Maryland Lease Deals

Thank you for the excellent articles! I am inquiring with local dealerships in Maryland and not having any luck. All of these offers seem to be in California only (or so the dealers say…) I have not stepped into a dealership yet but I am working with a BMW dealership on the i3. It is not nearly as cheap as the $130 CA rate, but still a decent price. Any advice/contacts? Thank you in advance for any help you can provide.

Hi Dave,

Using a Maryland zipcode (21228), it seems like a realistic but good target selling price would be 10% of MSRP before incentives. There are dealers on a popular car buying site offering that amount of discount.

I’d play around with the lease calculator and adjust the inputs accordingly:

  1. Selling price of 10% off MSRP (rather than 13% off).
  2. Incentives of $7,500 (Because the $1,000 build-out cash is for Western region only. Add $1,000 each for UDE and/or College Graduate incentive, if you qualify.)

Maryland has a $3,000 excise tax credit on plug-in cars, which you might want to look into. I’m not sure how Maryland taxes work on a lease.

Also, keep in mind that, even after you’ve come to agreement on a selling price, a dealer can still pad their profits in a few ways:

  1. Marking up the money factor. The base rate is .00131 and after 7 multiple security deposits, becomes .00082. However, dealers have the discretion to mark up MF by .00040, which can result in hundreds if not thousands over the course of the lease.

  2. Document fees. In CA, dealer doc fees are limited to $80. But I hear in some states, like Florida, dealers often charge doc fees of $500+.

  3. Junk aftermarket add-ons. In this day and age, this should be a pretty rare occurrence, especially when dealing with a premium brand like BMW. But who knows – maybe they’ll want to sell you $299 paint sealant or $999 LoJack.

Keep an eye on these things and even with “only” 10% off MSRP, you should be able to get an awesome deal.

Cheers!

1 Like

Thank you so much, that is REALLY helpful! I feel so much more ready to step into the dealership now. My wife and I don’t NEED a new car - We have 2010 Toyota’s (RAV4 and Prius) but are ready to step up to a luxury vehicle but only if it makes sense financially.

Keep up the good work and again, I really appreciate the personalized response. I’ll be back to share an update and hopefully it will help other Maryland / DC / Virginia buyers.