My deal in Chicago

[1ufeed]

After lurking/learning for months (thanks everyone) I finally dove in and bought 3 days ago. I had started by contacting the dealer with the best price thru the USAA/True Car program (who did not actually have the vehicle) and eventually contacted 7 Chiacgoland BMW dealers via email trying to reach a deal. What I ended up with seemed the best I could do over a roughly 2 week period of online negotiating. I was determined not to visit a dealer without a deal in place---face to face negotiating is certainly not one of my skills.

i3 REX
Giga
Laurel Grey
Tech and Parking packages
Heated Seats

MSRP $52,200
Dealer Discount $4100
All Fees capped
No money down
Done on OC without flex
Interest 2.99 %
Residual 52 %
36 month/12,000 mi
Monthly pmt $799

Tax credits:
Federal $7500
Illinois $4000
Over 36 months $319/month savings

Effective monthly payment $480
Monthly gas savings $90-150 depending on price
Thus at the end this saves me around $250-300/month compared with the MB C class lease that I just turned in.

Illinois does not seem to be California or Maryland when it comes to i3 discounts but saving money (tho maybe not as much as some), reducing emissions, and the joy of driving the i3 seems like a good deal.
I was quite surprised at the differences in i3 knowledge at the dealerships as well as their willingness to negotiate online and share essentially public info.

Now to buy some snow tires and await for the electrician to install the 220V.

Thanks to everyone on this forum for their insights and lessons. It has been invaluable.

 

[M3Chicago]

Thanks for posting this - I'm also located in Chicagoland and looking to buy an i3 this weekend but I'm having problems understanding the OwnersChoice (OC) program now that IL lease laws changed on January 1st.

On a lease now you pay the sales/use tax on each monthly payment.
Is it the same with OC or you pay the sales tax upfront?

If I enter into and OC agreement, can I claim the $7,500 Federal tax rebate? and can I claim the Illinois EPA $4,000 refund?

Let me know if you have any insights.

 

[ryandesign]

Thanks for posting this - I'm also located in Chicagoland and looking to buy an i3 this weekend but I'm having problems understanding the OwnersChoice (OC) program now that IL lease laws changed on January 1st.

On a lease now you pay the sales/use tax on each monthly payment.
Is it the same with OC or you pay the sales tax upfront?

If I enter into and OC agreement, can I claim the $7,500 Federal tax rebate? and can I claim the Illinois EPA $4,000 refund?

Let me know if you have any insights.

With Owner's Choice, you own the car, and you pay tax on the purchase price.

Yes, you can claim the $7500 federal tax credit. I am not in IL but assume you can claim any available EV rebates in your state. This page says the offer is available to the purchaser (under Owner's Choice, that would be you) and is not available to leasing companies (with Owner's Choice, there is no leasing company involved since it is not a lease).