02-09-2020, 03:39 PM | #23 |
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thank you everyone. It seems the current prevailing MF in my state just went up even further to .000182 and 54% RV. I'd like to lease, but WA state has a high demand for luxury cars and dealers are outright rude to deal with.
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02-09-2020, 03:46 PM | #24 |
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Buy out of state and no dealership is beyond negotiations in the MF department.
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02-09-2020, 08:11 PM | #25 | |
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It's worth asking dealership outside your area. Go to Bmw.com and find a list of dealership in 500 miles and send them all an email with what you're looking for and get their prices. Trust me 3 days of phones calls and emails can save you THOUSANDS. |
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02-10-2020, 12:58 AM | #26 | |
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02-10-2020, 08:34 AM | #27 | ||
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I then went back to my 2nd closest dealer because I liked the salesman, and while he didn't go under, he matched the price of the other dealership. So I bought my most recent from the 2nd closet dealership only because they price matched and even then it was a nightmare because it was a battle to get them to match exactly and with all the same extras (like all weather mats, charging cable, kits, floating hubs, etc). And honestly at the end of the day I still think there is one or two little extras that I didn't get, although I got neck warmers - so I call it a wash. |
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02-10-2020, 11:19 AM | #28 | ||||
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Just got a quote a new x7 vs my old x7, and my local dealership wanted almost $11,000 more than I paid for the same car new vs new one. Although 2019 vs 2020. |
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09-23-2021, 07:17 PM | #29 |
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I respect your decision, and I think it is the best option for you. I decided to take a mortgage two years ago, and I really had no idea how the whole process worked; and I kept hearing stories about people who got fooled, which really creeped me out. That is why I decided to go on the internet and look for a solution. After some searching I found Mortgage Advice Lincoln and they were able to give me all the pieces of advice I needed. They kept on advising me till the end, and the deal was made.
Last edited by Lanoyolar; 09-28-2021 at 05:51 PM.. |
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09-23-2021, 07:32 PM | #30 | |
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09-23-2021, 07:37 PM | #31 | |
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09-23-2021, 07:40 PM | #32 | ||||
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09-23-2021, 08:55 PM | #33 | |
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In my case, it's just for the sake of convenience at this point. |
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09-23-2021, 09:20 PM | #34 |
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I think you would be surprised how many people live beyond their means just to be able to get something they want. Probably about 90% of the US population will not have enough money to live on in retirement because they live for the day instead of for the future.
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09-23-2021, 10:15 PM | #35 | |
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Last edited by Angelo_GraysonMiniBMW; 09-23-2021 at 10:21 PM.. |
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09-24-2021, 04:57 AM | #36 | ||
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09-24-2021, 06:42 AM | #37 |
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What a completely different automotive market from when this thread started. It went from bad to worse to catastrophic with automotive manufacturing. Members rushing to buy out their 2019 and 2020 lease. Now 2021-2023 vehicle highly compromised with lack of standard and optional features might have some leasing vehicles they know they won’t want to keep.
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09-24-2021, 08:51 AM | #38 |
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A lot of people are conflating the financial structure (is lease or buy a better financial decision) with the general financial (is it better to keep a car more than 3 years). Of course its always a better decision to keep the car as long as you can or until the maintenance gets too expensive.
But for those that have decided they want to keep a car only a short period of time (irrespective of financial wherewithal to do it), leasing makes a ton of sense; so the real question is whether you want to take the risk on trade in value. Also if you get a lot of more uncommon or lower demand options, you may get more value out of leasing because they apply a fixed residual to the entire price, meaning you get full credit for those options that may not be worth much on a trade. The “interest rate” on the lease will be similar to financing - within 50bps, which over the term is only about $200 total — rounding error compared to variance in trade in value. Also I think there is less flexibility to make modifications on a lease - to the extent that’s of interest to you. There are also state differences - some states charge you sales tax on the entire purchase price over the term of the lease, some states just charge the difference between purchase and residual, some will charge on the lease payment (e.g. sales tax on the “interest”). Then some states will give you credit for sales tax on your trade in, others will not. |
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09-24-2021, 12:29 PM | #39 | |
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09-24-2021, 12:58 PM | #40 |
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Anyone that is currently in a lease and is looking to trade in soon needs to seriously consider selling the vehicle to the dealer, Carvana, vroom or private party.
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09-24-2021, 01:35 PM | #41 |
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So my X7 lease is up in April 2022. I'll need another X7 to replace it as my wife loves it. Any advice?
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09-24-2021, 02:38 PM | #42 |
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I never quite understand this debate. Variables like mileage etc in my opinion are a bit of a red herring when thinking through this. As long as a lease gives you the (free) option to buy at anytime the only thing you need to look at is what the interest rate would be for the lease and what it would be to finance (and if you pay cash then you could also do a one pay lease). If the lease interest rate / MF is significantly higher than finance rate then yes you may want to finance but you need to compare that against the probability you think you get in a reportable accident which would mean the car takes a huge hit in value which if you finance you carry that loss vs if you lease it’s the bank’s loss. You can buy the car at any time (if you put too many miles on it / if the car market value is very high and you want sell / if you just want to drive the car into the ground). The trade off again mainly is the interest rate, the acquisition fee you pay with a lease, and any tax implications in the subsequent buy and potential sale of the car). Leasing gives you plenty of flexibility to get out - you can buy and sell the car, you can transfer the lease (with Bmw at least). It has always made the most sense to me at least but would certainly like to hear where others disagree and why (maybe I’m missing something else).
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09-24-2021, 04:01 PM | #43 |
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If you can build the spec you want and are ok leasing, sell your current vehicle vs. turning it in. The current FM value is most likely above what you owe on the vehicle
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09-24-2021, 04:11 PM | #44 | |
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Another example..let's say you are in a lease and god forbid sustain significant damage, but not enough to total the car, you are stuck riding out the lease, even if you no longer want the car. |
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