Published on January 26th, 2014 | by Important Media Cross-Post1
You Can Lease An Electric Cadillac ELR For $699 Per Month
January 26th, 2014 by Important Media Cross-Post
Originally published on Gas2.
By Heather Carr.
GM’s first luxury plug-in hybrid, the Cadillac ELR, has set a lease price $699 per month, which is a lot more palatable to many pocketbooks than the $75,000 MSRP.
Winner of the 2014 Green Car Technology Award, the Cadillac ELR costs between $75,000 and $82,135. For current owners and lessees of any GM vehicles from 1999 or newer, Cadillac is offering a special deal of $699 per month for 39 months, plus $4,999 due at signing, for a total of $27,261 over the lease period. Tax, title, license, dealer fees, and optional equipment will add a bit more upfront, but still not a bad price for a brand new Caddy.
However, there are some things to think about with this offer. Mileage must be less than 32,500 for the 39 months of the lease. Every mile over 32,500 incurs a mileage charge of $0.25/mile. The average American driver covers 13,476 miles per year in a car, so if you’re an average driver (and with a car this luxurious and fun to drive, that would be difficult), that would add another $2,824.25 to the total cost.
Another thing to think about is the balloon payment at the end. It will be well over $50,000, should you choose to buy the Cadillac ELR, though refinancing in three years is an option as well. Trading the car in for a newer model is another option. When I had a balloon payment waiting for me at the end a lease, it always felt like something ominous looming in the distance.
If you might want in on the Cadillac ELR, you better hurry as this deal ends at the end of January. You have just over a week to think about it.
With a range of 35 miles from electricity stored in the battery and a total range of 340 miles on electricity stored in the battery plus electricity produced by the generator, the Cadillac ELR can get you around town or on a road trip with no problem. The Cadillac ELR makes more horsepower and is slightly faster than its cousin, the Chevy Volt, though numerous outlets have called the Cadillac hybrid overpriced, especially compared with the similarly-priced Tesla Model S.
Maybe this lease offer will convince some would-be Tesla buyers to give the green Caddy a chance instead.
Drive an electric car? Complete one of our short surveys for our next electric car report.
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.