What is your lease?

[JXYOO]

Thinking about upgrading to an M3 its my first car that I'm planning to pay for myself. So just a quick question wondering how much does your lease cost and which packages did you guys choose and how much your down payment was.

[MrHarris]

A friend of mine just got quoted 1k a month

[quality_sound]

I'm under $900/mo (purchase, not lease). Options are in my sig.

[JXYOO]

Originally Posted by quality_sound

I'm under $900/mo (purchase, not lease). Options are in my sig.

Wow 900 a month for purchase?? thats a really good price. How much did you downpay?

[gucci22]

JXYOO-

I'll try to keep this short:

I've done about 5 leases with my vehicles for a few reasons: keep monthly lower, easy to upgrade in 3 years (or so), and because when I get deployed, the bank has to take my vehicle back and I don't have a payment on something that's sitting in a garage. That said...

I put 3k down on my 2007 335 and was paying ~720/month. I think I was paying ~560/month for my 328 (these were 4 year leases).

In my efforts this go around WRT my 2010 M, I called a dealer back home to ask about leases, and he quoted me ~681/month with 20k down, or ~361/month with 30k down. It would be ~1k/month with very little down on a lease.

So you have a few things to consider: what you can afford/are willing to pay monthly; how much you're willing to drop as the down; the length of your lease; what you plan on doing at the end of term.

Issue I have is that my previous leases were with little down because the more you drop on a lease, the more that money is wasted! I was still able to keep payments "relatively" lower than buying, and get rid of the car for the newest model at the end.

So if I were to put 20k down for a three year lease on an M, just to get the payment to 681/month, then after three years, you've pretty much got nothing to show for it. You'd have to pay the remaining residual balance if you want to keep it; give it back while staying under whatever mileage plan you chose to avoid penalties; or decide to trade up at that time, but once again, having to decide how much down on whatever it is you're looking for (so three years down the road, you want the latest M toy, you ask to switch up, they rape you because you know have to put a large down again, or pay the higher monthly).

I purchased my M with 20k down and my payments are ~600/month. Either way you "blow" money when buying a car, however, I don't have to make the same choice after a few years WRT lots of money going out the window.

So if you plan to get rid of it sooner, a lease, with little down might be your best option, but you'll have a higher monthly. If you plan on keeping her for a while, then I'd consider a purchase with a mean sized down.

Oh, my M is well equiped (most options except Sat radio and a few minors). Not taking into account my military discount, I would've paid ~69.8k for it.

Hope I explained this okay. Good luck with your decision.
g

[JXYOO]

Originally Posted by gucci22

JXYOO-

I'll try to keep this short:

I've done about 5 leases with my vehicles for a few reasons: keep monthly lower, easy to upgrade in 3 years (or so), and because when I get deployed, the bank has to take my vehicle back and I don't have a payment on something that's sitting in a garage. That said...

I put 3k down on my 2007 335 and was paying ~720/month. I think I was paying ~560/month for my 328 (these were 4 year leases).

In my efforts this go around WRT my 2010 M, I called a dealer back home to ask about leases, and he quoted me ~681/month with 20k down, or ~361/month with 30k down. It would be ~1k/month with very little down on a lease.

So you have a few things to consider: what you can afford/are willing to pay monthly; how much you're willing to drop as the down; the length of your lease; what you plan on doing at the end of term.

Issue I have is that my previous leases were with little down because the more you drop on a lease, the more that money is wasted! I was still able to keep payments "relatively" lower than buying, and get rid of the car for the newest model at the end.

So if I were to put 20k down for a three year lease on an M, just to get the payment to 681/month, then after three years, you've pretty much got nothing to show for it. You'd have to pay the remaining residual balance if you want to keep it; give it back while staying under whatever mileage plan you chose to avoid penalties; or decide to trade up at that time, but once again, having to decide how much down on whatever it is you're looking for (so three years down the road, you want the latest M toy, you ask to switch up, they rape you because you know have to put a large down again, or pay the higher monthly).

I purchased my M with 20k down and my payments are ~600/month. Either way you "blow" money when buying a car, however, I don't have to make the same choice after a few years WRT lots of money going out the window.

So if you plan to get rid of it sooner, a lease, with little down might be your best option, but you'll have a higher monthly. If you plan on keeping her for a while, then I'd consider a purchase with a mean sized down.

Oh, my M is well equiped (most options except Sat radio and a few minors). Not taking into account my military discount, I would've paid ~69.8k for it.

Hope I explained this okay. Good luck with your decision.
g

Yeah that helped a lot thanks. Well I don't have enough money saved up to put a big enough downpayment like that. but yeah i'm still young i'm only 18 so a monthly payment of $1000 wouldn't be a bad idea for me since I won't have to pay house bills or anything. what do you think?

[gucci22]

That's the question you have to ask yourself...

If you're looking at ~1k/down, then I'd do this:

Price several different cars (I'd do that for 2009 and 2010 Ms, as well as 335s...I know they're not M cars, but do have lots of torque that you would appreciate; another long topic as I'm sure you've read, so I wouldn't tell you it's an M or drives better because it has more available torque with moderate pedal use...only providing another option for your situation; and if I had a 335 at 18...MAN! But again, it's NOT an M). Anyway, sorry to get off point...

If you do some research, you may be able to find a 2009 that a dealer wants to unload for a good price; so even with 1k down, maybe get a decent monthly out of it. But since you're not going to be paying other monthly bills, maybe a higher monthly won't be a bad thing...

