HI All, I really need your help! I am in my first lease and my lease is coming to an end very soon. I am in New York and currently lease a 2017 BMW X3 Sport with 51k miles and turn in the lease a few months from with 45K allowance. I am over by 6k miles and have $2175 left to pay on the lease. These are the options I thought about, let me know if you have any other suggestions!
My first option is to lease a new 2020 X3 and these are the numbers. This BMW dealership does not have any 2019 X3’s in stock or even demos. They would not let me print or take a photo of the screen so I apologize in advance if the numbers are not 100% accurate.
Year, Make, Model, and Trim: 2020 BMW X3 3.0i
MSRP: $ 50985
Discount $5297
Overage of miles $4421
Bring the total to $50,136.30
Net cap cost $49,599
Taxes 342.00
Monthly Payment: $699
Drive-Off Amount: $2000 down, plus tax and tags.
Months:36
Annual Mileage:15k
MF:.00128
Residual:.55
Incentives: 2750 + 2000 down +$4750 (cap cost reduction)
Region: Northeast
Leasehackr Score:
Leasehackr Calculator Link:
My 2nd option is to buy out my current X3 however, I am past the warranty now that I have 51K miles on it. I am fully aware I have not maintenance which is not the concern. The dealership calculated the RV and the total it comes to $38k with tax to finance.
My 3rd option is to go to Audi Q5 for a 2019.
Year, Make, Model, and Trim: 2019 Audi Q5 TFSI Quattro
MSRP: $ 51295
Monthly Payment: $639
Drive-Off Amount: $1925 plus tags only, includes tax,
Months:39, not 36.
Annual Mileage:15k
MF:.00031
Residual:.47
Incentives:1250 rebate (Audi Winter event)
Region: Northeast
Leasehackr Score:
Leasehackr Calculator Link:
Again, this is the situation I am in and any suggestions would be greatly appreciated!
Why are they charging you over $4000 for mileage? Extra miles should be $.25 per mile or less. Sometimes you can buy them early at a discount. Also, if you are already over on your 15k/year lease, why would you lease another vehicle with a 15k/year mileage allowance?
The BMW dealer calculated that the$4000 for the additional mileage and the remaining lease payments I owe.I brought that up to them and said that I can be the same scenario 3 years later. I even asked them about financing and they told me lease will be a smaller payment.
OP: wait until your lease is over. That way you will only have to deal with the overmileage and not rolling in payments from this lease. All of these scenarios are god awful
I see. I’d definitely ride out the lease, and be wary of putting too many more miles on it if that’s possible. Financially, that’s going to be the least awful option. You’ll have to pay for the mileage overage at $.20-$.25/mile, but then you can walk away from it.
I would need an extended warranty now if I keep till the lease ends. Any suggestions on which company to buy an extended warranty for, for this car besides BMW?
Hope they reimburse you for mileage. Perhaps it would be cheaper if you had a low mileage personal lease and a cheap reliable commuter that could go 200k miles without any problems.
I don’t have any experience with extended warranty companies, but it has probably been talked about on this forum. I can understand not wanting to risk an expensive repair during your remaining lease term. That being said, BMW’s have gotten more reliable in the last few years. If it hasn’t had problems up to this point, you might be ok. Again though, I totally understand not wanting to take the risk.
I save .02 cents!