nijelSC

I'm shopping for a 8 finally. The best offer I'm getting is $100 under invoice for MT with sport pkg and wing spoiler. It is not to bad but I think I can do better. So I asked the same dealer to send me over the best he can do for a lease.
Here is what I received:

MSRP $29,075.00
Selling Price $26,792.00
Less Factory incentives -$2,000.00 ($1,000 MAC Cash and $1,000 lease cash)
Price before taxes $24,792.00

Numbers on 24 month lease and 12,000 miles per year limit:
Money Down $0.00
Security deposit $0.00
Residual value .59
Money Factor .00122
Monthly lease payment $411.55 plus tax

I ran the numbers myself and I got $369.41/month. I asked him why my calculation is lower and is there some hidden fees I should know about. He said there is no any hidden fees and probably my calculation is wrong. I'm sure it is not so I send him the detailed calculations and waiting for his reply.
This guy is trying to screw me and I haven't started to negotiate the price yet.
I played with the original Mazda USA lease offer for the base model using .00122 money factor and MSRP for selling price and I got $350/month. Apparently there is some cash to the dealer which brings the monthly payment down to $299/month and it is about $1200. My next step will be to get some of it from him.
Wish me luck.

Mazdax605

I get roughly $370 before tax payment.An easy way to figure it is to take

part 1=(negotiated price-residual) / term
part 2=(negotiated price+residual) * money factor

part 3=(part 1 + part 2) +tax

I got this simple calculator from zoom_gator last year,and I still use it today.

I hope this helps.

nijelSC

Yep. That is it.
Here is my calculation:

1. Residual value = MSRP x 59% = $29,075 x 59 = $17,154.25

2. Car's value I will be using = Base Cap Cost - Residual value = $24,792 - $17,154.25 = $7,637.75

3. Monthly payment with no interest = Car's value I will be using / Lease Term = $7,637.75 / 24 = $318.24

4. Interest Amount = (Base Cap Cost + Residual value) x Money Factor = ($24,792 + $17,154.25) x 0.00122 = $51.17

5. Final Monthly payment = Monthly payment with no interest + Interest Amount = $318.24 + $51.17 = $369.41 plus tax

How loaded was yours. Did you pay security deposit and money down?

Mazdax605

My car is a base 6 speed,and I paid around $1200 in up front fees.They included 1st,security(rounded to the nearest $25),acquisition fee($475),and plate fees.Also my payment has a lot of taxes added to it.We have Excise tax here in MA which added $30 a month to the payment,along with the $15 or so for sales tax(MA is 5%).My payments are $309 a month including these taxes.I received $4250 in lease incentives at the time so my cap cost was only $21xxx,but the money factor is a high .00305 which with my excellent credit was the best you could get at the time.I guess mazda was making up some of the lease incentives they were giving by having the MF higher.This was my first ever lease,and I think I did pretty good,but who knows.Good luck.Let me know if I can help anymore.

cosmicenergy

I just leased my '05 RX-8 on 5-23-05. 6-Speed Titanium Gray w/ GT Touring Package and Sirius Satellite radio installed. Term: 24 months, 15,000 miles per year and my payment is $364.98. I put nothing down, but I had a trade (2000 Honda Civic Si) with positive equity of $4000.00. Add the rebates ($1000.00 MAC Cash and $1000 Lease Cash) = down payment ($6000.00).

TeamRX8

iTrader: (25)

you just missed out on the May 24 month/24,000 mile lease deal; 2500 down plus tax, tag, and title and includes deposit and 1st payment, then 23 payments of $299.99 month.

this was for 2005 base 6 speeds in inventory, options added cost

the month prior to this the lease offering totally sucked, they wanted $640 month with zero down 12k/yr mileage for a 24 month lease

nijelSC

This deal is still valid till 7/05/05.

nijelSC

Well... I got the car. It is a red 8 MT with sport pkg and spoiler, has a 19 miles, for 385/month 24months/24k miles lease with nothing paying to get the keys and drive off. The deal is with $2000 Mazda rebate and $500 gerber. I'm picking it up tomorrow. I have 2 more backup offers for silver 8's sport pkg, both for 365/month. I decided to go with the red one, silver is not my color.
I tried to deal for a white 8 visiting my local dealer. I told the sales manager I want to lease it for 370/month. He said thats impossible, its a Mazda3 payment and the best he can do is 6xx/month. I walked out.
I emailed him my Mazda3 payment number for the 8 this morning.

Mazdax605

Sounds like you did pretty good.I am actually thinking of getting out of my lease.I don't really want to,but I think the $309 a month will be better spent on the addition to our house.I don't think I can really get out of it cheap though.I wish I could just return the car,but I know I will be responsible for the remaining payments and such,so it is probably just best to keep it.I love the car,and I love the lease,but think it was a dumb idea for me to get the car in the first place.I don't need the car,and the money is probably better spent elsewhere.Oh yeah get the red or white 8 they are very cool colors.I wanted white,but it wasn't available in 04.

MazdaRich

Wow you're complaining about $309 a month? That's pretty cheap entertainment if you asked me, at $10 a day.

VikingDJ

Are yoiu sure you included sales tax? I know here we have to pay sales tax for the full purchase price of car ona lease, but I don't know about where you live. If you forgot to add tax and tags in your numbers, that might explain why you think you are getting ripped off. Good luck!!

Mazdax605

The lease I have does include tax at 5% of the original payment which I think was $15 a month,plus we have excise tax(MA thing)which added $30 a month to the payment.

I am not complaining about the payments,but just think I could use the money in a better way with my house renovation.I would love to keep it,and you are right that it is pretty cheap entertainment,but couple $309 a month with the insurance costs,and fuel,and it starts adding up.Like I said I don't need the car,and could do without it,so maybe that is the best thing to do as long as it is financially makes sense.I am guessing it doesn't though,so I will most likely keep it.I think I was thinking with my heart when I got it last August,and not my wallet.I am very happy all-in-all with the car,and the lease,but wish I had waited now.Thanks for the input.I guess I should have listened to my wife.Again.

dwynne

I see reading farther down that you got the car, but I was just going to point out so that you (and anyone reading the thread) would see the problem in your calculation.

There is a $425 (most states) lease acquisition fee that you rolled into the lease. The alone would raise the payment to $387.64. Then there is the security deposit which and first month's payment which you didn't pay up front and were rolled into the lease. If you factor that into the equation then the dealer's payment quote makes more sense.

You correctly calculated the payment IF you have paid the acq fee, security deposit, and first month's payment at signing. Since you told them you wanted a sign and drive lease that is what they quoted you - and that is a higher payment.

Dennis