Vehicle Price $99,820.00
Total Savings $20,880.00
Selling Price $78,940.00
Options $0.00
Sales Subtotal $78,940.00
Taxes $8,254.95
Fees $718.70
Trade Payoff $0.00
Out The Door Price $87,913.65
24mo/12k - $1,435.25
36mo/12k - $1,127.48
Thanks!
Awww hell no. Look at Marketplace and Signed Deals & Tips to see how much less people are paying
Chicago city tax?
Seems high either way, just curious
I’m 90% sure Chicago City Tax is 10.5%, and the match checks out for the $8,254.95 taxes being charged on the deal sheet.
20.5% total in certain zips
Chicago taxes are brutal they can be as high as 17% depending on location
It’s 20.5% combined now if in the city of Chicago, they raised it again this year, you know, for all the services and public benefits they provide.
Yeah I see people paying way less as well. I don’t understand how so. I’m wondering if the tax is making the lease amount high.
11% discount is what the dealer is giving me off the MSRP. Plus the lease incentives total to $20,880. Half of that basically goes back in tax.
In case anyone was wondering how I compared and input the figures into the Rate Finder - Rate Finder - Lease
Do you live inside the actual city itself? What is your ZIP?
Man when i was brokering in chicago i felt bad after tax was added. They dont even have Jordan anymore lol
Yes, I live in the actual city. Zip is 60622. Cook County.
The regular Chicago tax is up-front like it is in the rest of Illinois. The Chicago lease tax is on the monthly.
So would you say the lease deal is fair?
If this is buy-rate money factor, then yes, it’s a good deal for Chicago, you should take it.
Much better to just find a late model low mileage CPO car and buy it rather than lease anything in the City.
EDIT: ICE not EV
When you see the resale values, you will rethink that statement.
I’m talking buying ICE…buying EVs is dicey.
Which has the lower effective cost, the lease or the CPO/used?
The question is worth asking regardless of whether it’s ICEV or EV.
When I lived downtown and did the cost studies I made out like a bandit on buy vs lease esp since I kept 5+ years…ICE only…but with this lease he is looking at near 4000 extra just due to additional City lease taxation alone over 36 months…haven’t run the numbers but buying an EV rarely makes sense so the lease still might work better but on principal alone I’m not paying 20ish% on taxes so would just buy something ICE in Chicago. Haha!
I looked at BUY vs LEASE.
In short these are the figures I got:
LEASE:
24mo/0 down/12k - $1,435.25
36mo/12k - $1,127.48
FINANCE:
60mo/$0 down - $1,665.62 at 3.99% APR
72mo/$0 down - $1,435.91 at 4.49% APR
Looking at CPO iX that avg 36k miles on it on bmw.com, they are being sold for around $50k-$60k. $50k ranges being 2022, and $55k+ being 2023/2024. And 2024 with 10k miles or less are being sold for high $70k. Almost very similar with CPO X7.
I don’t think a lease on a X7 would be any better, and for city driving EV would be more efficient I think. At right now I would prefer to lease an EV with technology expected to get better 3-5 years. And I think if I bought a CPO or new ICE, I would still have to worry about maintenance.
Of course both ICE and EV have their pros and cons, but I think just looking at mainly city driving, EV would be more efficient and less maintenance to worry about compared to an ICE, especially if I got a CPO. Just my two cents.