Cadillac will let you lease its new ELR electric luxury coupe for $699 per month, but there’s a catch.
The brand’s retail site is offering the monthly rate, but you’ll need to currently own a General Motors vehicle built in 1999 or later to qualify. There’s also $4,999 due at signing and the price is offered on 39-month leases. Tax, title, and dealer fees can be tacked on from there.
Last year, ELR marketing manager Sabin Blake said the company expects potential customers to cross-shop the $76,000 coupe against Tesla’s Model S as well as several gasoline-powered luxury cars in a similar price bracket.
Most luxury car owners lease their cars and trade up to a newer model when the contract expires and that will probably be true with the ELR, which Cadillac only expects to sell in very low volume.
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Tesla made headlines last year when it announced a controversial leasing program for upper crust Model S that was advertised to cost $500 per month. It wasn’t long for the hidden costs to be revealed and Cadillac’s contract is guilty of tricky fine too.
Our friends at TTAC noticed the agreement is only good for 32,500 miles. After that, customers will be charged 25 cents per additional mile. Spread over the course of the lease, that provisions for 10,000 miles per year or just over 833 per month. Average American drivers travel almost 11,300 miles every year, which would rack up more than $2,800 in additional mileage fees. For comparison, the Chevrolet Volt’s lease agreement offers 16,250 more miles over the course of the same term.
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[ Source: TTAC]
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