07-22-2019, 09:59 AM | #1 |
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Lease deal on loaner?
I have an M340i loaner right now. My dealer sells all their loaner cars before they hit 5000 miles.
This car has an MSRP of $62,500. Kind of curious if I would approach them about leasing it what kind of a discount I could probably get because it's "used". I have heard of people getting in excess if $10k off MSRP on loaners.
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07-22-2019, 12:25 PM | #2 |
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Seems that folk here are getting 10% off on new cars.
I leased an "executive car" with 6700 mi and got 26% off MSRP. An executive car is similar to a loaner except that it's driven by dealer staff for a few months. What that also means is if you lease, the depreciation charge is lessened significantly, since the residual on the lease is based on MSRP.
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07-22-2019, 12:57 PM | #3 | |
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The color combination of this car would not be what I would choose if I was actually shopping and planning to buy if they threw some crazy offer at me and I got some smoking deal maybe I'd consider it Car's MSRP IS $62,500. When I drop it off I'll mention to the people the dealership that when they sell it give me a call for the right price I might consider it. I wonder how cheap they would really Let it go for ?
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07-22-2019, 01:49 PM | #4 |
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It totally depends on the dealer. I talked to one in NorCal about buying a 330 loaner. They told me the best they could do, nonnegotiable, was 6% off MSRP on a loaner. Because "That's the market price."
After visiting a few dealerships in NorCal that couldn't get a 330 lease, even a 330 loaner, under 500 a month. I went to a broker in SoCal that can get M340's for 480-490 a month (36/10k, $2500 due at signing and 7 MSD's) with a 58k MSRP. PM me if you want his information. He can usually get about any car/options you want quickly. Working with dealerships is such a waste of time. You'd have to spend weeks wearing them down to get a deal. Concord BMW in the bay area quoted us $1,084 a month for the same car same terms, minus parking assist. It's just unreal how bad dealerships try to rip people off on leases.
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07-22-2019, 03:33 PM | #5 |
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I'm not sure you can lease a car with 5000+ miles on it but I've never tried. I wouldn't bite for any discount less than 20% off seeing how you can get 8-10% off before incentives for a new car - which is about 13-15% off after incentives.
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07-22-2019, 03:53 PM | #6 |
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Technically you can still lease one with 5000+ more miles on it but doesnt make any sense as you lose any lease credits and residual drops 7% and 9% depending on mileage.
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07-22-2019, 10:53 PM | #7 | |
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Some dealers simply explained to me how badly 5k+ miles would affect the lease numbers, while others said they absolutely "can't do it". Similarly, I had some dealers willing to do a dealer-to-dealer transfer on a loaner car I found in another state, while others said their policies don't allow them to transfer a loaner/demo. As far as discounts go, I agree that you should be aiming for ~20% off MSRP on a loaner, before rebates. Example I've seen plenty of: ~$52k MSRP loaners that have been marked down to ~$42k. Then with various rebates you could easily be at $40k final price. With the residual being close to original, that can make for a very nice lease deal. That is, if the a-hole dealers don't attempt to pad the deal with extra profit by inflating the money factor, which many of them do. I've walked away from 3 deals in the last week because after I wore them down on the sales price, the finance managers insisted they were not making any money on the deal unless they jack up the MF. Base MF for BMW Financial is .00145 this month, yet I've had several dealers claim they "simply can't go below .00185". That's when I laugh at them and tell them to find some other idiot to sign up for a 4.4% APR. Sadly I'm sure they have no problem doing so. The rub with the loaners/demos obviously is the way most of them are equipped. Most loaners tend to be super basic, and tend to only come in certain color combos (exterior: lots of white and silver, fewer black, even fewer gray and blue. interior: lots of beige and cognac). Executive demos can be much better equipped and have better styling/colors, but there are far fewer exec demos out there than loaners. If you have a very specific set of feature packages that you want, combined with a very specific set of colors and trim finishes, it can be a bit like looking for a needle in a haystack. Last edited by 2020g20; 07-23-2019 at 09:31 AM.. |
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07-23-2019, 09:28 AM | #8 | |
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07-23-2019, 01:59 PM | #9 |
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My dealer has an M340i loaner - I'm driving it now. I know that my dealer sells these cars before they hit 5000 miles. This one has 3000 miles.
I've considered approaching the sales people and finding out what kind of deal they would work if I leased it. I'm under the impression that these cars can get heavily discounted because of the mileage so you essentially get used car pricing but you qualify for all that new car incentives and residuals etc. RWD, M340i, decent options , black on cognac. MSRP is 62,500 on the window sticker. It looks like people are negotiating at least 10% off MSRP on the new ones...plus additional incentices of 3000-4000.... given the pricing on this car and those discounts that would put the final selling price on this car if it was new... $52-53?? Given that the car has mileage on it and is a loaner - what your thoughts are as to what would be realistic I could get this loaner for? How much additional discount could you squeeze out of them because it's not "new "
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07-23-2019, 10:12 PM | #10 | ||
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Sounds like maybe going to a broker might be a better way to do things? Or maybe I'll just keep looking for a good deal on a low mileage F80 M3...
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