First time poster here. I didn’t lease a car in a long time and I’m finding this site very useful so far.
I am trying to determine what my monthly payment (or total over 36 months) should be before I negotiate with dealers.
I am interested in both the 2020 GLE 450 (MSRP around $72k) or 2019 BMW X5 (MSRP around $74k).
I realize that the GLE is low in inventory so I probably will go for the X5.
So, here is my story:
BMW X5 with MSRP of $74,000
36 mo/ 10k or 12k miles lease
I don’t mind down payments and even have a trade-in worth about $25k but I am trying to calculate the overall cost over 36 months
And my question is: how much per month should my lease be on this $74,000 MSRP to be a fair deal at this point in time including taxes?
It looks like dealers websites have it over $1,200/mo (0 down payment) which seems like a really really bad deal to me and to the Calculator
Hope some of the pros here can help me figure this out.
Thanks for the advice.
I read the 101’s and I think that I understood the MF and residual value. But still, at the end of the day what matters to me is how much goes out of my bank account. Should I not care about this?
How should I approach this other than looking for minimal total cost over the period of the lease? Please let me know. Any advice appreciated.
Should focus on discount from MSRP, which is, from cursory searches and looking at BMW forums as well, like bimmerpost, ~8 to10% off MSRP is a pretty good deal.
Residual is dependent on the miles per year, and then MF is generally straightforward, but everyone here will chime in to utilize Multiple Security Deposits to help pay that rate down.
For March it looks something like this:
15k miles / 56% residual
12k miles / 58% residual
10k miles / 59% residual
Base MF rate i think is .00177 (can use MSDs to lower this).
Taxes are highly variable with location, i’m not familiar with Florida laws.
Try to use these in the calculator to see how much the monthlies come out to.
Thank you, this actually helps.
Now I understand why you guys are asking to focus on these items.
So if I am getting a 5% off MSRP at a MF of 0.00177 I end up with $1,048 inc. taxes and a score of 6.2 which is not that good yet I suppose.
I am trying to get this below $900, so I may have to look for a lower MSRP.
I didn’t find find any specific discounts/credit.
Also, thanks for pointing me to bimmerpost. Have been with MB for years, first time really looking at BMW.
If you can afford, you could see if a one-pay lease is possible since there is the possibility that the amount you’ve paid will be covered, in case of a total loss.
I guess it also depends on your comfort w/ risk. For me personally, I might be okay w/ a small down payment to reduce interest payments, but there is a good reason why other posters strongly suggest you not make any down payment.
I try not to think of downpayment but yes, in the end I can make down-payments. I do have a trade-in too either way so that will be $25k as down payment.
The risk associated with down payments is total loss?
Correct. You lose the down payment if the car is totaled/stolen.
Most poster (incl myself) would also not recommend you not use the $25k as a down payment and would suggest instead you put the money in a bank account and subtract the monthly payments from that.
I mean, honestly, if you really ARE going to make a down payment that large, why not just put in a little bit more to do one pay (but check to see if that’s covered in a total loss).
