In general, leases don't make sense at all.
But this is BMW we're talking about, who heavily subsidizes their leasing programs in the US to keep sales up, and so that they'll have a nice supply of CPO vehicles that they can turn around 3 years later and make money on again. I thought I read once that BMW actually makes more money selling the CPO cars than they do on the new leases. Either way, BMW's strong lease support makes a big difference.
I once ran the numbers for a buy vs lease on an E60 when I was considering one, and the break even point wasn't until 10 years where you'd really be saving money by buying, and at that point you'd be in a 10 year old BMW whereas you could have kept re-leasing and be driving a brand new one every 3 years the other way. The analysis included everything. Lease start-up costs for each lease, an assumption on inflation and in general higher costs on each re-lease, the fact that you would need a very large cash down payment up front on the buy, and that you could put that money into investments instead if leasing. Out of warranty repair/maintenance costs for the purchased car for which I used the "$200/mo rule of thumb" that wouldn't be an issue on the leased car were included, along with some other stuff.
I dunno. I'd rather be driving a new BMW every 3 years, not having to pay for any maintenance or issues that come up, and not worrying about direct injection injector and port clogging, turbos blowing up, fuel pumps and wastegates letting go, among many other things, while also not having to put down a huge $25k+ down payment on said car if I could lease, and put that money into investments instead, the kids 529 plans (nearly fully funded and they're only 2 and 4), extra payments on the mortgage (2+ years ahead), vacations, etc.
In the end, all BMWs are a complete waste of money. Nobody needs one. It's a luxury you can do without. If you really wanted to save money you could go buy a nice 2012 Camry like my parents did and then drive it for 10-15 years. It's a nice simple car by today's standards, so there isn't much that's going to go wrong with it. They paid cash for it, which still only would have been a down payment on an F10. So whether you lease, loan, or cash buy a BMW, you're still wasting a ton of money either way. It doesn't matter. Save money = go buy a nice reliable NEW or 2-3 year old Japanese car, and then run it into the ground.