According to the latest incentive data, the lease value of the 2024 GMC Sierra EV costs almost twice that of the GMC HUMMER EV.
Lease prices for the 2024 GMC Sierra EV could start at more than $1,700 per month. Heavens.
In the car leasing chart, the interest rate is called the finance rate, rental rate, or leasing rate. A financial thing is expressed in decimal form. To see your APR, multiply it by 2400. CarsDirect reports that The 2024 GMC Sierra EV has a 36-month financial value of 0. 00341, which is equivalent to an interest rate of 8. 18%, higher than the rate of 8. . 06% of the HUMMER EV.
More importantly, the Sierra’s published residual (the value of the leased vehicle at the end of the lease term) is 53%. That’s 23% less than the HUMMER EV’s residual 76%.
CarsDirect reports that leasing a Sierra Denali electric vehicle, with an MSRP of $99,495, costs $1,745 for 36 months, no down payment, and 10,000 miles per year.
Meanwhile, the $98,000 HUMMER EV is advertised at $999, with a $0 payout at signing, or $746 (!) per month.
It’s an even worse deal than the Silverado, which I talked about yesterday. Like the Silverado, the Sierra receives other monetary incentives or rebates and is eligible for $7,500 federal tax credits because it exceeds the $80,000 MSRP limit.
If you want to lease a 2024 GMC Sierra EV, you may have to wait and see if the price drops as it is incredibly high.
More information:
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Michelle Lewis is a member of Electrek and DroneDJ, 9to5Mac and 9to5Google. He lives in White River Junction, Vermont. In the past he worked for Fast Company, The Guardian, News Deeply, Time, and others. Message Michelle on Twitter or michelle@9to5mac. com. Check out her private blog.