I have a 2021 BMW i3s whose lease is coming to an end, and I really want to keep it. However, given the recent cliff EV prices have fallen off of, I’m running into the issue where the buyout is absolutely insane compared to the reasonable market value of the car. BMWFS put the buyout at $34k, while anything comparable is at least $6-8k cheaper than that, if not more. However, given the fairly rare configuration of the car (100% fully loaded S, non-REx, heat pump), pretty much every other similar model for sale is missing an option I’d really like to have.
I went to the local dealer to discuss the buyout, and initially the salesperson actually gave me a “buyout price” of only $22k, and I was ecstatic. However, after going to his finance manager, we found out this is apparently the price BMWFS will sell to them, and my buyout price still stands.
Now, where the weirdness begins. We ask the finance manager if we can just return the car and buy it out from them, and he said that’s not possible because BMWFS would come after them for any difference between the buyout and final sale price. This makes little sense to me, especially as I called BMWFS and they said that they really didn’t care what the dealer did with the vehicle once it was purchased. I even suggested having a friend purchase the vehicle or something, and they effectively said that BMWFS would hunt them down for that difference if they saw that vehicle re-registered at my address, which seems a bit ridiculous to say the least.
I’m really just trying to figure out the best way to facilitate buying out this car for something at least kind of approaching market rate, and there are some very odd discrepancies in what I’m being told. To me, it seems like it would be win-win-win for all parties if I could just agree on a premium above that price BMWFS gave the dealer for the buyout. There’s no need for a return inspection or reconditioning on their part, BMWFS gets the price they’re asking, and I get to keep it a 1-owner car.
Whatever you do , just don’t buy it for 34k for the obvious reason . No option on that car is worth to pay several thousands extra.
I am not aware of any policy against dealer reselling to the original lessee but there is a logic to it as it is practically walking around the regular buyout process and losing BMWfs money . What you say is logical but big companies are not known to bend their policies for a single transaction even if it’s logical to do so.
BMWFS needs dealers to resell most of their lease returns instead of dumping them all at auction. So it allows them to buy lease returns for wholesale value. This is how it’s mostly worked since the inception of leases.
They also tell the dumb focks who buy leases at RV to know that there’s no negotiating with BMWFS since that would require a small army of employees.
There is a chance this will not work, but give the car back to a diffrent dealer that you bought it from (they would have less of an obligation to buy it)- hope it goes to auction- google the vin- see where it lands and buy it from the 3rd party dealer.
I think one broker mentioned that BMW tracks who purchases the returned car at auction (specifically to prevent the situation in which one returns a lease and then tries to buy it at auction). I assume they could do the same for whomever buys the car next, even if it’s not at auction?
Not for anything I care about really. How many other “small”, light, luxury RWD hatchbacks are out there to begin with? Especially one made out of such unconventional materials? Everything else on the market is way bigger or heavier than I want, aside from the e-Mini, which is just an i3 driving the wrong way around.
The i3 also just speaks to me in a certain way. I get to drive much “better” EVs for work almost every day, and they honestly just don’t interest me. I don’t need the range or charging speed improvements, and if I want to drive something with stupid amounts of horsepower, I’m fortunate enough to get to do that on a closed course almost every weekend.
For my daily at least, the i3s is exactly what I want and need, so I’d really like to keep it if possible.
I think you have the correct answer. This policy has been in place for at least a few years. Is there a chance you can find a dealer willing to break the rules and deal with whatever bmw fs does to punish them? Sure, but I don’t think there will be an easy way to find that dealer.
I’m not sure how far out you are from lease end, but I know one of my bmw leases gave me a special buy out price as lease got closer to ending. I think it was with a 320 after they discontinued them. So there is a chance they’ll do that with your i3, but I think that is your best hope.
Top Gear published an article ~2 yrs ago in which they said that the i3 was still the best premium, small EV (for many of the same reasons you mentioned).
Since you already giving it out to a different dealer, buy it out using your friend or wife without disclosing it to the dealer (preferably cash or outside financing). Whatever happens between BMWNA & the dealer is not your issue to solve.
If, once returned, the vehicle is taken to auction, which is the most likely outcome, it would be possible to work with a wholesaler who can buy it back for from auction. BMWFS listings look like this-
No, “an” i3 isn’t hard to find. A late model BEV that’s fully loaded is almost impossible to find. They’re either the wrong trim level or missing options that I want, usually both. For some stupid reason, despite it only being a $150 option, almost none of them have a heat pump, which is a necessity here in MI.
