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You Can Lease An Electric Cadillac ELR For $699 Per Month

GM’s first luxury plug-in hybrid, the Cadillac ELR, has set a lease price $699 per month, which is a lot more palatable to many pocketbooks than the $75,000 MSRP.

Winner of the 2014 Green Car Technology Award, the Cadillac ELR costs between $75,000 and $82,135. For current owners and lessees of any GM vehicles from 1999 or newer, Cadillac is offering a special deal of $699 per month for 39 months, plus $4,999 due at signing, for a total of $27,261 over the lease period. Tax, title, license, dealer fees, and optional equipment will add a bit more upfront, but still not a bad price for a brand new Caddy.

However, there are some things to think about with this offer. Mileage must be less than 32,500 for the 39 months of the lease. Every mile over 32,500 incurs a mileage charge of $0.25/mile. The average American driver covers 13,476 miles per year in a car, so if you’re an average driver (and with a car this luxurious and fun to drive, that would be difficult), that would add another $2,824.25 to the total cost.

Another thing to think about is the balloon payment at the end. It will be well over $50,000, should you choose to buy the Cadillac ELR, though refinancing in three years is an option as well. Trading the car in for a newer model is another option. When I had a balloon payment waiting for me at the end a lease, it always felt like something ominous looming in the distance.


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