I am getting rid of my Spyder. Want an RX-8.

My goal is to put as little down as possible, and lease for 36 months.

Your response would help a lot!!

heh - i had really been wanting a spyder, but when I finally test drove one, I realized that, as my only car...there was just no way. So I got the '8 instead :) Nice car tho'. (sorry - I have no lease info. for you)

Are you the one that was saying the MR2 Spyder was a chick car or a guy car (I don't remember which it was)? And that it was better than the 8 because of this or that?

Last year in Nov...
$375ish for 30 months on an 04 w/sport pkg. $0 down except for $500ish for deosit. Tax was in with lease figures.

Thanks, Petey! $375 isn't too bad at all. Was that for 12k or 15k miles per year?

Unpocoloco: The Spyder is awesome. If it were faster (and roomier) I'd keep it for life. I'm maturing..

Last year in Nov...
$375ish for 30 months on an 04 w/sport pkg. $0 down except for $500ish for deosit. Tax was in with lease figures.



Damn that is nice! What kind of lease program did you use? Were you able to get 0 down because of really good credit? I was thinking of leasing my next car and really like your numbers.

dazy - nope, not me! I really like that car. Speed is only the 4th consideration for me, after looks, handling, and comfort (not necessarily in order, but speed comes next).
The MR2 gets great gas mileage too - we can all spend a moment imagining. *blip!* (the thought bubble just burst.) Oh well.
What are you going to do with the spyder? Trade it in? How many miles on it?
Oh, who am I kidding...I can't afford another car right now. *sigh*

2000 with 70K miles on it. I'll sell it on my own.

NEVER trade a car to a dealer!

Well, the only reason I could see for trading it to the dealer would be if you wanted to save on the tax. Here in BC, the price of your trade in is subtracted from the overall cost of the car you're buying from the dealership. So on a high end trade in, you can save yourself thousands of dollars in tax.

New car = 60K
Trade in value = 30K
Taxes before trade in = 8400
Taxes after trade in = 4200
Savings = 4200

(Not sure if it's on the total tax, or just provincial tax, if it was just one of the taxes, it'd be a savings of like 2100 instead).

Well, the only reason I could see for trading it to the dealer would be if you wanted to save on the tax. Here in BC, the price of your trade in is subtracted from the overall cost of the car you're buying from the dealership. So on a high end trade in, you can save yourself thousands of dollars in tax.

New car = 60K
Trade in value = 30K
Taxes before trade in = 8400
Taxes after trade in = 4200
Savings = 4200

(Not sure if it's on the total tax, or just provincial tax, if it was just one of the taxes, it'd be a savings of like 2100 instead).
$8,400 in taxes on 60K? That's not right. More than 10%!

I got a lease of a base model last August at $309 a month with sales tax,and Excise tax(MA thing) included in that payment.I payed around $1200 down which was 1st payment,security rounded up to the nearest $25,plate fee's,and the acquisition fee(which could have been rolled into the monthly payment.I am quite happy with my first ever lease.Oh yeah this is a 24 month lease with 12k per year,and a residual at a high $17680(65% of sticker price).Good luck,and do your homework.

$8,400 in taxes on 60K? That's not right. More than 10%!


That's in Canada my friend. They pay tax twice. What is it GST and PST?

Plus depending on your tax bracket, you can pay massive income tax. My wife used to pay 46% income tax when she lived in Toronto.

Thank you socialism!

I got a 04 in Dec 04. I pay 350 a month for 30 months with 12K a year. I put down 1800. I got a Silver with the GT package and some other extras. The sticker price was $34,000. Good luck

-Rich

Yeah, 7% GST (Goods and Services Tax) and 7% PST (Provincial Sales Tax). One of our provinces (Alberta) has no PST as they're oil rich and not in debt (their property taxes are higher). I'm quite alright paying my taxes though, no complaints. Together my wife and I make a 6 figure salary (taking home of course much less). We've got a brand new house and two cars. I spent a month in the hospital after major Cancer surgery last year, and didn't pay a dime.

