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Most Luxury dealerships offer a loaner car when a customer brings their vehicle in for service. But Audi is offering something different for new owners of 2019 or newer Audi vehicles. Audi owns the rental car company Silvercar, a firm that exclusively offers silver Audis as their rental fleet. The new program called "Always Audi" allows purchasers of a new Audi seven days rental at no additional cost. Customers can choose from the Audi A4, A5 Cabriolet, Q5, or Q7 from one of their 20 locations around the US. All Audis at Silvercar come with GPS, Wifi, and SiriusXM at no additional cost. Of course, there are a few catches. The rental days must be used within the first 3 years of ownership, and drivers are still responsible for fuel, airport fees, taxes, tolls, optional insurance, and other options. Now Audi owners can take "their" Audi along on vacation with them. -
Most Luxury dealerships offer a loaner car when a customer brings their vehicle in for service. But Audi is offering something different for new owners of 2019 or newer Audi vehicles. Audi owns the rental car company Silvercar, a firm that exclusively offers silver Audis as their rental fleet. The new program called "Always Audi" allows purchasers of a new Audi seven days rental at no additional cost. Customers can choose from the Audi A4, A5 Cabriolet, Q5, or Q7 from one of their 20 locations around the US. All Audis at Silvercar come with GPS, Wifi, and SiriusXM at no additional cost. Of course, there are a few catches. The rental days must be used within the first 3 years of ownership, and drivers are still responsible for fuel, airport fees, taxes, tolls, optional insurance, and other options. Now Audi owners can take "their" Audi along on vacation with them. View full article
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Genesis has introduced Spectrum all-inclusive leasing. While not a subscription service like Volvo's Care or Book by Cadillac , Spectrum does include insurance and all maintenance for 3 years. Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease. Genesis Spectrum covers the following: 3 years/36,000 miles of complimentary scheduled maintenance 3 years/36,000 miles complimentary Service Valet 3 years of complimentary Genesis Connected Services, including Enhanced Roadside Assistance, Destination Search powered by Voice and Remote Start with climate control 3 years of complimentary SiriusXM® Travel Link (Data Services) 3 years of complimentary Annual Multimedia and Navigation Updates Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers Genesis is striking a balance between the car subscription services, which have questionable financial viability, and traditional basic leasing. Genesis Spectrum will be available first in Florida and then roll out to select markets nationwide. -
Genesis has introduced Spectrum all-inclusive leasing. While not a subscription service like Volvo's Care or Book by Cadillac , Spectrum does include insurance and all maintenance for 3 years. Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease. Genesis Spectrum covers the following: 3 years/36,000 miles of complimentary scheduled maintenance 3 years/36,000 miles complimentary Service Valet 3 years of complimentary Genesis Connected Services, including Enhanced Roadside Assistance, Destination Search powered by Voice and Remote Start with climate control 3 years of complimentary SiriusXM® Travel Link (Data Services) 3 years of complimentary Annual Multimedia and Navigation Updates Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers Genesis is striking a balance between the car subscription services, which have questionable financial viability, and traditional basic leasing. Genesis Spectrum will be available first in Florida and then roll out to select markets nationwide. View full article -
Most Electric Cars Sold in the U.S. Are Leased
William Maley posted an article in Automotive Industry
You find yourself in the showroom, ready to drive away in a new Chevrolet Bolt, Nissan Leaf, or Tesla Model S. But there is one big question that needs to be decided, do you buy or lease it? According to a report from Bloomberg, most buyers of EVs tend to lease. In the U.S., almost 80 percent of electric vehicles on the road are leased according to their report. It also says that 55 percent of plug-in hybrids are leased. More than 80 percent of BMW i3s are leased as an example. The key reason comes down to the belief that electric vehicles will continue to improve and buyers can simply trade them - similar to purchasing a new smartphone. "When there’s new technology coming out, and it’s coming out so rapidly, and you’re improving on it so constantly, typically people only want to lease it,” said Steve Center, a vice president of American Honda Motor Co., back in April. This bet seems to be paying off as the range of electric vehicles has been increasing, while prices of batteries have been going downward. “If you look at what can happen across the lifetime of a lease, you’re really talking about doubling the range of these vehicles,” said Edmunds analyst Jeremy Acevedo. The imbalance between leasing/buying an electric vehicle has also made used EVs to become a steal. According to auto analytics firm Black Book, compact electric vehicles sold in 2014 only hold 23 percent of their original sale price. A comparable internal combustion vehicle holds about 41 percent. Doing a quick search on Cars.com, we were able to find low mileage 2015 Nissan Leafs ranging $14,000 to $16,000. The big question is will this trend continue down the road, considering the likes the Model 3 and models coming from German automakers. Source: Bloomberg- 33 comments
