03-01-2014, 10:06 PM | #2 |
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I just got done driving an i3 all electric at a local dealer and the car is very nice. BMW has informed dealers of the initial lease rates and program for the cars. The payment will be $700.00 + plus tax with 4k down on top of the credit, 15k miles per year and a residual of 43%. Good luck BMW. Also my local dealer is getting 8 i8's.
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03-01-2014, 10:35 PM | #3 | |
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But in CA there is a $7500 federal credit and, I think, a $2500 state credit. So even without considering lease rates, isn't it a no-brainer to buy since buying gets you a $10K credit? |
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03-01-2014, 10:56 PM | #4 |
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In CA it makes more sense to lease electric and hybrid cars since BMW will apply the $7,500 as part of the down payment (Ford and Nissan offer similar programs on EV's). The total down on the i3 would be $11,500 ($7,500 tax credit + $4k) and the payment will be in the $720 dollar range. BMW knows new tech will be out in 3 years and does not want to get stuck with a bunch of lease returns that is why the residual is so low(43%, i don't know any bmw that has less than 50% currently), this does not bode well for resale. The i3 will suffer the same problems all hybrids and EV's do and that is that technology changes fast.
Also in CA you can apply for a $2,500 cash credit from the state. I had a Leaf for a while and was really interested in the i3 but when I saw the program BMW is offering I will pass. I plan on buying a 228I with m-sport. I feel the lease price won't hurt sales since many of the people that were testing the cars appeared to be interested in them as status symbols.
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03-02-2014, 01:35 AM | #5 | |
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But you are right that the low residual suggests a brutal retail in 3-4 years. It's the biggest reason I wouldn't buy an i8 - that car will likely be obsolete in 4 years. |
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03-02-2014, 12:15 PM | #6 | |
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The car is on par with the Leaf and Focus all electric yet the payment is double, this makes no sense to me. You can Lease an all electric Focus for $290 + tax with 0 down and 15K miles per year. I really question what BMW is thinking with this car.
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03-02-2014, 12:30 PM | #7 |
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I really hope this car is a flop, so I can get one for cheap.
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03-02-2014, 12:49 PM | #8 |
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+1
I am in for $350 a month not a dime more since comparable vehicles can be had for that price.
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03-02-2014, 12:51 PM | #9 |
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Thanks for the info guys
My CA told me a MF of 0.00125 And a residual of 46% At 10,000 miles / 36 months. He did not give me a full quote yet, but if we do not qualify for the full $7500 tax credit this will be a very expensive option. Even if you get the $4800 credit it's still about $575 a month "CA taxes incl" The change in technology over the next few years will improve rapidly and I honestly don't think it's beneficial to own this vehicle after a 3 years or so. Anyone care to share their lease / purchase deals? |
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03-04-2014, 04:41 AM | #10 |
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This isn't a direct contribution to the discussion but I read an amusing quote earlier today. Someone was pondering why they ought to buy an electric car and concluded it was basically like owning "an efficient car with a 2 gallon gas tank that takes 8 hours to fill".
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03-10-2014, 05:52 AM | #11 | |
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03-14-2014, 02:33 PM | #12 |
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According to edmunds, last updated in October '13: http://www.edmunds.com/fuel-economy/...x-credits.html
"If a vehicle is being leased, the credit stays with the leasing company, which is the actual owner of the car or truck. In most cases, however, the tax credit has been factored into the cost of the lease, so the customer still benefits. Lease programs for the Chevrolet Volt and Nissan Leaf, for instance, include the $7,500 as a credit toward the down payment." So BMW gets $7,500, gives the buyer $4,800, and pockets $2,700 as profit from US tax payers. That is downright wrong. Very unethical.
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03-15-2014, 12:34 AM | #13 |
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The i3 is not meant to compete with the likes of leaf. This is a special car made from carbon fiber light materials along with BMW technology and BMW feel. It's a pretty cool car and you will not see one at every corner.
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03-15-2014, 03:43 PM | #14 | |
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That said, they have created a lease-like financing program called "owners choice" that does let people take the full $7,500 off of the initial purchase price -- but you then have to pay that $7,500 back to BMW at the end of the financing term (of course you yourself will have benefited from the $7,500 tax credit on your first tax return after getting the car). Pretty complicated, yes? Best to talk directly with your dealer's finance person to sort through all this. |
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03-15-2014, 05:57 PM | #15 |
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Yes. BMW just announced "FLEX" Lease on the i3.
Your payment will be around $480 but at the end of the lease, you have to give the $7500 back to BMW. Or buy the car at end and keep the $7500.
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03-16-2014, 10:23 AM | #16 |
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So the quote for a regular 36 month 10000 mile lease came to
Cap Cost $4875 "this is the federal tax credit portion" MF .00125 Residual 46% Incl TTL in California $830 a month My M3 is less then that......... Until BMW starts believing in this car and give us a better residual value. Leasing is not the way to own this car. I love the i3 and would like to have one, I personally am not comfortable buying it and not knowing what the market will do in 3 years. Cheers |
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03-16-2014, 04:30 PM | #17 | |
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No denying that the car is expensive, but, for what it's worth, BMW's "owner s choice" financing program for the i3 does provide a guarantee that BMW will take the car back at the end of three years. So at least your down side risk when purchasing is mitigated. And who knows, you could get lucky and the residual value at the end of three years actually ends up being higher than BMW's current lowball figure. |
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03-24-2014, 12:47 PM | #19 |
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I was at an event and spoke with a BMW NA employee, who confirmed to me that the rates are going to get better. They have been working really hard to get a better residual and allow the whole $7,500 on lease. Unfortunately this car does compete with the leaf and focus based on price and performance. Honestly I thought the leaf drove a bit better than the i3. Also I noticed a horrible wind noise in the back set when driving at 55mph +.
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04-07-2014, 04:02 PM | #20 |
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Here is what I understand about the Federal Tax Incentive.
First 2 words to remember Qualifies & Eligible. The i3 qualifies for the "Federal TAX Credit" of up to $7500. Key word "Federal TAX Credit". The rule is only and only the first person who buys ( first end user / owner )the car is eligible for this Tax credit. Now this doesn't mean that every one gets the full $7500 amount. It depends on how much is your Tax Liability when you file your taxes. For Example if you owe $10,000 in Tax, and you bought the i3, you get the full $7500 credit, so now you owe $2500 in taxes. If you owe $5000 you get $5000 Tax incentive. Federal Government will not send you a check for the remaining balance. Now in case of a Lease. The first owner of the car is BMW FS, so they get the Federal Tax Credit, but they give the client $4875 as a Lease Credit Rebate. Depending on the which state you live in, this Rebate may be Taxed. Hope this make some sense. |
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04-07-2014, 09:44 PM | #21 |
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Residuals were released today. 44% IIRC
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