The offering makes it possible for local customers to rent selected new BMWs for up to 55 months without having to put down a deposit or take ownership of the car.
After the long-term rental contract expires, the vehicle is returned to a dealership of their choice and if there are no damages, the customer can walk away without paying another cent. However, the vehicle can’t be purchased during or after the lease agreement.
Leasing an X3
With the ubiquitous BMW X3 being one of the brand’s most popular model ranges in South Africa, many interested individuals may look at the leasing option as an alternative to buying the SUV.
Monthly rental rates for vehicles leased through the new Charter product are calculated based on the chosen rental period ranging from 12-55 months, the chosen mileage cap up to 20,000km per year, and the value of your trade-in, if any.
This fee also includes comprehensive insurance cover as well as the 5-year/100,000km BMW Motorplan, but excludes fuel costs, toll fees, and certain wear-and-tear items.
Using a finance calculator, we can further estimate that with an interest rate of 10.75% (prime + 2.5%) and no deposit, the BMW X3 sDrive18d would cost R21,788 per month to finance over a 55-month period, not including insurance costs. But on the upside, you will own the vehicle after the agreement concludes.
With a reasonable mileage cap of 15,000km per year, we looked at several leasing options below to see if these will be more affordable than the traditional way of owning a car.
R18,004 per month
- Rental period – 55 months
- Rental end mileage – 70,000km
R18,052 per month
- Rental period – 48 months
- Rental end mileage – 60,000km
R19,020 per month
- Rental period – 36 months
- Rental end mileage – 45,000km
R20,361 per month
- Rental period – 24 months
- Rental end mileage – 30,000km
R24,429 per month
- Rental period – 12 months
- Rental end mileage – 15,000km