ryandesign
Well-known member
I found it very helpful to read what deals others were getting, so here's the deal I got when I bought my 2014 i3 BEV from a Houston, TX dealer on February 21, 2015:
Owner's Choice
24 months / 10,000 miles per year
2.99% APR
MSRP: $51,650
Dealer discount: $7,370 (14.27% off)
USAA discount: $500
Selling price: $43,780
6.25% sales tax: $2,736.25
0.2142% dealer inventory tax: $93.78*
Deputy fee: $5
Doc fee: $149
E-Tag fee: $5
Inspection: $23.75
License: $52.75
Road and bridge fee: $11.50
Title: $33
Total: $46,890.03
Down payment: $14,348
24 monthly payments of $82.93
Total amount paid over 24 months: $16,338.32
Federal EV tax credit: -$7,500
Texas state EV rebate: -$2,500
Total cost over 24 months: $6,338.32
Monthly cost: $264.10
Residual value: 63%
Balloon payment: $32,539.50
The finance charge (the total amount the credit will cost me) comes to $1,987.79. In addition, had I bought instead of financing, the USAA discount would have been $1,000 instead of $500. So for less than $2,500, I have the security of knowing I can return the car in 2 years without having to worry about its value decreasing. To me, this was worth it to finance instead of just buying it.
This deal was reached after several weeks of negotiation and comparing offers across many dealerships in Texas. If the dealers are to believed, it seems BMW allocates additional incentives to some specific cars but not others. Several dealers could not give me a good price on the i3 I initially inquired about, but could offer deals on other i3s. In the case of the one I bought, it had been designated a dealer demo vehicle, which meant it was to be used for extended test drives, but it had not yet been used for that purpose by the time I bought it.
Another reason incentives might exist on a specific car is if it has been on the lot awhile. To find these, look for a smaller number in the last 7 characters of the VIN.
Be aware that some dealers may "punch" a car in their inventory (translation: report it to BMW as sold before it's actually sold) in order to capture some time-sensitive incentive. One dealer revealed to me (after weeks of negotiation) that a car I was inquiring about had already been punched, and that therefore additional discounts (like my USAA discount) could not be applied. It's also important to understand that the car's warranty begins the date it's punched, so you may be losing months of warranty if you buy a punched car. On the other hand, you may not care, if you're doing a lease or Owner's Choice financing with a term shorter than the 4-year warranty and don't plan to keep the car after that.
*The dealer inventory tax is supposed to be paid by the dealership, not the buyer. I requested removal of the dealer inventory tax, or an additional $100 discount off the selling price; the dealer gave me the latter.
Owner's Choice
24 months / 10,000 miles per year
2.99% APR
MSRP: $51,650
Dealer discount: $7,370 (14.27% off)
USAA discount: $500
Selling price: $43,780
6.25% sales tax: $2,736.25
0.2142% dealer inventory tax: $93.78*
Deputy fee: $5
Doc fee: $149
E-Tag fee: $5
Inspection: $23.75
License: $52.75
Road and bridge fee: $11.50
Title: $33
Total: $46,890.03
Down payment: $14,348
24 monthly payments of $82.93
Total amount paid over 24 months: $16,338.32
Federal EV tax credit: -$7,500
Texas state EV rebate: -$2,500
Total cost over 24 months: $6,338.32
Monthly cost: $264.10
Residual value: 63%
Balloon payment: $32,539.50
The finance charge (the total amount the credit will cost me) comes to $1,987.79. In addition, had I bought instead of financing, the USAA discount would have been $1,000 instead of $500. So for less than $2,500, I have the security of knowing I can return the car in 2 years without having to worry about its value decreasing. To me, this was worth it to finance instead of just buying it.
This deal was reached after several weeks of negotiation and comparing offers across many dealerships in Texas. If the dealers are to believed, it seems BMW allocates additional incentives to some specific cars but not others. Several dealers could not give me a good price on the i3 I initially inquired about, but could offer deals on other i3s. In the case of the one I bought, it had been designated a dealer demo vehicle, which meant it was to be used for extended test drives, but it had not yet been used for that purpose by the time I bought it.
Another reason incentives might exist on a specific car is if it has been on the lot awhile. To find these, look for a smaller number in the last 7 characters of the VIN.
Be aware that some dealers may "punch" a car in their inventory (translation: report it to BMW as sold before it's actually sold) in order to capture some time-sensitive incentive. One dealer revealed to me (after weeks of negotiation) that a car I was inquiring about had already been punched, and that therefore additional discounts (like my USAA discount) could not be applied. It's also important to understand that the car's warranty begins the date it's punched, so you may be losing months of warranty if you buy a punched car. On the other hand, you may not care, if you're doing a lease or Owner's Choice financing with a term shorter than the 4-year warranty and don't plan to keep the car after that.
*The dealer inventory tax is supposed to be paid by the dealership, not the buyer. I requested removal of the dealer inventory tax, or an additional $100 discount off the selling price; the dealer gave me the latter.
