BMW recently released its 2017 models, and customers interested in getting behind the wheel of one are already considering their best options.
Leasing is one alternative that some people prefer when looking to own a car. You may be upgrading and want to see first how the machine handles. Or it could be that the leasing options available offer less costly solutions than buying.
Another reason to opt for a lease is if you change vehicles regularly, which means you won’t have problems getting rid of the car you have. With the rapidly changing technologies in vehicles nowadays, most people go for leasing to avoid being stuck with outdated cars only two or three years after getting them.
Before you can step into a dealership to find your 2017 BMW, prepare yourself. A bit of information will give you an upper hand.
Know What You Want
Don’t start scrambling to find your BMW of choice after you enter the dealership. Knowing the car that you are leasing beforehand saves everyone a lot of trouble. It is true that picking one out of the different models available can be daunting. Do you get the X1 r the X6? The sDrive28i or the sDrive35i? Learning what each model offers will simplify the decision. Of course, the needs you have will also determine the 2017 BMW that would be most suitable.
The X3 xDrive35i, for instance, comes with a yearlong subscription to SiriusXM satellite radio, adjustable lumbar support for the seats, and a proximity key. If you are an X4 kind of driver, then you have to know that the cargo space is limited and the model alternatives are just two. These are some of the factors that will sway your decision when thinking about the vehicle to get.
Incentives
As with most of the luxury car manufacturers, BMW has deals that customers can capitalize on when leasing. Find out about the discounts available when considering the car dealer to work with for your 2017 BMW ride. Most of these offers vary from region to region and from one dealer to another. Take the time to find dealers who make you the most savings. Using comparison sites, you can find out what different dealers are offering. Ensure that you get objective and up to date information for this.
State and federal rebates have made it possible for many consumers to lease or buy luxury vehicles. For plug-in hybrids and electric vehicles, buyers can get a $2,500-$7,500 tax credit. The size of the battery is what dictates the size of the tax credit. Vehicles that qualify for the minimum $2,500 are those with 4 kWh batteries. The maximum is 16 kWh, and that comes with a $7,500 tax credit.
Different states offer varying incentives for consumers, so check with a dealership on what is available in your area. Exercise caution because some dealers may hide these incentives. Note that to be eligible for rebates, you have to lease your BMW for a certain period. In some states, the minimum term is 30 months.
Know the Numbers
Don’t commit the error of showing up at a vehicle dealership with no clue of how much a car costs. Learn about the base money factor, acquisition fee for the vehicle, and residual value. Think of the money factor as similar to the interest you would pay if you were getting a car loan. The acquisition fee for your 2017 BMW can be $925 or lower. BMW set it at $725, but the dealer has the right to go higher.
The residual value is the approximate worth of the vehicle after its lease. When calculating the residual, you have to consider the miles limit included in the lease. The quality of the car also affects the residual value. A vehicle that is durable has a high residual.
It also helps to know the invoice pricing of the BMW you are getting. The manufacturer’s website or BMW blogs are good places to get that.
The drive off amount for the lease will depend on the region you reside in. In some states, you may have to pay the sales tax on the full price as opposed to the monthly lease payment. For this reason, the total amount of the lease may be higher than calculated. The document fees also vary from state to state. Then, there is the cost of getting the title and registration.
Knowing all these elements will give you an edge when haggling the price with the car dealer. The leasing process appears complicated at first, and it is, but arming yourself with relevant details will shift the odds in your favor.
Pick the Right Package
Car dealerships structure leases to cater to different customer needs. These packs vary in pricing, duration, and type of vehicle, among other things. When getting your 2017 BMW, make certain to select a package that will favor your driving requirements for that duration.
If you are leasing for a company, consider the functions of the vehicles and how that will impact maintenance. It is one of the fundamentals never to forget when leasing. The level of care that a dealer offers for your vehicle may not be as extensive as when buying a new product. The way you set up your car lease will dictate how much maintenance to get out of it.
Vehicle Upgrade
When buying or leasing, there is always an option of getting some extras in your vehicle. For example, you can get rear entertainment screens to keep children busy when on long drives. Or, you can get rear cameras for your BMW SUV to enhance safety. Doing this is another aspect that will influence how much you pay for your lease.
If you are going to get additional BMW features for your leased vehicle, know what they will cost. Take the time to analyze if you need extra features. A point of importance here is that having upgrades on your vehicle increases its residual value and that means lower monthly payments on your lease.
Owning After a Lease
Lease-to-own is another option you can contemplate when looking to get a 2017 BMW. With this choice, you lease the vehicle for a certain duration then buy it from the dealer. In this instance, you would have to do a contract buyout. This value is calculated by subtracting the residual from the MSRP. (The MSRP signifies the manufacturer’s suggested retail price.)
Talk to a dealer about the lease-to-own alternative and any requirements you have to meet when the time comes. It will give you a chance to prepare, in addition to evaluating your choices.
Leasing a 2017 BMW presents you with an affordable option of owning a luxury car of your choice. However, don’t get too caught up at the prospect that you forget the most basic elementals.
Talk about some things with a car dealer just to avoid getting into an unfavorable lease contract. Find out the parts of the lease that are negotiable, so you can start working on them. See what happens if you want to end a lease early. Don’t forget to choose the most convenient insurance policy when leasing your car. Take care of these fundamentals of car leasing, and you won’t have a problem finding what you need.
Patryk Kosmider / Shutterstock.com