That 46% figure seems pretty high for Federal Income tax, she's probably refering to her total tax burden, which would have been around 46% (Includes a combination of Federal and Provincial taxes).

See http://www.ctf.ca/FN2004/chap03.pdf for more info. Bottom of Page 9, top of Page 10.

Anyway, yeah, I paid cash for my 8, so I can't comment on a lease amount (Drags thread back on topic).

Thanks, Petey! $375 isn't too bad at all. Was that for 12k or 15k miles per year?

Unpocoloco: The Spyder is awesome. If it were faster (and roomier) I'd keep it for life. I'm maturing..
12k per year, didn't need any more miles cause I've got an older truck and a company car I use for work.

Damn that is nice! What kind of lease program did you use? Were you able to get 0 down because of really good credit? I was thinking of leasing my next car and really like your numbers.
Mazda Credit, no complaints about it, plus I can pay it over the net with my checking account. I don't think I have really good credit, I just don't have any bad credit. It was a special lease that they were going to run in the newspaper that weekend.

I pay just under $450 a month.. Nothing down and I get 15k miles a year for 36 mos. (My company contribues $700 a month to my car habit)

I have a GT with Nav and a bunch of other stuff.

Good luck. - So far - the lease is so good.

Nice. I'm gonna shoot for $300 a month with zero down (except for the essentials like tags, 1st month, etc.)

Mazda has tons of them on the lot. I'm sure they just want to move the cars. Oh, I'm in San Diego.

4 year, $5k down, $308 per month.

4 year, $5k down, $308 per month.
This thread is about LEASES. Please say that's not a lease.

$8,400 in taxes on 60K? That's not right. More than 10%!

They are a socialist country. High taxes on everything, free medical care.

We're not socialist silly.

Sheesh, we're free market/capitalist just like the states. Only our medicare is socialized.

279 per month. Bought late sept. 04 1500 down, 6sp, touring, appearance, spoiler. 30 months & 30K miles at end of lease. Residual of 19,xxx. Went thru Mazda credit. Happy so far. If at the end of this lease the car is worth 19 I buy it, if it isn't and Mazda won't match value, I let it go. Final price was 22,xxx.

White 2005 MT Touring Package (non-leather)
Appearance Package
Cassette Deck (Damn PIE wasn't around and I HAD to have my mp3 :D )

Zero Cash Down
500 for a tradein of my old 93 eagle talon
Tax & Tag ~ 500ish
48month, 15k miles per year, Wells Fargo Lease
$419 /mo

Best deal I could find here in SFla..

'05 Pearl White GT, 6-spd, leather, roof, dealer installed ms wing, everything but Nav...$5000 down $433CDN per month including all taxes, 24 month lease, ( I could have choosen 48 month lease for the same price) 20000km (12,000 miles) $27,000 residual (65%). 8 cents per extra kilometer.

Just to correct the notion that some of our friends from the U.S. have... Canada is not a socialist country. I pay about 10% income tax on $60,000 per year plus %7 National sales tax (Goods and Services Tax). If I were single (am married, wife in university, son in daycare) my taxes would still only be about %22 if I made no Retirement savings contributions. It's funny how Canada has the same governmental structure as Great Britian and Australia, and you'll never hear an American call brits or Aussies socilaists.

Some of you guys are paying damn low for a $30k car and are the exception not the norm.. $350-$500 was the average not too long ago. www.leasecompare.com People aren't speaking up I guess.
$370 here on a late 2003 GT MT 48k

This thread is about LEASES. Please say that's not a lease.

It is a lease. And about the best I could find for a 4 year lease. Most people quoting leases here have them for 3 years. I'm paying a total of $19,476 (on a 30k car before taxes) , to drive this car for 4 years. It's really not that bad.

In fact, if you can find one for 300/month with 0 down...I would be nothing short of amazed.

It is a lease. And about the best I could find for a 4 year lease. Most people quoting leases here have them for 3 years. I'm paying a total of $19,476 (on a 30k car before taxes) , to drive this car for 4 years. It's really not that bad.

In fact, if you can find one for 300/month with 0 down...I would be nothing short of amazed.
I just think putting $5,000 down on a lease is crazy. That money goes nowhere.

