With the electric vehicle sector witnessing a significant uptick, BMW has responded by enhancing its sales strategy with enticing incentives. The first quarter of 2024 saw a surge in the German automaker's electric vehicle sales, with a 61% increase over the previous year. This growth is attributed to the introduction of competitive leasing and purchasing incentives, which have made models like the four-door i4 more affordable than ever before.
BMW's approach to maintaining its sales momentum involves offering discounts that are as substantial as $10,500 for purchases and nearly $13,000 for leases. These figures, sourced from a dealer bulletin, underscore the company's determination to remain at the forefront of the electric vehicle revolution.
For those looking to own a BMW EV, the company has rolled out a series of purchase incentives that are hard to ignore. The 2024 BMW i4 and i5 models come with a generous $5,000 incentive, which can be applied as a loan credit through BMW Financial Services or as a direct discount for cash transactions. This initiative is designed to make the transition to electric driving both smooth and financially appealing.
The luxury doesn't end there; the 2024 BMW i7 and iX models are accompanied by an even more lucrative $7,500 incentive. These offers are further sweetened by loyalty discounts, which can total up to $3,000, depending on the model. For instance, a new 2024 BMW i7 could see a total reduction of $10,500 off its price tag, provided all conditions are met.
BMW's leasing options present an even more attractive proposition for those not looking to purchase. The i4 and i5 sedans are eligible for a $7,500 lease credit, while the i7 and iX can enjoy a staggering $9,900 off. When combined with the loyalty discounts, the total savings on a flagship i7 lease could reach an impressive $12,900.
While the i7's starting price of $105,700 may seem steep, the potential discounts bring it down by approximately 10%, offering a significant saving on a premium electric vehicle. This strategy is particularly appealing to those who prefer the flexibility and lower upfront costs associated with leasing.
BMW's incentives extend beyond the initial discounts. The automaker rewards brand loyalty with additional savings that can accumulate to a considerable amount. For example, the i4 benefits from a $1,000 loyalty discount, while the i5 and i7 receive $1,500 and $3,000 respectively. These loyalty incentives reflect BMW's appreciation for its returning customers and their commitment to the brand.
Moreover, West Coast residents transitioning from another electric vehicle to a BMW can capitalize on an extra $1,000 BEV Conquest Credit. This strategic move not only encourages brand switching but also supports the broader adoption of electric vehicles, contributing to a more sustainable future.