- How affordable is the Nissan Leaf in Florida?
- What determines the affordability threshold?
- Why would the Nissan Leaf be so expensive for Florida residents?
Nissan has one of the cheapest electric vehicles on the market, the Leaf. But, if you break down affordability by state, you’ll find that Florida is one place where you may not be able to afford it. Prices have increased due to the recent pandemic and the shortages it caused in the industry. So, how bad is it for the state, and why is it that way?
Nissan LEAF charging at street charger | Getty
How affordable is the Nissan Leaf in Florida?
Florida has seen some exorbitant prices on used vehicles since the effects of the pandemic went into play. In some areas of the state, desperate buyers were soliciting their neighbors in hopes they could find a more affordable vehicle than what the dealer lots were offering, according to ABC-7. Prices for used cars went up approximately 40-44% in one year.
Affordability in the state is relatively low for used vehicles, where the prices have skyrocketed about 55.5% above the affordability threshold for most consumers living there. The least affordable vehicle in the state happens to be the Nissan Leaf, otherwise known as a low-cost electric car.
Prices in 2019 for a used model cost $23,418 approximately. In August of 2022, after everything went down, sticker prices went up to $35,919. The Nissan Leaf is also the most unaffordable vehicle in two other states, which are Ohio and Oregon.
In Ohio, prices are 48.4% above the affordability threshold, while Oregon is slightly lower at 34.7% above the affordability rating.
What determines the affordability threshold?
iSeeCars analysts took information from auto loan reports and household income averages. They compared the two and came up with a ratio that best fits whether a family could afford a specific type of vehicle or not. In this case, the site determined what the household income would have to be for the family to afford the car they were looking to buy.
Then they analyzed the data for current rates of loans and typical term lengths, from which they calculated an average household median affordability figure. They used this as a baseline to determine what they considered the idealized income the family would need to buy a vehicle.
If the price of the car came in above that ideal income level in a particular state, it meant that a family wouldn’t be able to afford the vehicle, but if the price tag were lower than the median income, the car would be affordable.
The Nissan Leaf has a price of over $35,000 after the effects of the shortages and the pandemic, which means it’s out of reach for most households in Florida because income levels haven’t increased by much.
Why would the Nissan Leaf be so expensive for Florida residents?
On this day in 2010, Nissan Motors announced the Leaf: the world’s first mass-produced 100% electric car. The Leaf was listed as the world’s all-time top selling plug-in electric car through December 2019 until it was surpassed by Tesla’s Model 3 in early 2020.
?: Reuters pic.twitter.com/H4Hdbo1rhs
— WIRED (@WIRED) March 30, 2022 Related
Looking at some of the specs, one can see why this model is so popular among drivers. The biggest advantage the car brings is its fully electric powertrain. The Nissan Leaf has a driving range of 147 miles on its 40 kWh battery found on the 2022 version.
You can upgrade the battery to a 62 kWh unit, which will get approximately 226 miles on a single charge on the Leaf S Plus. If you put that in EPA ratings, that would figure out to be about 123 mpge on city roads and 99 mpge when traveling on the highway.
According to AAA, the average gas price in Daytona Beach, Florida, is $3.24 currently, which is an increase from last year, when it sat at $3.20 a gallon. Even West Palm Beach/Boca Raton area has a relatively high gas price right now, which is $3.47. Last year’s total was $3.41 for regular fuel. Mid-grade is $3.90 a gallon.
The Nissan Leaf is a relatively low-budget electric vehicle, but not in the state of Florida right now. If you live there, you can expect to pay a pretty hefty price of $35,919, depending on where you get it and if it’s even available.
Keyword: Owning a Nissan Leaf in Florida Is Way More Expensive Than It Used To Be