Hi guys,
I am getting a 2016 BMW 320i - Service loaner (6k on the car) for $290 a month and $2500 down (all inclusive). It has the power seats, moon roof and back up camera. MSRP: approx 38,000
Is that a good deal? How could I get it for no down payment?
To be quite honest it’s not that compelling as any 320i is pretty compromised in terms of standard equipment. More importantly, you can get a new 328i with an MSRP of $45k for ~325/mo with only $1700 drive off easily (plan on $6000 off). Which, okay, is ~$1000 more over three years, but the engine/suspension easily make up for it. That also means a demo 328i should be had for closer to 275/mo with the same 1700 drive off.
It seems on the high side. Do you have the dealer worksheet? Or at least the sale price and MF?
Sales price should be 30k, residual around 23. With 1k 1rent charge using msd, 7k depreciation 2k fees and 1k extra mileage depreciation you should be at 300with no down.
That same 300 to 330 range can also get you a demo 328i so dont be in a hurry and dont decide until you’ve teat driven both 328i and 320
Where are you getting such pricing for a car? PacificBMW ?
Pacific is still doing $6000 off MSRP. When I asked about a lease, they said that included the $1500 option allowance. It also happens to be less of a drive from San Diego than Steve Thomas in Camarillo.
However if one’s to leave San Diego, it couldn’t hurt to email someone in the internet department at Steve Thomas BMW. My demo 340i could have been had for around $325/36mo at 10k rather than the 350/24mo I settled on. 1st month’s payment and acquisition as the only drive off for both.
Thank you so much for your feedback. I am now considering a 328i for which I have the following offer:
Service loaner 2016 328
$0 down , 15k per yr for 36 mo @ $378 mo incl tax
Original MSRP on the car is $44,260
What specs did the car have Tech, Premium and luxury packages ?
Wondering if I should go ahead with this one?
I’d say ~380/mo is reasonable if it were a new car, assuming it’s actually 0 off, and, you’re not doing 7 MSD. My quote for 10k miles with a new m-sport 328i with an MSRP of 44k was $315/mo and $1700 drive off, both including tax. That averages out to 352/mo. I was also eligible for the USAA $1000 cash, which, if that isn’t an option would mean $379/mo. If I were you I’d target that number for a new car. Granted you’re looking for 15k miles, but 380/mo for a demo 328i seems high. If it were new, I’d say go for it. What’s the current mileage on the prospective car?
FWIW the advertised price of my 340i was 8k less than the MSRP, with the sales price dropping that by another 2k. The car had ~3500 miles.
One other thing to note, for every mile over 500, BMW reduces your residual by $0.25/mile. So, I plugged it in to my spreadsheet and it means that my 3500 mile 340i, would have been around $10-12/mo more for every 1000 miles on it. Or, a payment of $325.90 with 3500 miles ends up being $347.51 at 5500 miles, or $369.85 for 7500 miles. The way I look at it is that one ought to be sensitive to not just the amount the demo has been reduced from MSRP, but also the mileage. I’m sure there’s a way to construct a scenario where one understands demo selling price versus mileage to find the sweet spot, but that’s a bit out of my league.