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I never thought I would buy a Volt. I did on Monday. I didn't do it to save the earth, or to combat global warming which I consider bunk. I did it as a means to an end.
Specifically, I had negative equity in the car I was trading that had huge payments. So the only car that had any kind of incentives to reduce the negative equity was the Volt. It is heavily incentivized, 0 percent interest on the loan so in less than 2 years the negative equity is gone so trust me the car will be gone as well. That and I get $7500 back on next year taxes on top of my normal refund.
The other pro while in engine mode it sips gas and in Canada that is huge. I will go over 400 miles on 9 gallons after the battery is used up.
It is highly computerized but with 3 years free Onstar with car diagnostics being monitored if any issue comes up, the dealer is notified.
Battery warrantied 8 years 100000 miles.
So there it is. A person who pooh poohed hybrids and such bought one.
Volt goes about 35 miles on battery right? Maybe 50? Small part of the 400 mile range you are talking about.
That fuel economy is available in other cars. As for negative equity, a minor issue when buying a new car, the numbers can be made to work.
The tax incentive? Hardly worth the price of entry.
An entire new generation of electric cars is hitting the market end of this year and next, about the time you start considering selling the Volt. That is a lot of money to gamble on for a resale value that isn't guaranteed. If the new brands and models coming to market are a hit, you'll see the resale value of the Volt make your negative equity concern seem like pennies.
The Volt is a nice car though and has a lot of spunk to it. It doesn't look like other cars and the quality is high. Overall a very nice ride.
Buying a car with the intention of selling it in two years is a sure way to another negative equity position though. Cars aren't investment, just cash drains.
Mack's right. With the Spark projected to double the Volt's battery-only range, I don't see anyone wanting to buy a used Volt in two years.
I don't really understand what you did. You owed more on your current car than it was worth, so you traded it in for a Volt? Isn't that like transfering a credit card balance onto a new card? So you now owe more on the Volt than it was worth new sitting on the lot (Volt price + your balance of negative equity on the old car)?
Now you plan to make big payments over the next 2 years to get out from under the old car debt and--at the same time--pay off the same amount of money as depreciates from the Volt's value?
Then, in 2 years, you'll sell the Volt at blue book and have no balance but also no car. (Presumably you'll buy another car at this point).
How is this going to be a better deal than just paying off the old car? Was the interest really that high on the loan?
Spark too small. I have issues putting my 4 year old in the back seat which is essentially the bumper. Like the Smart Car, it looks like you can crush it like a beer can.
That fuel economy is available in other cars. As for negative equity, a minor issue when buying a new car, the numbers can be made to work.
The tax incentive? Hardly worth the price of entry.
An entire new generation of electric cars is hitting the market end of this year and next, about the time you start considering selling the Volt. That is a lot of money to gamble on for a resale value that isn't guaranteed. If the new brands and models coming to market are a hit, you'll see the resale value of the Volt make your negative equity concern seem like pennies.
Quote:
Originally Posted by sponger42
Mack's right. With the Spark projected to double the Volt's battery-only range, I don't see anyone wanting to buy a used Volt in two years.
I'm actually looking forward to that....hoping the resale tanks on these things, so I can snatch one up cheap I have a short enough commute that the 30-40 mile range is plenty for me, even taking into account some reduced range when the batteries start aging. Of course, it will partially dependent on how well the battery ages in the things - might very well end up being a losing proposition anyways when you factor in battery replacement cost.
Always makes me giggle just a bit when I see people getting excited over the 0% APR loans, thinking they got an awesome deal or "it's like free money!". I've yet to see any 0% APR loan that makes sense at the end compared to a low interest loan from a bank, and taking the incentives on the car that paying cash gets you. More often than not, these people end up spending significantly more with the "free money" 0% loan than had they taken a loan from an external source.
Always makes me giggle just a bit when I see people getting excited over the 0% APR loans, thinking they got an awesome deal or "it's like free money!". I've yet to see any 0% APR loan that makes sense at the end compared to a low interest loan from a bank, and taking the incentives on the car that paying cash gets you. More often than not, these people end up spending significantly more with the "free money" 0% loan than had they taken a loan from an external source.
I really would not expect someone with negative equity in a car to understand your logic.
Always makes me giggle just a bit when I see people getting excited over the 0% APR loans, thinking they got an awesome deal or "it's like free money!". I've yet to see any 0% APR loan that makes sense at the end compared to a low interest loan from a bank, and taking the incentives on the car that paying cash gets you. More often than not, these people end up spending significantly more with the "free money" 0% loan than had they taken a loan from an external source.
So the payment that goes strictly towards the principle is stupid???
I don't get it.
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I have a short enough commute that the 30-40 mile range is plenty for me, even taking into account some reduced range when the batteries start aging. Of course, it will partially dependent on how well the battery ages in the things - might very well end up being a losing proposition anyways when you factor in battery replacement cost. 
