I'm thinking of doing sort of the same, except only once, not to mimic a lease. In Colorado, first year registration is quite a bit higher and I wouldn't want to pay that every year. Also, tint on this vehicle is mandatory for me, ceramic, color correction, etc. I doubt any of that would increase it's trade-in value much. So there are some downsides other than simply getting a newer model with tax incentives. But I'm also someone that doesn't buy/need new cars regularly. Our 2022 M3 "replaced" a 2010 Honda Fit (we still have it and it's great.)
To those who can afford, anyone planning to use the rebates to stay current and trade in switch every year? It's cheaper than leasing for sure.