I had been driving a 2020 Ford Escape, bought use, from a Ford dealer, with Ford CPO warranty Nice vehicle, but one problem after another, all covered by the warranty, but a royal pain in the ass dealing with the dealer’s service department. Typically close to a month lead time to get an appointment for service, and then find that the problem(s) did not get fixed Wife said “get rid of it,” so I started looking at options.

Wife has a Toyota RAV4 Hybrid that she bought new in 2019, and she really likes the car. She tried to steer me toward a hybrid. At first, this seemed like a good idea, until I really analyzed my needs.

For the last five years or more, I have not driven any trip that was greater than the round trip range of a pure EV, so an EV would do the job for me — the simplicity of electric drive without the added complication of a gas engine and drive train; basically a big golf cart.

Having decided to look for a BEV (Battery Electric Vehicle), it made sense, in my circumstances, to lease rather than buy. I have always bought before, but a few considerations led me to lease:

• new and rapidly evolving technology — I did not want to get locked into today’s BEV by buying one, when next year’s version might be much more advanced, which would reduce the value of one that is purchased this year.
  
  
• I’m rapidly approaching my 88th birthday. Clearly, I won’t be driving for too many more years, so a lease makes sense from that standpoint. Also considering that the probability of me croaking increases each year, i don’t want to stick my wife with the task of selling a used car.

So, I started looking at EV leases.

The first one I looked at was a Mustang Mach E, like PR64 has (but without the stripes). I looked at a bunch of others, too, Hyundai, Kia, VW, and on a whim, I stopped in at a Cadillac dealer. Comparing costs on leases with terms around 36 months, I was astounded to find that the most expensive car, the Cadillac, had the lowest cost lease. The big factor was the residual value at the end of the lease. Example, 49% for the Mach E, but 70% for the Cadillac. So, the lease cost is based on expected depreciation, 51% for the Mach E, but only 30% for the Cadillac.

The Cadillac was also the most comfortable vehicle, and the easiest one for me to get in and out of, given my 6’3” height, very long legs, and my limited mobility.

So, I’m now driving a 2024 Cadillac LYRIQ. Very comfortable, power that greatly exceeds my needs, good handling, great safety features, and really economical to operate. There are plenty of public charging stations in the area, and I have found several FREE ones. There are two chargers outside the local Whole Foods store, and two in the parking lot of the city Public Works department, all of which are free. There is also free charging at any GM dealer in the U.S.

GM also includes free installation, up to a maximum of $1,500.00, for a charger at my home; the charger itself is not included in this deal, I bought an Emporia charger through Amazon for $399, but GM paid for the electrician to to the installation, which involved adding a 240 volt circuit to my garage and installing the charger.

I took delivery on September 1, so I’m coming up on four months with the vehicle, and I really do like it. No complaints whatsoever.

That’s a petty sweet car LR. Plenty of room to bring home the haul from the grocery stores. The acceleration of the EV’s is quite impressive, isn’t it? I know I’m quite impressed with mine.

That’s pretty fantastic that they include installation of the charger up to $1500. That’s one hell of an incentive.

Is it the color shown in the stock photo?

Congratulations on the new car.

I’m no fan of leasing but if I was going with an EV that’s the only way I would do it for many of the reasons you mentioned.

The depreciation on EV’s are way worse than ICE. Your Cadillac is probably my favorite EV available right now.

Congrats! EV's are game changers (wife has a Tesla Y). Few know that GM started and led EV Mfg, and their products are still a great purchase (or lease).

I saw one of these recently and thought “What a beautiful vehicle!”. Congrats! Don’t expire too soon.

RMD

Glad you are happy V-tail. That's all that matters. +

Congrats! Cool looking sci-fi ride!

Well thought out decision. I believe pure battery EV’s, and leasing, are terrible choices for a lot of people but both are ideal for some and I’d say you nailed it.

Although I don't think I will get an EV- too many road trips outside the range of most- That lease deal sounds very attractive. And it is a good looking vehicle. Good decision on your part and you've peaked my interest in an EV.

I will also be leasing my next BEV. They depreciate too much/it’s rare for us to go more than 10 miles.

Sweet ride!

When they did the charger installation, was there a set electrical code as to where it had to be placed?

Could it be installed depending if you pull in to the garage or back in to the garage?

Is the cable long enough to go around so you can do either?

Congratulations on your new Caddy Vtail, sounds like you made a logical decision.

Congrats!

I've been saying for the last few years that Plug-in Electric Vehicles (PEV) make a lot of sense as a 2nd car that is home in the garage every night. If Mazda comes out with a PEV Miata, I'll likely have one in my garage as a fun weekend car. Especially, if it has 2 or 4 motors.

The lease also makes sense too. If GM wants to assume 70% residual value at the end of the lease that's their risk not the OP's. Way better than risking being upside down on a PEV loan. I received an e-mail from Caredge on Dec 7th that said 31% of all American drivers who financed were upside down on their loan, and it was 46% for EV drivers.

I am considering EV leases in the future once I retire. Right now the Tesla can be had for around $300 a month, I looked up the one you have and it’s about $100 more. I will have to consider that in the future, glad you have something that worked out for you. The caddy ought to be much nicer than Tesla.

quote:

Originally posted by Beancooker:

Is it the color shown in the stock photo?

Yes. "Nimbus Metallic" -- a very pale blue.

I got the car at a large Cadillac dealer. They had 73 LYRIQs in stock, so I was able to see every color.

The other color that I considered was a very dark green. So dark that it looked black in some lighting situations. Gorgeous car, especially with the tan interior. Wife and I ruled that one out because it's really tough to keep a black (or almost black) car looking good. The least little bit of dirt really shows.

Congrats! Sounds like a great fit for your needs.

I wonder whether Cadillac is overly optimistic on their depreciation number, the other guys overly pessimistic, or both. In any case, it isn’t your problem if they got the residual wrong.

quote:

I looked up the one you have and it’s about $100 more.

Hit up a couple dealers internet departments for some lease quotes. GM is having a fire sale on the EV's, Lryiq, Blazer and Equinox. The residuals are stupid high

VTail, you are much more analytic than I am.

I bought my Mach E on impulse with very little research.

I already had a solar panel setup and charger in the garage so I was not worried about charging.

It’s a nice looking car for sure. All you need is some racing stripes and it would be perfect

Enjoy your EV journey…

quote:

Originally posted by P210:
Well thought out decision. I believe pure battery EV’s, and leasing, are terrible choices for a lot of people but both are ideal for some and I’d say you nailed it.

V-Tail, I would agree... it sounds like a good decision for your circumstances.
Enjoy the car!

Congratulations, Mr. V-Tail, that's a sweet-looking ride.