Is this Good deal on lease 2011 535XI w/ P1 & P2 ?

I just leased new 2011 535xi with Titianium silver with Premium 1 & 2 package and scheduled to pick this up on Monday.

I had 2010 Lexus RX350 with $3650 due to Lexus Financial.

The deal was BMW will make a rest of payment to Lexus for $3650 and get me in to NEW 2011 535xi P1 and P2 package for $735/month $4100 out of my pocket for 36 month 10,000 miles a year.

The MSRP on this car is $60,650.

Is this a good deal ?

I think it is but I want to ask you guys for opion.


What do you guys think??

Is your Lexus leased? Or financed?

Being a 2010, and only needing $3650 to be paid off, seems like a finance to me? If that's the case, you are getting royally screwed.

The dealer is picking up a vehicle worth at least $25k, and you're assuming a lease PLUS paying $4100.

Originally Posted by FastMarkA

Is your Lexus leased? Or financed?

Being a 2010, and only needing $3650 to be paid off, seems like a finance to me? If that's the case, you are getting royally screwed.

The dealer is picking up a vehicle worth at least $25k, and you're assuming a lease PLUS paying $4100.

No, I don't think that even a dealer would do something like that to a human being.
If Lexus was leased then just for dumping it he got his 535 for about 4-5K off MSRP - that is not bad. Of course, he could try to sell his Lexus lease and recover several grands from those $3650, but it would require some work...

Lexus was leased.

The payoff was $30150 as of today.
I couldn't get high appraisal because I had a huge accident with hood replacement, both air bag deployed, bumper replacement and it's on the carfax.
And I had 35000 miles on the Lexus.
BMW appraisal was $26500.

What is normal lease deal like with 535xi P1 & P2 options?

35,000 miles in one year? Holy crap. I hope that was just an abnormality that won't happen again, otherwise leasing is not for you.

To find out whether this is a good deal, we really need to see the selling price, money factor, and residual.

Originally Posted by alewifebp

35,000 miles in one year? Holy crap. I hope that was just an abnormality that won't happen again, otherwise leasing is not for you.

To find out whether this is a good deal, we really need to see the selling price, money factor, and residual.

Why not? I'd argue that short term leases are perfect for him. You can figure out your cost of ownership upfront and there are no surprises. Also, when you have that major accident with hood replacement and airbag deployment (even more likely if you're driving 30k miles per year!), you don't have to worry about reduced resale value.

Try owning a luxury car and putting 30k miles per year on it. You will get KILLED on resale value. It only makes sense if you are prepared to buy it and drive it into the ground, which I don't think many people here are. If you will want a new car in 2-3 years and you put that kind of mileage on it, it'll cost you a fortune either way... at least with the lease, you know how much it'll hurt upfront instead of being shocked in a year or two. What BMW charges for excess miles is cheap compared to how much some cars will depreciate for high mileage on a 2-3 year old car.