A 99-cent lease deal on the Nissan LEAF from a dealer in Virginia is getting a lot of attention online based on a story yesterday from Car and Driver. However, our analysis finds that the coverage misses the mark on key details about just how much the ultra-cheap EV lease may actually cost. Here's what you need to know.
The deal involves a 2-year lease on the LEAF for just 99 cents with the purchase of any new Titan pickup truck. That's 99 cents down with no monthly payment or additional fees. According to a salesperson at the dealer in question, Hart Nissan, the reason they're charging 99 cents is that they "can't give it away for free."
It's not every day that you can essentially get a BOGO (Buy One Get One) deal on a car. After all, the 2021 LEAF has a starting price of $32,620 with destination. While the cheapest EV leases can be incredibly affordable, this latest deal may sound too good to be true. In some respects, that's because it is. Here's why.
Nissan doesn't have a 99-cent lease on the LEAF. In this case, the lease is made possible by the fact that dealers have discretion on how to price their cars in a given market. A spokesperson for Nissan was unable to explain how the deal works and you'll find no mention of it listed anywhere on Nissan's own website.
As confirmed by the salesperson at Hart Nissan, they're essentially able to offer this deal because the Titan you have to buy is being sold for full MSRP. Titans in stock have a sticker price of about $50,000. That's a big caveat that may explain how such a crazy deal can be feasible. But that's not the only reason.
While Hart didn't provide a full breakdown of their costs, the salesperson we spoke with mentioned an unspecified amount of dealer cash that's helping drive down the cost of the LEAF. Unfortunately, we were unable to independently confirm the accuracy of that claim based on manufacturer incentive bulletins.
There may also be confusion about just how good a deal this is. Car and Driver incorrectly states that consumers will still be eligible for a $7,500 federal tax credit. As confirmed by Hart Nissan, the credit actually goes to the lender on a lease and Nissan is offering a significant amount of lease cash as a result.
Hart Nissan says this is the first time they've run this promo and that they've already sold 8 or 9 LEAFs as a result. However, those planning to travel to Virginia may not be eligible for local incentives. That's because, unlike some automakers, Nissan promos are actually based on a customer's residential zip code.
Deals like this serve to drum up interest. In this case, the promo is doing just that. Hart Nissan says it's already received many calls about the offer based on ads on the radio and social media. Having said that, we recommend treading carefully and weighing the pros & cons when gauging your costs.