2014 Cadillac ELR to Lease for $699 a Month
If you thought the $75,000 price of admission for ownership of the 2014 Cadillac ELR was too high, the luxury automaker may have another option for your consideration: A lease contract of $699/month with a few stipulations.
In order to lease the luxury plug-in hybrid — based upon the $34,000 Chevrolet Volt — you’ll need to either own or lease a GM product screwed together from 1999 forward. Next, you’ll need around $5,000 at signing for a lease that will last just 39 months. Then, you’ll have to deal with the usual tax-title-license-dealer fee-optional equipment gauntlet, plus whatever price the dealer sets for the whole thing.
Finally, whip out your magnifying glass and reading glasses: The fine print states that price of the ELR has an MSRP of $76,000, and that you can only drive a total of 32,500 miles before paying 25 cents per additional mile; if you were to average 13,476 miles/year — the national average, as it turns out — the additional 11,297 miles would total $2,824.25 over the limit.
If interested, you have until the end of January 2014 to sign the papers.
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halo effect is one thing, pale shadow another.
Some years ago my boss wanted to take a family road trip to Florida. He had this really nice leased Audi, but rented some SUV because he couldn't put more miles without penalties. It was actually CHEAPER to rent the SUV. Leasing sucks.
This is perfect for the guy with six McD franchises, just another item in the expense column.
If I recall, GM was (at least initially) spending about $80,000 to build a $40,000 Volt. So I guess they are just pricing the ELR such that they're not actually losing money on it. Unfortunately, that price is unrealistic and they will lose money from selling far too few of them to recoup their investment. It's a shame because I think a $50,000ish ELR would have been an attractive option to people looking for an EREV with a high level of luxury. The interior on the ELR is a step up from a Tesla, which despite its WOWZER huge touchscreen simply does not feel particularly premium.