking at what prices I think I can get, and I am sure they will low ball my trade-in. I am looking at right around $200 more a month than I pay now.

Just not sure if it is worth that much more a month. Sure the new safety features, better infotainment system, higher ranger, etc would be nice, along with a new warranty, but $200 a month adds up quick. We can afford it. But SHOULD we is the problem.

[Duck Vader]

I keep asking the wife for her input and all she has to say is "it is your car, you decide".

Thanks honey.

[Chris95RT]

It may be decided for you, dun dun dun!!

Donald J. Trump
‏
Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland. Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including....

....for electric cars. General Motors made a big China bet years ago when they built plants there (and in Mexico) - don’t think that bet is going to pay off. I am here to protect America’s Workers!

[Chris GTO TT]

[quote=""Duck Vader""]I keep asking the wife for her input and all she has to say is "it is your car, you decide".

Thanks honey.[/quote]

Mine keeps saying that too

[Duck Vader]

[quote=""Chris95RT""]It may be decided for you, dun dun dun!![/quote]

Hate to tell you Mr. Trump, but one of the reasons why they keep doing this is the damn tariffs you placed on steel.