So I kind of stumbled upon looking at the BMW 340i.
Was initially looking at the 5 Series, but decided it was simply too big and also too costly for the options I wanted.
Anyway, I am in between a rock and a hard place. Made some stupid decisions years ago, and rolled negative equity into my current Lexus lease, so my payment is pretty high at the moment. I am also over my mileage by 15k as I moved from ATL to Nashville last year and did a lot of driving for a few months before we were settled here.
BMW appears to have made a fair offer on this 340i with M-Sport Package - 36 year lease with 10k miles. See attached -
Have you considered a Loaner 340? I just inquired on one the other day, had 2500 miles on it, same package as the one your looking at listed at 58k. Was offered 36 mo/ 15k miles a year , 0 down (only drive offs) for 560 per month. That’ll chop your payment down by a little more than $200 and im sure that would help you a lot.
This one is “new” but has 2,200 miles on it. They said it wasn’t a loaner - then again this is SONIC dealership and I don’t really trust them 100%.
I’m basically rolling in $7k in negative equity.
MSRP: $57,775
Discounted selling price: $49,950
Term: 36 months
Mileage: 15,000 per year
Tax: state tax included in the monthly payment
Down payment: $0 cap cost reduction
Due at signing: first payment + plates (new $99 or transfer $25) + doc. fee $172.15 + title $95 + electr. registration $25
Monthly payment: $686*
They brought the payment down to $551 and said that was the lowest they’d be willing to go. They did not tell me what additional incentives or where the discount was applied to.
Personally, I would just buy out the Lexus at the end of the lease. With the exception of first gen RXs and the 2006 GS, they are pretty bulletproof. If you get this BMW, you will be continuing with the slippery slope of negative equity.
^^^^ I agree. Buy out the Lexus and put an end to the negative equity rollercoaster.
You don’t want to end up like dolphinboy with his 84 months finance lease
Agreed - but I’m concerned with my mileage - and if I buy it at lease end, the car will only be worth $18k or so, and the end residual value is $24k.
I would call the lease company (lexus financial, etc.) and see if they’re offering a lower buyout before lease. I did the same with a Cruze I went 10k over on, and the buyout they offered was $3500 lower than my residual.
With all the news about slow used sedan sales, the last thing they want to deal with is trying to sell that car. Might be worth looking into.
Lexus are stubborn they rather rot with their car than lower the residual value. Many people I know tried and no go. I would be surprised if anyone can get thru tho.
You will be paying almost $4000 in mileage penalty which brings you closer to the true value. The car won’t die and will need little maintenance aside from tires and other routine maintenance. I had an ES300 that went for 238,000 miles before I sold it. With the BMW, you could be in the same situation in a couple of years considering it is only 10k per year but a BMW out of warranty is painful on the wallet for what I’ve heard.
Ouch, my 340i was 440 a month with a higher MSRP but that was during MSD time. They’re great cars and I really enjoyed mine. If you think it’s fast stock, get a JB4 and you’ll really enjoy it.
