General Motors' latest all-electric offering, the 2024 Chevy Blazer EV, is now available for a 36-month lease with promotional rates, marking a shift in the vehicle's financing terms. Previously excluded from promotional rates, the Blazer EV now comes with a lease rate of 7.99% for 36 months, translating to a money factor of 0.00332, according to online auto research firm CarsDirect.
While this rate is reported to be higher than other promotional rates within the General Motors lineup, it remains lower than the standard rate for the Blazer EV. Orders for the 2024 Chevy Blazer EV opened in early September, with the 2LT AWD trim priced at $56,715 and the RS AWD starting at $60,215, both boasting an EPA-estimated range of 279 miles.
The lease promotion applies to both the 2LT and RS models, with the possibility of a waived deposit for those with qualifying credit. Notably, the report highlights that Chevy dealers are not passing on the $7,500 tax credit for leases, opting instead for inflated lease residuals. This strategic approach allows lessees to pay a reduced cost for the vehicle.
However, despite the promotional rates, the residual value of the Blazer EV 2LT remains at 51%, indicating that lessees will cover half of the vehicle's cost over the three-year lease period. The article emphasizes that without a confirmed down payment, the overall attractiveness of the promotional rates is challenging to assess.
In the context of market dynamics, some dealers have reportedly marked up the Chevy Blazer EV by up to $10,000 over the Manufacturer's Suggested Retail Price (MSRP). Dealers attribute these adjustments to supply and demand considerations, along with the prevailing market conditions.
Additionally, the report mentions that Chevrolet plans to introduce a high-performance SS trim and rear-wheel-drive (RWD) options at a later date, initially expected to launch in spring 2024. The SS trim, with an anticipated starting price around $69,995, has been delayed from its initially projected release.