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You find yourself in the showroom, ready to drive away in a new Chevrolet Bolt, Nissan Leaf, or Tesla Model S. But there is one big question that needs to be decided, do you buy or lease it? According to a report from Bloomberg, most buyers of EVs tend to lease. In the U.S., almost 80 percent of electric vehicles on the road are leased according to their report. It also says that 55 percent of plug-in hybrids are leased. More than 80 percent of BMW i3s are leased as an example. The key reason comes down to the belief that electric vehicles will continue to improve and buyers can simply trade them - similar to purchasing a new smartphone. "When there’s new technology coming out, and it’s coming out so rapidly, and you’re improving on it so constantly, typically people only want to lease it,” said Steve Center, a vice president of American Honda Motor Co., back in April. This bet seems to be paying off as the range of electric vehicles has been increasing, while prices of batteries have been going downward. “If you look at what can happen across the lifetime of a lease, you’re really talking about doubling the range of these vehicles,” said Edmunds analyst Jeremy Acevedo. The imbalance between leasing/buying an electric vehicle has also made used EVs to become a steal. According to auto analytics firm Black Book, compact electric vehicles sold in 2014 only hold 23 percent of their original sale price. A comparable internal combustion vehicle holds about 41 percent. Doing a quick search on Cars.com, we were able to find low mileage 2015 Nissan Leafs ranging $14,000 to $16,000. The big question is will this trend continue down the road, considering the likes the Model 3 and models coming from German automakers. Source: Bloomberg View full article
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Last month, electric vehicle start-up Faraday Future halted construction on their $1 billion production facility in North Las Vegas. At the time, FF said they would be looking into purchasing or leasing a production facility in either California or Nevada to get production of the FF 91 up and running. Today, Faraday has announced they have leased a factory in Hanford, California - about 200 miles north of their headquarters in Los Angeles. The facility is million-square-feet and the company is planning on employing close 1,300 people once production is up and running. “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018. Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone,” said Dag Reckhorn, Faraday Future’s VP of Global Manufacturing in a statement. The Verge has some more details about this facility. Originally, the facility was owned by tire manufacturer Pirelli up until 2001. Since then, various land owners have leased out small parts of the facility to small businesses. How did Faraday Future pay for the lease? The company has been dealing with a number of money problems. According to the Wall Street Journal this weekend, Faraday got a $14 million rescue loan from New York investment firm Innovatus Capital Partners. Reportedly, the company put up their headquarters as collateral. Source: Faraday Future, The Verge, Wall Street Journal (Subscription Required) Press Release is on Page 2 Faraday Future Reveals New California Manufacturing Facility LOS ANGELES, August 07, 2017 – Faraday Future (FF) has signed a lease on its new manufacturing facility, and began the process of clean-up to prepare the new site for the move-in of manufacturing equipment. The facility marks another significant step forward for the company in delivering its first production vehicle, FF 91, to market by the end of 2018. Faraday Future had recently announced that it was shifting its manufacturing focus to a turn-key facility that offers a faster path to production. The new production facility, located in Hanford, CA, is strategically located between the country’s two largest EV markets, Los Angeles and Silicon Valley. “We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said Stefan Krause, COO/CFO, Faraday Future. “Investors invest in people, and our employees continue to be Faraday Future’s strongest asset. As we begin this next phase in our company’s history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times.” On August 5, more than 300 Faraday Future employees and supporters voluntarily drove from Los Angeles to Hanford to begin the process of site clean-up, and embrace the company’s new