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Gravity delivery on Tuesaday

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gmoney

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Lucid Air Dream
Morning,

I received a call from my SA yesterday that said my Gravity is ready for pickup after signing the lease paperwork and it took only 10 days to received that call. I signed some papers yesterday and none of them give the financial details on the lease. I suspect I will get it on the day of delivery.

I am mostly excited and also a bit nervous with the posts I have been reading especially about the access via key.

Keep you all posted,
 
The lease paperwork with the details comes about 48 hours prior to pick up. That was my experience and the experience of many here.

Glad to hear they’re restarting deliveries as it sounds like they stopped them for the last week.
 
Afternoon,

I just got my lease contract and for those of you that are curious on costs of leasing versus buying. My build total cost is about $120,000 and my rent charge (basically leasing language for interest charges) is $17,500. The leasing credit of $7,500 means that my cost versus buying is about $10,000. I don’t pay sales taxes on purchase because NC charges on monthly payments (the total over 36 months in taxes is $1,860).

If I financed the vehicle at 5% over 5 years my interest charges would be about $16,000 versus net $10,000 above and monthly payments would be about $500 per month more for the loan.

If I invest my $120,000 and $500 per month at 6% average return over 5 years…I would have about $196,000 in future value.

I can decide to buy car at $68,500 (57% of MSRP) 36 months at 10000 miles per year.

To me it doesn’t make sense to pay cash because if I invested $2250 monthly at 6% I would have $157,000. If I invested the $120,000 at 6% I would have $162,000.

Lastly, if I paid cash and invested at 6% and made payments from money over 5 years…seems like bad math because the rate paying is higher that rate earning.

In summary, leasing over financing seems like better math to me in almost every way.
 
Thank you for the summary for those of us not very good with math. lol

I'm leasing (but with a large downpayment to keep monthly payment low) but hopefully will want to buy this car in a couple years. I'm happy to capture the $7500 discount since my orphaned vehicle has a couple options I didn't want (C&C Package, mid-sized wheels), so that savings helps the additional I'm paying to get the car quicker. Weird logic but works for me. lol
 
Can anyone touch on how hard the lease process was to deal with? Some on Reddit were saying they weren’t getting approved for stupid reason and just wanted see if any of you guys are getting kick back on trying to lease?
 
asneed06 said:
Can anyone touch on how hard the lease process was to deal with? Some on Reddit were saying they weren’t getting approved for stupid reason and just wanted see if any of you guys are getting kick back on trying to lease?
Click to expand...
No issues for me. They can run it and get you approved in under 10 minutes. The rest of it - signing, etc. Super simple.
 
No issues for me in NC…mine was approved in a minute and paperwork has been straight forward
 
Ron_Burgundy said:
No issues for me. They can run it and get you approved in under 10 minutes. The rest of it - signing, etc. Super simple.
Click to expand...
gmoney said:
No issues for me in NC…mine was approved in a minute and paperwork has been straight forward
Click to expand...
Got it thanks guys! When did you guys apply for the lease? After car was delivered/preparing for delivery?
 
asneed06 said:
Got it thanks guys! When did you guys apply for the lease? After car was delivered/preparing for delivery?
Click to expand...
Yes. Once I knew car was at SC and had passed inspection. Didn’t want approval to expire and there were stories of folks whose cars took a while in transit, etc.
 
gmoney said:
Afternoon,

I just got my lease contract and for those of you that are curious on costs of leasing versus buying. My build total cost is about $120,000 and my rent charge (basically leasing language for interest charges) is $17,500. The leasing credit of $7,500 means that my cost versus buying is about $10,000. I don’t pay sales taxes on purchase because NC charges on monthly payments (the total over 36 months in taxes is $1,860).

If I financed the vehicle at 5% over 5 years my interest charges would be about $16,000 versus net $10,000 above and monthly payments would be about $500 per month more for the loan.

If I invest my $120,000 and $500 per month at 6% average return over 5 years…I would have about $196,000 in future value.

I can decide to buy car at $68,500 (57% of MSRP) 36 months at 10000 miles per year.

To me it doesn’t make sense to pay cash because if I invested $2250 monthly at 6% I would have $157,000. If I invested the $120,000 at 6% I would have $162,000.

Lastly, if I paid cash and invested at 6% and made payments from money over 5 years…seems like bad math because the rate paying is higher that rate earning.

In summary, leasing over financing seems like better math to me in almost every way.
Click to expand...
It comes down to whether you believe the residual is good. You're paying 10k to finance 51,500 over 3 years -- about 6.5% annually. If the market value of the car is higher than 68k in 3 years then you have overpaid for your "loan" and "should" buy out the lease to recover. Otoh, if the car is worth less than the residual then you have underpaid for your financed amount but you have to turn in the car to realize that "gain".
 
asneed06 said:
Can anyone touch on how hard the lease process was to deal with? Some on Reddit were saying they weren’t getting approved for stupid reason and just wanted see if any of you guys are getting kick back on trying to lease?
Click to expand...
As soon as I clicked submit I was approved within a minute.
 
gmoney said:
Afternoon,

I just got my lease contract and for those of you that are curious on costs of leasing versus buying. My build total cost is about $120,000 and my rent charge (basically leasing language for interest charges) is $17,500. The leasing credit of $7,500 means that my cost versus buying is about $10,000. I don’t pay sales taxes on purchase because NC charges on monthly payments (the total over 36 months in taxes is $1,860).

If I financed the vehicle at 5% over 5 years my interest charges would be about $16,000 versus net $10,000 above and monthly payments would be about $500 per month more for the loan.

If I invest my $120,000 and $500 per month at 6% average return over 5 years…I would have about $196,000 in future value.

I can decide to buy car at $68,500 (57% of MSRP) 36 months at 10000 miles per year.

To me it doesn’t make sense to pay cash because if I invested $2250 monthly at 6% I would have $157,000. If I invested the $120,000 at 6% I would have $162,000.

Lastly, if I paid cash and invested at 6% and made payments from money over 5 years…seems like bad math because the rate paying is higher that rate earning.

In summary, leasing over financing seems like better math to me in almost every way.
Click to expand...


Can you please tell us the total up front and monthly lease payment?
 
PJW said:
Can you please tell us the total up front and monthly lease payment?
Click to expand...
No money up down the total lease payments comes to $62,000 over 36 months or $1722 monthly plus 51.66 monthly in taxes
 
Luxury cars, especially EVs, are not wise investments, you’re usually going to lose $ no matter what unless you scale up to supercars that you’ll barely drive. Just get the thing if you can afford it and enjoy it, knowing that whether you lease or buy you’re losing $ but that’s ok. I’m buying partly cuz Rhode Island doesn’t allow lease, but would still buy cuz I’d go over mileage limit and intend to have the car for a long time anyway.
 
Some data from NY
 

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prgarg said:
Thanks for sharing it! Would the down payment be a trade-in in the first scenario?
Click to expand...

Down payment would be cash, not sure if trade would be similar, probably not due to reduced tax burden.
 
Azogue303 said:
Thank you for sharing the lease details. Does anyone have similar information for a DE lease?
Click to expand...

Match up the two screenshots I shared, one is publicly available in the website and the other came from the SA. If they are similar enough you can run the numbers on the Lucid calculator on your own.
 
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