After 10-11% TTL, you’re in for almost $47k.
In a year if it’s worth, say, $33k then you’ve spent $14k in 12 months even before considering financing costs.
I’m in a battle with myself on what to do next. Hoping for a decent 5 series or X3 lease deal or finance an ID.4.
I had put a deposit a year ago and my ID.4 is being built. I always thought I’d probably not pick it up and get my deposit back, but at $39k plus $7500 federal and $2k state rebate…seems like a solid deal.
Most fiscally responsible would be to just buy my CX-5 cash at $19k and have no payment lol
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I am still confused on the tax credits. I don’t qualify due to income limits. If VW is passing it on a lease, I will check out the ID4.
Personally I’d go with the ID4
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Hello everyone,
Need your help and I’ve scoured the site but definitely need some direct input.
I have a 2019 BMW 3 series 330i glacier silver xdrive sedan and its coming to an end January 31st. I was going to buy it out and still considering it as residual is around 27K and comes to 32K with all taxes and fees.
Now I am very tempted to get into a car lease for an X3 because I am bored of my car. I am in sales so a car is very important to my business and I write off the KM for taxes.
How do I get the best deal possible on the lease if I am returning my vehicle to the dealer?
Also, I hit the rear fog light trim during the holidays and it bent the heat shield and they were saying that I have to replace it all and I declined it at the time thinking I am buying out the car and I can do it at my convenience. Would I still have to do this? My AUTOVIN report came out pretty good. I am thinking they need this car and would sell it for a decent price. My friend returned an X3 in June with cracked windshield and 10,000KM over his allowance and they didn’t do or say anything so hoping this works out for me.
Any tips or advice?
Many thanks!!!
In june the car was worth a lot more, prices have fallen a lot
Separate the transactions. Get quotes from your local BMW dealers as well the usual online buyers to see how much equity you have, if any.
Completely separate from that, research what a good deal would be on a new X3, without any trade. Check the broker listings in the Marketplace section for a baseline.
When you’re getting quotes from BMW dealers do not mention that you’re also looking at a new X3, otherwise they will combine the new car and trade into one. Unless you have a very good grasp of the numbers you will get taken to the cleaners.
Also the inspection and any lease end charges resulting is only relevant if you just turn your lease in. If you sell it to a BMW dealer then they’re buying it as-is.
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What do you mean they will combine into one?
Thanks so much!
In terms of equity maybe 2-3k which isn’t worth it for me to take the time and efforts to buy out and sell. I’ll also pay less taxes leasing a car.
If you do buy the X3 you can trade the 330 in to get the equity out of it without having to buy/sell yourself provided the dealer you buy from is willing to give you an acceptable trade value - but as others said above if you don’t try to get values separately for the 330 you won’t know for sure if the dealer is giving you a good deal.
What if i want to lease the X3?
You can trade your 330 in towards a lease on a X3. You can also have the dealer buy it out as a separate transaction - basically 2 separate contracts, one to lease the X3 and another to sell them your 330. Most folks here will say to keep the trade separate so you can put the equity $$ in your pocket instead of using it as a cap reduction on your new lease. You probably don’t have much equity though so you might want to use it to cover inception fees for your new lease (acquisition, doc, registration, 1st payment) instead of paying them in cash.
If you’re bored in a 330i you’ll fall asleep in an X3.
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If you just walk into your local BMW dealer and say you want to trade your 330 for a new X3, they will come back and say “Great news! We can take your 330 in today and put you into this brand new X3 for only $XXX per month!”
They’re combining the transactions into one.
Without doing your homework you will have no idea how much of a deal (or ripoff) they’re giving you on your trade or the new car.
Combining the transactions isn’t necessarily a bad thing but you must know your numbers before ever talking to a dealer.
Haha why do you say that?
An X3 is literally a less-exciting 3-series.
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Ahhh haha. It’s not the drive that bores me but the look.
I’m interested in the X3 tanzanite blue with bigger wheels. They’re quoting $1,200 per month
That sounds cray cray … obv run away.
But you should have a target before you even talk to a dealer. TBH no one here knows Canadian pricing. We don’t even know the RV and MF
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Everything is expensive here and we pay tax on eeeeeeverything.
Just an FYI - I saw your original post, and you are in Canada, right? I don’t think people realize that, and leases and possibly buy-outs and trade-ins are different there.
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Hello, I’m in NY, and have a 2019 Q7 lease, that is currently under extension until March. I looked into leasing a new car of similar size (x5, x7, xc90 etc) but didn’t like them better than mine. Of course, leasing one of those new ones will also raise my monthly by $150 to $200.
So now I’m considering to purchase my 2019 Q7, and its residual is $34k. Could anyone opine if this sounds like a good idea?
If the purchase is a sensible option, what is the best way to go around it? I’d prefer to finance than to pay out of pocket. Is financing through Audi finance recommended? Otherwise, do people usually shop around for bank loans? Any recommendation on which banks are good to deal with, or better to avoid?
Thank you in advance for any feedback!