manufacturing home. State of California, and City of Hanford and Kings County officials were also on-site to welcome Faraday Future to its new production facility. “The future of zero emission production is in California,” added Panorea Avdis, Director of the Governor’s Office of Business and Economic Development. “Faraday Future’s announcement today is another step towards realizing Governor Brown’s goal of adding one and a half million zero emission vehicles on the road by the year 2025. When Faraday Future achieves its goals, the State of California achieves ours, and our office will continue to assist the company’s needs to grow and expand, as we have from day one.” Dag Reckhorn, Faraday Future’s VP of Global Manufacturing is spearheading all strategy and execution behind the new Hanford site. “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018,” said Reckhorn. “Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone.” Under Faraday Future’s new leadership team, helmed by Krause (former CFO and board member of Deutsche Bank and BMW Global CFO) and Ulrich Kranz (former Sr. Vice President at BMW, responsible for the successful launch of i8, i3, Z3, and X5) in their roles as COO/CFO and CTO, respectively, the company is driving strategic changes to get Faraday Future investible. This new production facility establishes the best path forward for the company’s manufacturing plans, and focuses on building out the company’s network of investors to diversify FF’s funding strategy. After Saturday’s event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting. Following the move-out of current tenants in late November, the company expects significant movement to ramp-up on site in early 2018. Faraday Future’s new manufacturing facility is 1M sq. ft., and will employ up to 1,300 workers, over 3 shifts, over time. -
Last month, electric vehicle start-up Faraday Future halted construction on their $1 billion production facility in North Las Vegas. At the time, FF said they would be looking into purchasing or leasing a production facility in either California or Nevada to get production of the FF 91 up and running. Today, Faraday has announced they have leased a factory in Hanford, California - about 200 miles north of their headquarters in Los Angeles. The facility is million-square-feet and the company is planning on employing close 1,300 people once production is up and running. “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018. Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone,” said Dag Reckhorn, Faraday Future’s VP of Global Manufacturing in a statement. The Verge has some more details about this facility. Originally, the facility was owned by tire manufacturer Pirelli up until 2001. Since then, various land owners have leased out small parts of the facility to small businesses. How did Faraday Future pay for the lease? The company has been dealing with a number of money problems. According to the Wall Street Journal this weekend, Faraday got a $14 million rescue loan from New York investment firm Innovatus Capital Partners. Reportedly, the company put up their headquarters as collateral. Source: Faraday Future, The Verge, Wall Street Journal (Subscription Required) Press Release is on Page 2 Faraday Future Reveals New California Manufacturing Facility LOS ANGELES, August 07, 2017 – Faraday Future (FF) has signed a lease on its new manufacturing facility, and began the process of clean-up to prepare the new site for the move-in of manufacturing equipment. The facility marks another significant step forward for the company in delivering its first production vehicle, FF 91, to market by the end of 2018. Faraday Future had recently announced that it was shifting its manufacturing focus to a turn-key facility that offers a faster path to production. The new production facility, located in Hanford, CA, is strategically located between the country’s two largest EV markets, Los Angeles and Silicon Valley. “We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said Stefan Krause, COO/CFO, Faraday Future. “Investors invest in people, and our employees continue to be Faraday Future’s strongest asset. As we begin this next phase in our company’s history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times.” On August 5, more than 300 Faraday Future employees and supporters voluntarily drove from Los Angeles to Hanford to begin the process of site clean-up, and embrace the company’s new manufacturing home. State of California, and City of Hanford and Kings County officials were also on-site to welcome Faraday Future to its new production facility. “The future of zero emission production is in California,” added Panorea Avdis, Director of the Governor’s Office of Business and Economic Development. “Faraday Future’s announcement today is another step towards realizing Governor Brown’s goal of adding one and a half million zero emission vehicles on the road by the year 2025. When Faraday Future achieves its goals, the State of California achieves ours, and our office will continue to assist the company’s needs to grow and expand, as we