But in the end, I guess paying less than 20K on a new 8 isn't bad after 4 years.

I'll put zero down, and pay $300 per month for about three years. They'll be happy to get my $11,000 and then sell the car as a certified pre-owned car at an insanely high price.

man, I think Mazda Financial's current lease program sucks

my previous car; 24 month/15k/0 down/$36,000 = $680/month payment

compared to what Iwas just quoted by Mazda

2005 RX8; 24 month/12k/0 down/$24,600 = $640/month payment


A Mazda RX8's purchase cost is 68% of the other car yet the lease payment is 94% despite the lower mileage allowance, I'll pass thank you

I'll put zero down, and pay $300 per month for about three years. They'll be happy to get my $11,000 and then sell the car as a certified pre-owned car at an insanely high price.

Good luck! Let us know how it goes :)

I just think putting $5,000 down on a lease is crazy. That money goes nowhere.

But in the end, I guess paying less than 20K on a new 8 isn't bad after 4 years.

I'll put zero down, and pay $300 per month for about three years. They'll be happy to get my $11,000 and then sell the car as a certified pre-owned car at an insanely high price.

I would agree about not putting that much down on a lease. If the car is stolen or "totalled" that money is all lost.

Unless Mazda comes up with some new lease deals, you are going to be SOL with your $300 a month plan. The residuals through MAC or ALG are TERRIBLE - less then 50% for a 3 year/36k lease. The S2000 and G35 are probably 10% better and even the 350z has a better number.

Keep your fingers crossed for another MAC lease deal, because with out it you are are just dreaming.

The trouble is Mazda can't sell the cars now, so if they lease them at a cheap rate then in 3 or 4 years they get them all back again - and once again have to try to sell them.

Dennis

Hey, I'll go for it. I sold cars for about four months back in graduate school. Worked for a huge Honda store. Believe me, if you go in there willing to "buy today," they'll do almost anything.

Coming from a car salesman, you know this is true. The thing is, I rarely leased cars. I was way better selling the idea of financing vs. leasing, so that's why I'm looking for some feedback here.

Working the "numbers" on a lease is pointless. It's voodoo math.

I got mine for 4 years, put down 4000 dollars and my lease is bout 380 a month for 12k a year. 12k has been fine so far as I've only done 6k in the first year, and I have a company van I can drive for everything else and in the winter. Seems like I could have gotten a better deal from all the other posts, my lease is through Huntington Bank. And I would have thought, with 4k down, it would have been a lower payment. But of course my 8 has everything except the nav so I think it came out around 34k or something like that. The nice thing about my lease is though that I have a guranteed buy-out program that at the end of the lease in 4 years I can buy my car for 16,5k or less. It's guranteed not to be any higher. And that was back in March of 2004.

Hey, I'll go for it. I sold cars for about four months back in graduate school. Worked for a huge Honda store. Believe me, if you go in there willing to "buy today," they'll do almost anything.

Coming from a car salesman, you know this is true. The thing is, I rarely leased cars. I was way better selling the idea of financing vs. leasing, so that's why I'm looking for some feedback here.

Working the "numbers" on a lease is pointless. It's voodoo math.

That just shows how little you know.

I have a lease calc on my web page, on my PCs, and in my Palm Pilot.

If you want to un-Voodoo it, the formula is here:

http://www.leaseguide.com/lease08.htm

Some cars are not good lease deals. Poor residual means you pay for a larger percentage of the car you have to pay for during the lease term. A G35 coupe has a residual of close to 60 after 3/36k - the 8 has 48-49% . So guess which one leases "better" ?

You have to take into account the dealer's cost of the car, hold back, and any rebates or incentives on the car. Then factor in the money factor (watch out, the dealer can jack this up for extra profit) and the residual (can't be changed by the dealer). If you leased an 05 today with the touring or GT packs at dealer cost, including the hold back you would be WELL over $300 a month - and the dealer would make $0 profit.

They may be willing to do "almost anything" - but they are not going to lose money including their hold back, just to move one car.

