Hello! I am new here and looking to get a new car for the first time in the US! I want a fun ICE car before everything gets electrified and a RWD. Don’t need to seat 4 adults so a coupe works for me and I drive about 9000miles a year. The car has to be my daily driver though. When I am not working from home or driving 30mi to events, work takes me to neighboring states so that’s why some refinement and luxury is desirable.
The 230i seems to tick all the boxes. A local dealer offers me this:
MSRP $47595
SP $44794
$4279 due at signing
$710 per month, 36 months, 10,000 annual mileage allowed
MF is high? 0.0025% Residual is $25702.
Lots of fees
Dealer 799+925 Acquisition
Govt fees total up to $544
Honestly I think buying a car that is $47k isn’t financially wise according to my income, so that’s why I want to go the lease route. What do you think? Leasehackr score is like 5.3years.
If a 230i is what you want, then we’ll certainly be able to save you a good amount over local quotes, but generally I would advise people that a 2 series is a car to finance, not lease right now.
I understand a coupe works for me, but a 330i would be a much better deal than the 230i. I would recommend taking a look at BMW broker deals in the Marketplace section of the forum.
Is this really a terrible lease? Honest question, for me the car is worth the cost for three years but I don’t want to be overpaying in upfront charges and high interest rates/“money factor”
You can also look through the classifieds in all the bmw forums. AFAIK a car still under the 4/50k new car warranty can have its warranty extended, and prices are reasonable if you shop around.
Do you think you could get better than 54% selling it in 3 years? Best you can do on this is see what 2022’s are going for now, as that was the first year of the current body.
What kind of interest rate can you get on a loan now? The lease, at buy-rate is 5.04%
If you think it will lose less value and/or you can get a better rate, then finance it.
Definitely something to consider looking at CPOs. However I don’t like to buy used and the 430i with the new BMW grille is ugly as heck. There’s no way I am paying for that despite it being more car for the money.
2022 230i CPO is a better sports car for me BUT it’s the first year of a refresh/gen. Again I wouldn’t buy a first year of anything. 2024 is two years in for the 2 series so acceptable for me. If I am buying luxury, new with no hidden issues due to previous users abuse is attractive.
Since the buy rate money factor on this lease is similar to what a loan-financing rate would be, you can take advantage of the lease structure to drive your BMW for a few years. If you like the car and feel it’s right for you long term, then you can finance the buy-out at a future time. As others noted the lease you posted could be improved. Shoot for improving your lease to make sure you get that buy rate.
If you dislike the car and return it down the road, there isn’t a significant penalty to do so beyond the nominal disposition fee.
Plus, during the lease term, you are making minimal payments without trapping your cash in your depreciating asset.
Seems like a win-win for you. You get to drive the car you want. You get to take advantage of a financing instrument that confers great optionality. Just make sure each month you try to save some money in a high-yield account or at worst a CD-ladder as if you were making loan payments that included both principal and interest.
