Pretty new to the leasing world. I currently live in AZ and have a 2018 X1 that is ending in August. I have not shopped around but received pricing from a BMW my entire family uses. I just wanted some insight on if this X3 deal is decent? Per Edmunds the MF and RV were .0093 and 56%. Using these numbers, if I did the calculator correct this deal is semi-decent?
Also, from what I’m reading am I able to pay the taxes, dealer fees, etc. upfront to cut the monthly down?
** I also told them to take out the dent and appearance package.
The dealer add on’s are about the same as the discount. Plus I am guessing your are paying a marked up money factor (interest rate). If you are not well versed on leasing I would suggest finding a broker that can help you. The $500 fee will save you thousands.
You should work out your own target price based on the current programs and then find a dealer that will hit your target price.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
Pick a specific vehicle that you want to target
Gather the current MF, RV and incentives from Edmunds forums for your zip code
Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
Stop talking to this dealer. If you don’t want to overpay, you need to do your homework. The best place to start is:
Please read links in there such as “how to calculate payments” and other helpful articles.
It might seem like a lot but TBH there are fewer <60 minute exercises which will save you so much time, money and anxiety over your driving lifetime.
It may also save you (after your negotiations with LH input) inside the finance office where no one can from the internet can really help you.
Remember, it’s almost impossible to reverse-engineer the math starting from the output (monthly payment) and figure out if it’s a good deal. Start at the beginning.
I don’t think I originally did the bottom section of the calculator correct. Wasn’t sure where “Lieu” tax goes. Here is the calc I just ran with the numbers from Edmunds.
Wow. 100% your family needs a new BMW person. I can’t +1 a broker enough if you can’t work the numbers on your own. The fee will more than be made up for with the savings. This dealer is bending you over.
Sorry, I pasted the old link. I originally thought the 5700 (amount he is giving in rebates) goes in that section but realized that is included in the selling price.
