The lease on my 04 rx8 is due very soon. It's an 04 GS with extremely low milage. I'm talking about 32000km. I haven't had any major issue with it so far. Should I keep it at the end or give it back?

How much you think is a fair price? I have seen 04 GT on Autotrader going for $14500. Thanks for your input.

 

why give it back if you enjoy it? Depends also on what your buy out price is.

 

With your low mileage you could get a better price. I picked mine up for 16 500. It is a GT with higher mileage. PM if you want more details on what your car is worth.

 

Depends on buyout cost, but on a lease they are usually way more than what you could actually sell it for. Is it a MT or AT?

All personal preference, but by a financial point of view, you will be losing money.

I would see what new financing options they have on newer 8's.

 

It is a MT. The price for a buy out is $17500. I'm trying to see if I can bargain to a lower price. I know my GS isn't worth $17500....

 

Bargain it down. See how much discount they will give you. with the current prices for our cars, its not worth it to buy it out if its more than market value.

 

If it was a GT I would say that's not bad since you have really low km on it. Don't think they bargin much with buyouts, but I could be wrong.

My bro just turned his car in cause the buyout was higher than what he could sell it for by a lot. He offered fair market value and they wouldn't budge so he got rid of it.

Hard decision! Before you do anything, take that price range and look at other 8's for sale and maybe you will find something even better for the same price.

Cheers!

 

They will not budge. Mazda like Ford, contracts lease/finance stuff to a 3rd party company. You will likely be chatting to some person who likely do not know what an rx-8 is nor does he/she care. They will go by the book. Dealerships will not care about it too since it is not them who will absorb the car back into their inventory. They are like the middle person. Instead they'd prefer you to return the lease car and buy something off their lot.

 

Time to upgrade to the GT!

heh... walk from that lease 'cause as some of the others stated.. they're not gonna drop the price. Buy a used 04-05 MT for about 17~18k with roughly the clicks you stated.. well.. in the GTA anyways... Ottawa be cheaper... QC is all over the place... not sure about the rest of it.

 

You are right to a certain degree, the dealers will actually take the car and let it sell on the auction for cheaper than your buyout, so it does not take a negative effect on the residuals of the car.

The residual on my 8 was near 50% (not bad) however my buy back is 17,300 on a 06 GS when my lease is up in 2010.

However, dealers will budge to some extent on the buyout, we did it before on our 99 Millenia S.

 

Agree!!

 

The other concern I have is the reliability issue with our 8. It isn't so bad for 05+ according to alot of the used car review. However 03-04 gets below average score. . . but I really like my 8 sigh...