Quote:
Originally Posted by wtwo3
Quote:
Originally Posted by toddwalton
Hey guys, I could use your help. I'm trying to get from a 2019 x7 40i lease into a 2023 X7 40i lease and the MSRP's for both vehicles are only $2,500 apart but my monthly lease payment as quoted would jump from $899 to $1,200 per month which seems outrageous.
They value my current X7 at $51,500 and they will give me a $9,200 credit as equity for turning it in to them.
Can someone with expertise look at these numbers and tell me if this is just the way life is in 2022 or if I'm being taken advantage of? Thanks.
2019 Actual:
$77,595 (Car + $995 destination charges)
Gave $6,000 cash at delivery
Got discounts from the dealer in 2019, don't have the detail.
0.0167 money factor
59% residual
$899 per month 36 months, 10K miles per year
2023 Quote:
$80,095 (Car + $995 destination charges)
Will receive $9,200 equity from the 2019 X7
0.0200 money factor
52% residual
$1,250 per month 36 months, 10K miles per year
It doesn't make sense to me how a) a car that is only $2,500 more than the 2019 and b) has $9,200 in equity from the 2019 could be c) $350 more per month. I'm not sure if I got some fantastic deal back in 2019, if the supply chain world we live in today has made the prices jump tremendously, or if I'm being given an awful quote and being taken advantage of.
Any help appreciated.
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The immediate thing that sticks out is the 7% hit to residual (59% now down to 52%) which represents a nearly $7k additional base cost of ownership over the course of 36 months... before we factor in taxes and interest. Now add on to that an increased money factor, and it slowly becomes clear why it's costing you more. Now also factor in that you had additional discounts on the 2019 which you haven't factored in to your details. With the 2023 you're likely not getting any discount, and potentially even an increase in price through added dealer markup (I would check on this).
What you need to do is ask for specifics, what is the selling price to you for the car, is the money factor quoted here what you're actually being charged? Once you have those details, plug it into a calculator and that should give you your answer.
But upon first impression, I don't think going from $900/month to $1,250 per month on a car which hasn't increased much in price is outrageous given the current climate. |
Anyone here able to please help me run approximate numbers on a 23 x7? Trying to get ballpark figures to help me decide between 40i and m60i