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BMW X3, Car Leasing, SUV
#734 of 1097 2011 X3 lease quote...
Nov 01, 2010 (4:58 pm)
Hi there... I got a lease quote from my local dealer - and here is what they quoted me:
2011 BMW X3 with Metallic paint
-Heated Steering Wheel
-Heated Front Seats
$2542.39 due at signing ($750 is a security deposit which will be returned)
10,000 miles per year
$738.44 with tax included...payment
FYI tax is 10% where I live...
Is this a bad deal? It seems somewhat high considering you can get an X5 for maybe $120 more a month and that is a whole heck of a lot more car... figured it was a bit high - more so since my quotes on the X5 were not much higher & taking into account the lower base price... based on my calculations - I am looking at paying roughly 54.8% of the truck - meaning the residual value is in the toilet... I think the salesman either needs to tell his finance group to sharpen their pencils... or check out another dealer... I am in no rush to get into a vehicle, yet, but am trying to get a ball park... I am waiting on a response to what residual value it is that BMW is using since it was just released to the dealers.
Any opinions/advice/etc.. would be appreciated!
#735 of 1097 Re: 2011 X3 lease quote... [njbmwpa]
Nov 01, 2010 (8:05 pm)
If you're looking to get into a brand spankin new 2011 BMW X3, leasing is not the way to go. The 54.8% residual value is probably about right since the vehicle is brand new (has it even hit the showrooms yet?) and the residual value in 3 years cannot be predicted. Furthermore, being that the X3 isn't out yet (or is just hitting dealer lots) means that BMW doesn't have to boost the residual value (like when I leased my wife's X3 in '07 - 65%) or offer a dirt cheap money factor.
Even the X5 which has been out for a while (same body style since '07 MY) has never had lease rates that have blown my socks off.
I think if you are looking for a BMW truck right now, the way to go is an X5. The MSRP will be more compared to the X3, but you can negotiate a "skinny" $1000 over invoice deal + get crazy cheap financing (I think BMWFS is offering 1.9% for 60 months). If you only do the 10,000 (less than 200 miles per week? Who does that?) miles per year, then in 3 years you'll have a 2011 X5 in great condition, still under factory warranty, that you'll be able to sell for more than you owe the bank.
Obviously either way you go isn't cheap. If you really want the new X3, then you should wait. Otherwise you'll be paying a premium to lease the first one on the block.
Good luck & keep us informed!
#736 of 1097 2011 BMW X3 Lease
Nov 16, 2010 (2:22 pm)
Can anyone tell me whether a 15000/36month Lease for a base model 2011 X3 for $560.00 month with $2,500 out of pocket is a good/bad deal?
#737 of 1097 Re: 2011 BMW X3 Lease [chris1361]
by Car_man HOST
Nov 21, 2010 (9:01 am)
Hi chris1361. It's much easier to evaluate this deal if we know what this truck's MSRP and selling price are. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without these numbers it is much more difficult to tell how large a dealer discount you are being given and in turn if there is any room left to negotiate. Let us know what they are and I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.
Prices Paid: Buying & Leasing Experiences Forum
#738 of 1097 Re: 2011 BMW X3 Lease [Car_man]
Nov 24, 2010 (4:31 pm)
Just wondering if BMWFS has issued the lease factors for the 2011 X3 yet? I cannot find it posted anywhere with the other November lease factors.
#739 of 1097 Re: 2011 BMW X3 Lease [jlsellers]
by kyfdx HOST
Nov 24, 2010 (6:06 pm)
You probably won't... can't get an X3 in November, can you?
#740 of 1097 2011 X3 Lease Factors
Nov 26, 2010 (11:33 am)
Actually you can order now and the BMW website has the X3 models listed with their current lease specials. I just cannot figure out from the details what the lease factor is. I will ask my dealer and post what they tell me.
#741 of 1097 Re: 2011 X3 Lease Factors [jlsellers]
by kyfdx HOST
Nov 26, 2010 (4:22 pm)
Well.. you are correct... if they have a proposed lease, then someone has to know the residuals and money factors... From the ad on the website, you can extrapolate the residual..
On the X3 2.8 model, the 3yr/45K residual is 56%... I'd guess that they are using the standard BMWFS lease money factor, right now... which should be somewhere around .0023 (but, that's just a guess on the money factor).
You can't extrapolate all the numbers, because the ad doesn't reveal the selling price (or CAP cost) that they are using.. ("may require dealer contribution").
#742 of 1097 Re: 2011 X3 Lease Factors [kyfdx]
Dec 01, 2010 (12:32 am)
You are correct, both models are 56 percent, and both the same on the MF. My dealer was not showing a holiday credit but I am just noticing that there may be one, too, which makes it a pretty good lease. I have bought several BMW's there and they quoted $700 over invoice on an order, production begins in January but because it is built in SC he says the vehicle will arrive 2 weeks after start of production.
There was an auto show in Phoenix last weekend but the dealer had the X3 in the showroom.
#743 of 1097 Re: 2011 X3 Lease Factors [jlsellers]
by kyfdx HOST
Dec 01, 2010 (5:22 am)
The brochure that I just got in the mail says the X3 doesn't qualify for Holiday Cash...