Dennis

Hey, Dennis. "That shows how little you know"? Can you try to sound like more of a dick, please?

You just proved how it's voodoo math. There's always a variable that makes it hard for the dealer and the customer to be on the "same page."

Thanks for your input.

Hey, Dennis. "That shows how little you know"? Can you try to sound like more of a dick, please?

You just proved how it's voodoo math. There's always a variable that makes it hard for the dealer and the customer to be on the "same page."

Thanks for your input.

Just because YOU don't understand it does not make it "voodoo".

If you know the lease money factor buy rate, the residual, the dealer's cost, the hold back, and any customer and/or dealer incentives you can figure what the lease would be with the dealer making $0 on the deal. I think you will find that even a stipper 8 will lease for a lot more than $300.

For example: a 6mt RX-8 with NO options has a dealer cost of $25,638. There is $548 holdback on the car. No known customer or dealer incentives. So $25,090 is bottom line, dealer makes $0 profit on this car. The ALG residual on the 8 for a 3 year, 36k mile lease is $49% of MSRP or $13,443. With a 730 or above credit score you can do a money factor of 0.00237 on the 36 months lease, this is 5.69% equivalent money. At this rate, the payments would be $442 per month + tax. With dealer fees + tags + security deposit + first month due at signing + tax + tags + fees. If you stretch to a 39 month lease it drops to $415/month + tax, same 36k mile limit even with the longer term. With a 48 month the residual is $11,243 and the MF is 0.00216 (5.18%). The payment drops to $387, stretch to 51 months and you are still looking at $369/month plus tax.

Last time I looked, MAC lease money was higher that 3rd party lease money - so your MAC numbers will be worse than these I quoted. There ARE actual numbers you could get today if your score is 730 or higher - a lower score = higher MF and higher payments.

This is with the dealer making $0 profit on the deal.

So like I said, you are deluding yourself if you think you can waltz into a Mazda dealership and tell them you want EVEN A STRIPPER 8 and pay $300 or less per month with nothing down for a 36 month, 36k mile lease.

Until MAC has some promo lease rates or MazdaUSA comes up with some incentive money on the 05s you are just not going to get a car that cheap.

At the current residuals and rates, if you negotiated the price down to $3,000 under true dealer cost (invoice - hold back - $3,000) the 48 month lease payment would be $318 + tax per month.

Dennis

By "voodoo math" I meant exactly what you just mentioned.

The things you mentioned, "lease money factor buy rate, the residual, the dealer's cost, the hold back, and any customer and/or dealer incentives" are ALL things that you think you know, but you don't. Your numbers may differ from the dealer's. Different sources, etc. It's all very vague, hence "voodoo."

You can do all the research you want, but nobody but the dealer knows what kind of a lease you can get.

You, Dennis, the customer, have NO CLUE what kind of deal you can get. For instance, when I used to sell cars, if we nailed somebody on a Honda Odyssey, we could go ahead and afford to "lose" some money on an Accord.

Dealerships get their money on volume and units sold. The sleazy ways dealer owners manipulate numbers to make crazy deals would astound you.

You seem very sheltered right now and even more naive, Dennis. If you are willing to buy a car "that day" and there's ANY way a dealer can move that car, there's a chance you can get a great deal. So why not take that chance?

RAY

Ray, what package do u want and how many miles/year? That will detemrine if u can stay close to 300/month.

I tend to agree with dwynne. I thought I was getting ripped off at 380 a month for 48 months @12k miles a year. But when I read his post I thought better of my payments. Because I even got the car on the x-plan discount and ect, ect, ect. and the value was still around 30k ish. And that was with me putting 4k down.

420 for 36 mo... L O A D E D 2200 down gt appp pak. rotar. pack. 15,ooo miles

mp3 player, spare tire, etc....loaded!!!!

Ray, what package do u want and how many miles/year? That will detemrine if u can stay close to 300/month.
I want one like yours.

Your deal, by the way, is still a good one. Especially with 17,000 miles per year. Whatever, man... I just test drove an Evo again. Think I might have to go that route. Black Evo with no spoiler and 35% tint all around.