have from day one.” Dag Reckhorn, Faraday Future’s VP of Global Manufacturing is spearheading all strategy and execution behind the new Hanford site. “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018,” said Reckhorn. “Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone.” Under Faraday Future’s new leadership team, helmed by Krause (former CFO and board member of Deutsche Bank and BMW Global CFO) and Ulrich Kranz (former Sr. Vice President at BMW, responsible for the successful launch of i8, i3, Z3, and X5) in their roles as COO/CFO and CTO, respectively, the company is driving strategic changes to get Faraday Future investible. This new production facility establishes the best path forward for the company’s manufacturing plans, and focuses on building out the company’s network of investors to diversify FF’s funding strategy. After Saturday’s event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting. Following the move-out of current tenants in late November, the company expects significant movement to ramp-up on site in early 2018. Faraday Future’s new manufacturing facility is 1M sq. ft., and will employ up to 1,300 workers, over 3 shifts, over time. View full article
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Prices of new vehicles are climbing to record highs and causing buyers to look at leases for lower monthly payments. According to CNBC, a new report from Experian Automotive found that 31.46 percent of vehicles sold in the first quarter were leased. This is up from the 24.05 percent who chose to lease five years ago. The report also reveals that that the average monthly payment for a new vehicle loan was $488, up $14. But, the average lease payment was down $7 to $405. "The difference between a monthly payment for those leasing a new vehicle versus those who buy new is almost $100," said Melinda Zabritski, senior director of Experian Automotive. "Leasing has become more popular because the price of vehicles continues to go up. Consumers are looking for lower monthly payments, which is why more of them are extending the terms of their loans." Source: CNBC View full article
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Americans Are Leasing Vehicles At A Record Number
William Maley posted an article in Automotive Industry
Prices of new vehicles are climbing to record highs and causing buyers to look at leases for lower monthly payments. According to CNBC, a new report from Experian Automotive found that 31.46 percent of vehicles sold in the first quarter were leased. This is up from the 24.05 percent who chose to lease five years ago. The report also reveals that that the average monthly payment for a new vehicle loan was $488, up $14. But, the average lease payment was down $7 to $405. "The difference between a monthly payment for those leasing a new vehicle versus those who buy new is almost $100," said Melinda Zabritski, senior director of Experian Automotive. "Leasing has become more popular because the price of vehicles continues to go up. Consumers are looking for lower monthly payments, which is why more of them are extending the terms of their loans." Source: CNBC -
By William Maley Staff Writer - CheersandGears.com April 3, 2013 Yesterday, Tesla announced a new, more affordable way to get behind the wheel of a Model S. Its what Tesla calls a "revolutionary new finance product" that combine the "best aspects of car leasing and ownership." How affordable are we talking about? Tesla was throwing a cost of less than $500 per month*. How does this product work? From Tesla's press release, Note a key phase in that quote. "When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month." In other words, they're factoring cost of ownership into the payment. Tesla has a calculator on their site that shows Effective Monthly Cost and the actual payment you'll be making. Using myself as an example, here are the Effective Monthly Costs and payments for the three Model S models. 60 kWh: $866 (effective), $1,051 (payment) 85 kWh: $1,042 (effective), $1,199 (payment) 85 kWh Performance: $1,305 (effective), $1,421 (payment) *Note: Payments are based a 2.95% APR, 10% down payment, and 66-month term loan, excluding sales tax and registration. The big question of course is will anyone get that magical $500 per month payment or not. I've only scratched the surface on this. Motor Authority has an in-depth article on Tesla's math that I recommend you check out. In the meantime, you can check out Tesla's press release on the next page. Source: Tesla William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Tesla Unveils Revolutionary New Finance Product Combines Best Aspects of Car Leasing and Ownership PALO ALTO, Calif. – April 2, 2013 – Tesla Motors announced today that, in partnership with Wells Fargo and US Bank, it has created a revolutionary automotive financing product that provides the best elements of ownership and leasing to Model S customers. Most people throughout the world prefer to own their belongings, rather than rent what is essentially someone else's property via a lease. However, leases do provide some