One last consideration for you though...since you are young, you've got plently of time to get into an M at a "better" financial place (logic for considering a 335); meaning that I have always had the "kid in a candy store" mindset, and it hasn't been until the last 8 years or so that I'm able to enjoy toys as much.

So while you're not paying bills, getting married, etc...this is the best time to think "savings plan", and maybe wait on a higher costing vehicle, with higher gas costs, etc...

These are all just variables that can sway your decision one way or another. I'm sure you'll be happy with whatever you decide.
g

[JXYOO]

I see, alright thanks a lot. People on m3post are a lot more friendly than those on e90 lol

[URBAN LEGEND]

Also call and see how much insurance will run you. It might be more than the monthly car payment. And don't forget gas. You will be very familiar with the gas tank on the right side and you local Shell station (for premium that is).

[Vic55]

Leasing 101:

Negotiate the price of the car and not the payment. If you get comfortable with a payment you maybe leaving money on the table for the dealer. Work the price of the car first, the payment is derived from the price and not vice-a-versa.

Then make sure you get the base/lowest money factor offered by the bank.

Residuals are set not matter how little you pay so those can only change based on the miles you choose to drive per year and term.

There is another thread in this section asking for "leasing guru's" check it out and you can get a good idea of what a reasonable payment will be thru BMWFS paying 500 over cost.

[jaiman]

Originally Posted by Vic55

Leasing 101:

Negotiate the price of the car and not the payment.

I've never understood this. Generally what I do is get a quote for a monthly payment from one dealer, then I go to another dealer and see if they will beat it. Am I leaving something on the table with this trick?

[Vic55]

Originally Posted by jaiman

I've never understood this. Generally what I do is get a quote for a monthly payment from one dealer, then I go to another dealer and see if they will beat it. Am I leaving something on the table with this trick?

Quite possibly- if you go in with a payment in mind, the cost is the factor that makes the payment.

So you want a 1200 dollar pmt- hypothetically lets say that equals a cost of 69k (all other factors consant) but in actuality you could have negotiated the cost of the car to 68k- you left 1k on the table.

Now lets say you go in low balling and push for a 900 dollar pmt- you will get that payment but the dealer will still sell the car for what they want and just increase your drive off amount for you to get to the 900 pmt.

Of course negotiation is involved on both sides with both scenarios but the best way to get the lowest payment is work the actual cost of the car. All other factors are easier workable (Money factor, residual, terms, down, etc).

Of course you can play the quote you get from one dealer to another but I find that dealing with one store (if they respect you) is the way to go. The experience is better and it allows for you to return and get another car for a good deal.

[Khurram]

08 E93 M3 Vert:

My lease payments are 560.00 per month (601.00 inlcuding tax)
2500.00 down
.00025 MF

[Vic55]

Originally Posted by Khurram

08 E93 M3 Vert:

My lease payments are 560.00 per month (601.00 inlcuding tax)
2500.00 down
.00025 MF

Thats a special lease Id like to hear more about... 2500 down?

[OC ///M]

Originally Posted by Vic55

Thats a special lease Id like to hear more about... 2500 down?

+1, How used was that car? Mileage?

[996TTE92M3]

Originally Posted by Khurram

08 E93 M3 Vert:

My lease payments are 560.00 per month (601.00 inlcuding tax)
2500.00 down
.00025 MF

What is the lease term?

[SpencerM3]

Originally Posted by Khurram

08 E93 M3 Vert:

My lease payments are 560.00 per month (601.00 inlcuding tax)
2500.00 down
.00025 MF

It’s an ’08 and was probably purchased this time last year when the stars aligned and BMW nearly gave these cars away. There’s no way anyone will get a deal remotely close to this on an M3 today.

[quality_sound]

Originally Posted by JXYOO

Wow 900 a month for purchase?? thats a really good price. How much did you downpay?

$3K but it was through military sales so there's no tax and a massive discount.

[autospiel]

OP, Vic55 is right: negotiate the capitalized cost (price of the car), then negotiate and/or shop around the money factor. I've leased ~15 cars in past 30 years, and I've learned the usual lessons along the way.

If you're unsure or flexible with the lease term and/or down payment, collect every scenario from every financing source and build yourself a nice, big spreadsheet. [money factor] x 2,400 = APR (approximately). Record residual value percentages too, just so you can calculate how much of your money goes toward depreciation vs. financing charges.

Manaufacturers (including BMW in the past) often "move the metal" by lowering the money factor and/or propping up the residuals. They pay the piper when those subsidized leases reach end-of-term (just ask Mitsubishi).

As noted, don't overlook insurance. I pay ~$500/year for my new M3, whereas a friend of mine pays that much a month for his crappy old Volvo. Age, driving record, and insurance carrier all make a huge difference.

[GOLFFRR]

if you have any question about leases, shoot Chris an email at Stevethomasbmw.com that guy is the lease guru! Also like stated above check your insurance the M's get you every time!

[dizman7]

08 BMW M3 Coupe - Interlagos Blue Metallic
- 6-speed Manual
- Black Novillo Leather interior
- Premium Package
- Technology package
- Cold Weather Package
- 19" Forged Double spoke wheels
- iPod adapter

$1,000 down (included first payment)
12,000 miles a year
36 months
$690 a month

Sticker was $66,550, got it down to about $55,000 plus they gave me $1,500 over what I owed on my previous car.

It's my daily driver, Insurance - $83 a month

[Leozap]

How do people negotiate to get the price from $65k to $55k. I just don't get it... Wait for the year end or something? I gotta try this next time around.