M5 $$$$$$$$$
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That's way too much. I looked into this back in April, and it was $1149/mo. with nothing down (except for 1st and last), and 12,000 mi. per year. I ended up buying the car instead because I wanted flexibility.
The company was called lineback enterprises (they advertise in the DuPont Registry). I can try to dig up the number if you're interested.
The company was called lineback enterprises (they advertise in the DuPont Registry). I can try to dig up the number if you're interested.
This is a quick calculation based on 60% residual value at the end of three years, a higher residual should result in a lower payment (because of less depreciation).
Using a HP financial calculator if we use a 10% interest discount rate - present value of Residual is about $31K add that with the PV of the payments $46K added with downpayment $5K = a rough estimate of $82K. Using a 8% discount rate, the amount is close to $85K.
I assume all taxes are included. So, take your selling price and all all taxes & fees, if it comes up to $82K to $ 85K then you have a fair deal, if not then the dealer built in something for himself.
I leased, paid all taxes up front, based on a selling price of almost $73K, $14.8K down with $706/month for 39 months and with a residual of $45.2K. I run a PV of $71K at 10% and $73.8K at 8%. In the ball park.
I got my first lease quote from the dealer selling me the car and ran a PV of 76K or $78k. I new it was B.S. and approched another dealer who got me the above deal from Firstar Bank. He got a $500 or so fee from the bank. I got GAP insurance and a fair deal.
I think your "gut" is right. Have them try again.
TD
Using a HP financial calculator if we use a 10% interest discount rate - present value of Residual is about $31K add that with the PV of the payments $46K added with downpayment $5K = a rough estimate of $82K. Using a 8% discount rate, the amount is close to $85K.
I assume all taxes are included. So, take your selling price and all all taxes & fees, if it comes up to $82K to $ 85K then you have a fair deal, if not then the dealer built in something for himself.
I leased, paid all taxes up front, based on a selling price of almost $73K, $14.8K down with $706/month for 39 months and with a residual of $45.2K. I run a PV of $71K at 10% and $73.8K at 8%. In the ball park.
I got my first lease quote from the dealer selling me the car and ran a PV of 76K or $78k. I new it was B.S. and approched another dealer who got me the above deal from Firstar Bank. He got a $500 or so fee from the bank. I got GAP insurance and a fair deal.
I think your "gut" is right. Have them try again.
TD
Many reasons for leasing, although I bought my M5 sticker-cash with $1000 down in 1998.
Business write off is my main reason to lease a car (gonna be 2001 M Roadster, $1000 down again). I can completely write off my monthly lease from my gross income as a business expense thus virtually tax free money spent. Whereas to buy a car, you will have to write it off with depreciation and interest expense (if you're financing).
Not sure about State law, but I think it is better off leasing than financing/buying in Ontario.
For a car that you don't intend to keep for long, leasing is the best way to go. On the flip side however, if you change your mind faster than your lease expires, then you are in trouble.
But as I say, I bought my M5, and that goes to show how much I applause the beast
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Business write off is my main reason to lease a car (gonna be 2001 M Roadster, $1000 down again). I can completely write off my monthly lease from my gross income as a business expense thus virtually tax free money spent. Whereas to buy a car, you will have to write it off with depreciation and interest expense (if you're financing).
Not sure about State law, but I think it is better off leasing than financing/buying in Ontario.
For a car that you don't intend to keep for long, leasing is the best way to go. On the flip side however, if you change your mind faster than your lease expires, then you are in trouble.
But as I say, I bought my M5, and that goes to show how much I applause the beast
This whole conversation points out my post on leasing earlier. It's difficult to determine a good deal when you don't have all the facts.
I financed on the internet. I believe leasing is also there. Go do a search on yahoo.
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Jim
00 M5 Titanium over Red
I financed on the internet. I believe leasing is also there. Go do a search on yahoo.
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Jim
00 M5 Titanium over Red
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