08-04-2020, 05:21 PM | #1 |
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Is $890/mo high for an M340i lease?
So I am looking at leasing an M340i with just the heads up display. I don’t plan on putting any money down, and for 15k miles a year they are at $890 a month.
Doesn’t this seem a little high? I told them if I can’t get to $750 I’m not interested. Any advice? |
08-04-2020, 05:36 PM | #2 |
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Seems high. Whats the sticker price?
890 a month would be more like $65kish sticker price.
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08-04-2020, 05:39 PM | #3 |
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Sticker is 62k but usaa , bmw rebate and test drive event should be like 5k off just in that . My trade in I’m paying it down so i don’t carry any negative equity . So it’s pretty much a lease with no down payment .
Think they are trying to be slick with numbers because it doesn’t make any sense |
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08-04-2020, 06:04 PM | #4 |
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That's astronomically high.
I was at an MSRP of $68k, qualified for $3k incentives (loyalty + lease cash), and only money i put down was 1st months payments/fees and msd's. Im at $657/month. It's a weird time right now with discounts so I'm not sure how much that'll impact things, but typically you should aim for between 8-12% off msrp pre-incentive.
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08-04-2020, 06:30 PM | #5 |
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I would hold off if you can. Residuals have taken a hit and incentives for 2021 models are really bad.
If you can't hold off, Northwest Indiana isn't the most aggressive market - I'd look for a few dealers in Chicagoland to get you a better deal.
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08-04-2020, 06:41 PM | #6 |
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From what I saw the money factor and residual is the same as the 2020 models the difference is the 2021 doesn't have any incentives and loyalty is at $500. Supply is still low and dealers are not getting bonus cash for selling over there goal for this month. Ordering now will give you a late October to early November delivery which the incentives should be decent then
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08-04-2020, 06:46 PM | #7 | |
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Ordering now and banking on October/November delivery to possibly get better incentives is definitely a gamble. I played that game with my X5 order last year - Ordered the 2020 X5 before they hit dealer lots hoping the incentives would improve at time of delivery (October/November) - and they didn't at all.
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08-04-2020, 07:09 PM | #8 |
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When I took delivery of my 330i three weeks ago, my SA told me a lot more people are buying now rather leasing because the financing rates are low, whereas the leasing programs aren't as good as they were a few months ago.
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08-04-2020, 08:57 PM | #10 |
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If you can find a 20 M340i that you like. Looks like demand is still up and supply is still down, so it may be hard to find. It doesn't sound like dealers are making great deals on the 20s that are still on the lot either.
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08-05-2020, 01:54 AM | #12 | |
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08-05-2020, 09:21 AM | #13 | |
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08-05-2020, 09:51 AM | #14 |
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MY2020 incentives don't apply to MY2021 (which just came out this week). Anyone with a '21 on order had no idea what programs they'd have at delivery time.
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08-05-2020, 10:20 AM | #15 |
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I see. I am in the same boat however, mine is coming November/December and I am hoping better deals will be available otherwise, BMW will have to come up for a “deal” because I am not paying more than necessary...
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08-05-2020, 01:26 PM | #16 | |
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08-05-2020, 03:14 PM | #17 |
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My lease on my F30 is up in January. Is December the best time to place an order?
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08-05-2020, 03:57 PM | #18 |
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Usually.... but nothing about the current climate is "usual", so will be hard to tell what even the near future brings.
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08-05-2020, 05:45 PM | #19 |
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Found a 20 I like . Msrp is 61k 15k mile lease 0 down 750 a month. A little high but there are only 9 340s around they could pull . So I think I’m just going to do it don’t want to wait for what if’s
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08-05-2020, 09:31 PM | #20 |
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Look in the classified lease swap section on this forum. The one by drexplode is an awesome deal and great price.
Check the threads and you'll see the price you're quoted at is not competitive whatsoever
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09-10-2020, 10:05 AM | #21 |
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General guidance is 1% rule. So a $60K car = $600/mo. before tax.
Instantly you know if it's high or not. I have had numerous leases and never have been over that except once - but I acted stupidly on that lease.
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09-10-2020, 10:29 AM | #22 | |
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On one car, 1% might be an unrealistically incredible deal, while on another it might be a pretty crappy deal. Case in point, on my X5 1% was unrealistic when I ordered it, however on my 3 series 1% would have been simply an OK deal, not good but not bad. On an M8 coupe 1% would not be a good deal as discounts can get quite heavy on them. Another things to consider - If someone doesn't currently have a BMW and doesn't qualify for loyalty causing them to fall outside of the "1% rule", is that automatically a bad deal? To truly evaluate if something is a good deal or not, you have to consider what sorts of discounts others have been able to achieve on the same model in your market. For that, forums like these as well as leasehackr are very valuable. 1% is something someone at one point came up with as the lazy-man's way of evaluating a deal, but it needs to be put to rest.
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