A sagging national economy and slumping new car sales have lured two more auto manufacturers into the summer frenzy aimed at kick starting a depressed market through the use of incentive programs. BMW and MINI are offering low interest rate programs as they attempt to attract new buyers back into their dealerships during these slow summer months. A lack of incentives--along with the economic slowdown--is thought to have been at the root of disastrous car sales in June when an over-all industry decrease of almost 11 percent was recorded compared to May 2010.
Save With BMW
High end car manufacturers are used to offering attractive lease programs to make it possible for more people to drive their cars. Simply, the monthly cost to lease is normally less than what a loan payment would be if you purchased the same car outright. With high priced cars, more consumers qualify for lower lease payments compared to higher monthly loan payments. Of course, actual figures vary depending upon the down payment, interest rate, term of the loan, and so on.
There is no doubt that leasing is a crucial marketing tool for manufacturers like BMW. The German auto maker is not only offering special lease rates on select models during its current incentive program, but word has it that they have reduced the money factor across the board for virtually all leases. The money factor is equivalent to the interest rate on a car loan. It plays a significant role in raising or lowering the monthly lease payment. A general reduction of the money factor for most BMW models means this is probably a good time for BMW enthusiasts to look at leasing another one of these high-end, luxury cars.
For those BMW owners willing to purchase their next car outright, BMW is offering 0.9 percent financing over 24 months. Higher rates are available for longer terms. Current incentives are valid until August 31, 2010.
Save With MINI
While many car makers are offering zero percent financing over 36 months, MINI has split the difference and is making a 1.9 percent interest rate available over 60 months. They will also throw in an automatic transmission, or a Sports or Premium package--each valued at $1,750--in addition to the low interest rate.
MINI is offering an attractive lease rate on well equipped 2010 MINI Coopers: $199 per month over 39 months with $2,202 due at signing. These offers are valid until August 31, 2010.
Did you know that BMW owns MINI? Dealers carry both makes, saving you an extra trip. Another interesting piece of information is that BMW is short for Bavarian Motor Works (English translation). However you say it, there are some very real savings available on both makes until the end of August 2010.