I am trying to get a lease deal from NJ on 2024 i4 xDrive40 with M package and below is what the dealer is quote me. Is this a fair deal.
MSRP 69,870
Discount 2500
Rebate 7500
Tax 4090
dmv 261
doc 799
acq 925 (gap)
12k/36 mo lease
1st mo upfront - 962/mo
What’s your DAS and payment?
12k/36 mo lease
1st mo upfront - 962/mo
Well no one here would take that. Your problems are two fold. The first is choice specific: don’t have enough discount. And why did you choose a unit with so much option bloat? A i4 40 stickering at almost $70 grand??
The second set of problems are structural. You have $6,000+ in taxes and fees mostly based on MD residency. So paying that every 3 years is a hard pass for me personally.
So I’d recommend thinking long and hard about what car you want to keep on ~5-year cycles and lease that to capture the lease cash before buying out via cash or financing within 2-3 months. Your TCO (total cost of ownership) will be much lower not only on this car but also all subsequent ones due to taxes, etc etc.
Thanks for the feedback. This is my first time looking into leasing. I am still talking with the dealer. Nothing has been confirmed. Do you have any advise on what I should do? I greatly appreciate it.
Just to clarify, you’re an MD resident looking for a deal in NJ, right? I assume so based on the taxes but want to be sure it’s not the other way around and an MD dealer accidentally applied taxes.
I am MD resident, buying from NJ
Nothing good can come of that until you have got your own ducks in a row.
Go back to the drawing board. You’re paying the same taxes as a purchase (more when you include fees that are specific only to leases). Your payments are like a purchase. So treat the selection process like a purchase. Is the i4 the only car you’d drive? And if it is then why are you getting a $70k one when when they start at 52?
So I’d recommend thinking long and hard about what car you want to keep on ~5-year cycles and lease that to capture the lease cash before buying out via cash or financing within 2-3 months. Your TCO (total cost of ownership) will be much lower not only on this car but also all subsequent ones due to taxes, etc etc.
This is so hilariously backwards. Everyone from NJ is driving to MD dealers for I4s. At this price point I would be looking at an M50 but I would suggest you check out Marketplace where many of our brokers are offering almost 9% off I4. You could probably find an I5 M60 for this payment.
I just ran OP’s numbers and there’s no way he’s only getting 2500 off to be at 962/mo. I show more like a 7-8% discount to get there.
he updated, saying that he taking off 4500. Suppose I buy the vehicle during my lease, it does not mean I have to pay double taxes.
I believe you don’t, I think you may need to process the buyout at the same dealer though, am I imagining this, @Ursus do I recall you chiming in on this before, or am I thinking of VA?
If you are interested, I will transfer you my '24 I4 M50 lease, it has a lower monthly payment.
Send me the pics and what is the lease payment. Why are you interested in transferring?
He’s a serial buyer.
Good seller tho! Trusted.
I will PM you, but once I sat in an I5 it was just a matter of time.
How much are you getting the i5 for?
You sure you want to know lol
EV $0 tax state vs same-as-purchase tax state
Lease total will swing by ~$5,000 on that alone
He just needs to bring the proof of paid sales tax to DMV (the lease contract or some letter from the bank). AND he also gets sales tax credits on a new car (which we don’t in VA) when he sells and buys in the same transaction.
If OP,thinks he is going to save money on taxes by buying in NJ instead of Maryland he is sorely mistaken. MD is going to charge 6% registration fee less any taxes paid in another state. I doubt he will be able to register in NJ unless he has a NJ address and DL. He then runs the risk of driving a car registered in NJ and living full time in MD. May never get caught, but the fine will be large.