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SUVs BMW X3 & X5 BMW X3: Lease Questions
723 messages, Last post on Oct 26, 2009 at 8:06 AM
You are in the BMW X3 & X5 Forum. Your Hosts are steve_ & tidester
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Can someone please explain to me why I shouldnt do an Owners Choice versus a lease? I live in Illinois and if I do plan on possibly buying the car, I would have to pay 7.5% sales tax...TWICE. The owners choice is like a balloon of some sorts if I understand it correctly. What are the drawbacks to it? Can someone please help me decide? I am looking at a 2008 X3. My payments would be 393 (after trade in of an owners choice that weve had for 2 months but dont like the car) with a lease with the .00125 program, 10k miles or 422 a month with the owners choice at 12k miles. Residual is 60.5%. The car has 9900 miles on it. |
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Here is the lease deal from my BMW dealer. Good / OK / Not the best / Don't do it / RUN New X3 (Premium, Sport and Cold weather packages) 3-years/10k $5000 down $377 month Dealer price on X3: $44,450
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Replying to: m3ser2005 (Oct 17, 2008 1:52 pm) 2) I'd say its a good deal, assuming MSRP is around $47K+ 3) Roll that $5K into the lease payment.. Sure, that makes the payment about $525/mo., but the money is cheap (3%). 4) Is 10K mi/yr enough? Going to a 12K/yr lease only adds $15/mo. and another $30/mo. to go from 12K to 15K/yr.. Good luck! kyfdx
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Replying to: kyfdx (Oct 18, 2008 5:45 am) 1) The MSRP was $47,500. But they came down to $44,700. I went in thinking I wanted to buy, but remembered I need a lease for business write off. So I switch to a 3 year lease. 2) Did you mean to not roll the money into the lease? 3) They are offering me a deal in the last year of the lease, if I think I'm going to be over mile, I can switch my mileage to 12K no problem, just $540. They will put that in writing. I'd rather go for low payment now and worry about mileage closer to the end. With there zero cost of ownership, and some weariables (hat, jacket and plate holder) it really sounds like a pretty good deal. How does this logic sound?
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Replying to: m3ser2005 (Oct 18, 2008 6:10 am) I don't think you can take that $5K as an expense upfront, you'll have to write it off over the life of the lease, just as you would if you rolled it into the payment... I strongly encourage you to do that, as that money is at risk, if the car is totaled or stolen in the first few months of the lease. The mileage thing is a little iffy.. Yes, you can buy mileage from BMWFS for $0.16 ea., before the lease is up... so, 6000 extra miles will be $900... No matter what they put in writing, I don't think BMWFS will go for the $540 thing... which is exactly what it will cost you to sign up for the miles in advance... I suggest you do so, if you are fairly certain you will need them. Overall, your deal looks great.. Is $5K the total amount due at signing? Or, do you have to come up with acquisition fee, 1st payment, etc, etc, in addition to that? regards, kyfdx
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Replying to: kyfdx (Oct 18, 2008 6:16 am) Interesting on the mileage thing. I'm going to double check this. 5K due at signing and drive. Come on, the hat and jacket are worth $5000 alone. At lease the parts for my 95 LWT M3 are right up there.
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Replying to: m3ser2005 (Oct 18, 2008 6:49 am) Dealership, city and state? I've been shopping for an X3 myself.. |
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 The residual will be about $29K in Feb2010. I will not have fully used all 45K miles, I only have 21K now. The real Q is should I buy and could I deal below residual. Or is it worth dumping it sooner? Just may be tiring of the truck.
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Carman, Please post 2008 Nov MF/Residual for : 2008 X3 36mth / 12K 2008 X3 24mth / 12K Thanks..
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Hello Could someone run through the numbers for me here? I've used various online calculators and did my own equations and the numbers aren't consistent. '08 x3 $45,300MSRP Negotiated price = 42,900 MF = .00125 Res = .64 36 months at 12K miles tax is roughly 5.5%
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