key benefits, particularly a low initial payment, tax deductions, lower risk on resale value and the convenience of returning a car without the hassle of reselling it personally. Working with some of the largest and most respected banks in the country, Tesla has been able to create a new kind of financing product that combines the surety and comfort of ownership with all the advantages of a traditional lease. Like the Model S, this product was created from the ground up to provide maximum benefit to consumers, rather than simply duplicating other financing programs that tend to favor companies at the expense of the individual. How does it work? US Bank and Wells Fargo have agreed to provide 10% down financing for purchase of a Model S (on approved credit) The 10% down payment is covered or more than covered by US Federal and state tax credits ranging from $7,500 to $15,000. New Jersey, Washington and DC also have no sales tax for electric vehicles. These advantages are not available when leasing. When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month. After 36 months, you have the right, but not the obligation to sell your Model S to Tesla for the same residual value percentage as the iconic Mercedes S Class, one of the finest premium sedans in the world, made by Daimler (also a Tesla partner and investor). Not only is Tesla guaranteeing that resale value, but Tesla CEO Elon Musk is personally standing behind that guarantee to give customers absolute peace of mind about the value of the asset they are purchasing. View full article
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By William Maley Staff Writer - CheersandGears.com April 3, 2013 Yesterday, Tesla announced a new, more affordable way to get behind the wheel of a Model S. Its what Tesla calls a "revolutionary new finance product" that combine the "best aspects of car leasing and ownership." How affordable are we talking about? Tesla was throwing a cost of less than $500 per month*. How does this product work? From Tesla's press release, Note a key phase in that quote. "When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month." In other words, they're factoring cost of ownership into the payment. Tesla has a calculator on their site that shows Effective Monthly Cost and the actual payment you'll be making. Using myself as an example, here are the Effective Monthly Costs and payments for the three Model S models. 60 kWh: $866 (effective), $1,051 (payment) 85 kWh: $1,042 (effective), $1,199 (payment) 85 kWh Performance: $1,305 (effective), $1,421 (payment) *Note: Payments are based a 2.95% APR, 10% down payment, and 66-month term loan, excluding sales tax and registration. The big question of course is will anyone get that magical $500 per month payment or not. I've only scratched the surface on this. Motor Authority has an in-depth article on Tesla's math that I recommend you check out. In the meantime, you can check out Tesla's press release on the next page. Source: Tesla William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Tesla Unveils Revolutionary New Finance Product Combines Best Aspects of Car Leasing and Ownership PALO ALTO, Calif. – April 2, 2013 – Tesla Motors announced today that, in partnership with Wells Fargo and US Bank, it has created a revolutionary automotive financing product that provides the best elements of ownership and leasing to Model S customers. Most people throughout the world prefer to own their belongings, rather than rent what is essentially someone else's property via a lease. However, leases do provide some key benefits, particularly a low initial payment, tax deductions, lower risk on resale value and the convenience of returning a car without the hassle of reselling it personally. Working with some of the largest and most respected banks in the country, Tesla has been able to create a new kind of financing product that combines the surety and comfort of ownership with all the advantages of a traditional lease. Like the Model S, this product was created from the ground up to provide maximum benefit to consumers, rather than simply duplicating other financing programs that tend to favor companies at the expense of the individual. How does it work? US Bank and Wells Fargo have agreed to provide 10% down financing for purchase of a Model S (on approved credit) The 10% down payment is covered or more than covered by US Federal and state tax credits ranging from $7,500 to $15,000. New Jersey, Washington and DC also have no sales tax for electric vehicles. These advantages are not available when leasing. When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month. After 36 months, you have the right, but not the obligation to sell your Model S to Tesla for the same residual value percentage as the iconic Mercedes S Class, one of the finest premium sedans in the world, made by Daimler (also a Tesla partner and investor). Not only is Tesla guaranteeing that resale value, but Tesla CEO Elon Musk is personally standing behind that guarantee to give customers absolute peace of mind about the value of the asset they are purchasing.
