Hey guys,
I'm quite set on getting an M2 in 2016 and I've still on the fence as to whether I should finance or lease. I plan on keeping the car for quite a long time as this would be my first serious car. I've been playing around with the Canadian M235i configurator to get an idea about the price on the options.
My picks:
Melbourne Red
Stock Wheels
Stock Interior
Sat-Nav
HK System
8AT
I'd imagine that the Sat-Nav and possibly the HK will become standard equipment on the M2 in Canada if we look at the M4. I prefer the DCT so I added the 8AT to get a better price estimate. My build came out to 57.3k, so I reckon that a similar build on the M2 will be around 65-68k CAD.
Now comes the tricky bit. My understanding is that if I plan on keeping the car for the long term it's better to finance. However, even with a 30k deposit on the finance, I always end up paying more than giving a similar down payment for the lease and buy the car after 3 years for example.
Just to give you some numbers, if I do a 25k downpayment for the lease and have a 200 monthly payment, the total cost comes down to 61.9k. If I do a 30k down payment and take a 5 year finance approach, I end up paying 69.4k.
That's a wooping 7.5k difference. Obviously, these numbers will change for the M2, but even with a finance plan from BMW for the residual value I'll still pay less for the car by going down the lease route. I guess what I wanted to ask is what have you guys done on previous M purchases since to me the lease make a lot more sense.
Cheers
I'm quite set on getting an M2 in 2016 and I've still on the fence as to whether I should finance or lease. I plan on keeping the car for quite a long time as this would be my first serious car. I've been playing around with the Canadian M235i configurator to get an idea about the price on the options.
My picks:
Melbourne Red
Stock Wheels
Stock Interior
Sat-Nav
HK System
8AT
I'd imagine that the Sat-Nav and possibly the HK will become standard equipment on the M2 in Canada if we look at the M4. I prefer the DCT so I added the 8AT to get a better price estimate. My build came out to 57.3k, so I reckon that a similar build on the M2 will be around 65-68k CAD.
Now comes the tricky bit. My understanding is that if I plan on keeping the car for the long term it's better to finance. However, even with a 30k deposit on the finance, I always end up paying more than giving a similar down payment for the lease and buy the car after 3 years for example.
Just to give you some numbers, if I do a 25k downpayment for the lease and have a 200 monthly payment, the total cost comes down to 61.9k. If I do a 30k down payment and take a 5 year finance approach, I end up paying 69.4k.
That's a wooping 7.5k difference. Obviously, these numbers will change for the M2, but even with a finance plan from BMW for the residual value I'll still pay less for the car by going down the lease route. I guess what I wanted to ask is what have you guys done on previous M purchases since to me the lease make a lot more sense.
Cheers
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