dkelly3854

Hey all,
I am looking to lease a new RX8 and I was wondering what all of you are paying monthly for your leases? Also, what did you put down and how many months!
Thanks guys,
Chris

ironmedic

i have mine for 4 years with 0 down and 672 a month

Outlaws eXtreme

whoa.. 32k at the end, and you have to return the car. Hmmm am I missing something here?

eccles

Indeed that does seem a little excessive.

Dkelly: try the search function - this topic has been discussed several times before.

c2k4-8

DO NOT LEASE - you will regret it! Pay a little extra and buy the car.

Velocity-8

DO NOT LISTEN TO PEOPLE WHO SAY DON"T LEASE!

It really depends on your situation and how long you plan to have the car. There are lots of ways to save a TON of money over years a car is financed/leased. Be open to different ideas.

anyway....

I put $600 down and my payment is $405. I also traded in my 2002 MINI Cooper which was $2000 in the hole. This is for a 6MT with Sports Package. There are some very aggressive deals out there.

RX8Lover

I put no money down and my lease is $420/ month for 4 years.

$670 a month? You're getting raped. I sure hope you're joking. $670 x 48 months = $32000. Why on earth would you agree to that lease? You could have bought the car for CHEAPER, and then after 4 years sold it and got some money back. But now, you give it back at then end....way to go.

mysql101

I put no money down, and I am buying my car for less than the $670/mo he's leasing for.

zitch

Don't be too hard on him. I doubt ironmedic is leasing with those numbers. He probably got a bit confused between leasing and financing. Or he didn't read the thread too well...

mysql101

zitch, yeah, his numbers seem a bit far fetched, but reread what he wrote, there isn't much wiggle room in what he said. It's clear he's leasing, and it's clear what he's paying.

RX8Lover

yes, you don't say you "Have your car for 4 years" when you are financing it. that's a lease, my friend, and i'm sure his dealer is happy as a pig in ****.

eccles

Of course, ironmedic may not be talking US dollars. Where ya from, IM?

mysql101

ironmedic posted on 04-15-2004:
I would assume he uses US currency

LanceaRoo

I have an auto. with grand touring pkg, spoiler, nav. sys

I put 0 down and my payment (including taxes) is 390/month for 4 years!

zitch

This is gonna be my last post on this...

"hi guys i just bought my new RX8 yesterday from courtesy mazda in Vegas."

"i have mine for 4 years with 0 down and 672 a month"

JasonHamilton: I've reread it. And it's not clear that he's leasing. He might be answering the question "What financing deal do you have?" You usually don't say you "bought" a car when you've leased it. Do you?

Well, in any case, ironmedic will have to settle this himself...

SMigneco

I have every option except the NAV system. I was $3,500 upside down on my Lexus. I put zero down and am leasing for $420 per month.
Man Ironmedic, I really hope you bought your car because if you leased then you just bought your salesman/dealer a plasma tv!

Sue Esponte

You got ripped off big time. Could have leased a 530i for that kind of cash...and yes, even with nothing down.

-Eric

Bodacious 8

I have the auto with sport pkge gave dealer 2500 including tax tags etc. and my payment is 346. I could have two 8's (only thing better than one) for what your paying. Yes you can still get a lease in NY.

rev-2-9k

$344 a month for 47, $1300 equity trade in, in TX you have to pay tax for the whole car not just for the portion you use. cost of base 6 MT was 25,100. 1,200 in taxes, 800 in misc fee's.

Outlaws eXtreme

ironmedic has been awfully quiet... I'm not sure if he's offended or what. He's also talking about adding a bunch of addons and changes to his vehicle... not sure if that is so wise if he has to return the car at the end. Part of the reason that leasing is bad if you decide to fix up your car a lot is that you will have to take those stuff off later if you want your money back.. let's say Mazdaspeed kit, wings, rims, etc etc.

If you could afford all that extra, makes me wonder why not just buy the car to begin with...

zoom_gator

Here's some advice from someone who has leased and purchased cars .... never negotiate a *payment*, always negotiate a *purchase* price, then you need to do the math to figure out the payment. In no way am I "talking down" to anyone here .... in my experience, I have met far too many people who go in to a dealer (to purchase or to lease) and ask "how much is the payment?". You will get ripped off if you do that, unless you do your homework.

For purchasing a car, you're talking about the negotiated price, interest rate, and term (in months).

For leasing a car, you're talking about the MSRP, negotiated price, residual (expressed as either a percentage of the MSRP, or a fixed dollar amount), the money factor (basically an "interest rate"), and the term (in months).

The dealer must disclose the residual and money factor to you. The residual depends upon the lease term and mileage allowance (the more you drive (miles or time), the less the car is worth), and the money factor depends upon your credit rating. In order to figure out your lease payment, use this formula:

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

lease payment = (part 1 + part 2) + tax

For example, you purchase a car for $30K, residual is $20K, term is 36 months, money factor is 0.00200, local tax rate is 6%.

part 1 = (30,000 - 20,000) / 36 = $277.78
part 2 = (30,000 + 20,000) * 0.00200 = $100.00
Payment = ($277.78 + $100) + 6% tax = $400.45

By the way, to get the interest rate for a lease, multiply your money factor by 2400. (In the example above, your rate is 4.8%). You'll notice that the money factor makes a *huge* difference (more than the interest rate on a purchase) in the payment, as does the residual. Cars with high residuals are less expensive to lease. The down-side if you are interested in purchasing the vehicle after the lease ends (or even before), the price will most likely be greater than the value of the car. Then again, most leasing companies will negotiate the purchase price.

Try out this lease calculator ....

ZG

2ks2k

Thanks!!! That's exactly what I needed to see!!!

Then my deal sounds about right...

Black, 6spd, GT, Appearance, Rotary, Spoiler
48 mos., 12k/yr.
Down: 1st payment $359 + sec. dep. $350 = $709
47 more payments of $359

I have no ideas of the numbers as this was over the phone negotiations(but I have met the salesman and took the car for a test drive so I know it's legit)..

heh8me

Zoom posted a good message on leasing. You need to know at least as much as the salesman, and most salesman can't compute a lease with a calculator. Leasing is great for some people, but not so great for others. It depends on many factors such as how many miles you drive. If you drive more than 15k/year the effect of excess mileage on your residual may make leasing too expensive.

You should also figure in taxes. Car ads don't include taxes when they advertise lease prices. In most states you pay tax based on your payment, or the amount of depreciation over the course of the lease. In the great state of Illinois, we get hosed and have to pay sales tax on the full sales price of the car.

But that doesn't answer your question.

I have a 6MT with GT and Navi. I pay $430/month for 36months with 15k miles/year. I paid $0 down. That was based on a purchase price of $3000 below invoice ($500 below that I negotiated plus another $2500 that Mazda is giving in incentives). It also includes includes taxes.

ironmedic

hi guys, i have been in transit to my new base. ok here is whats up. i know for a fact i got screwed on this and i have no clue why i even went with this deal..i think most of it was cuz the wife wanted the car so badly and that we have a plan. here is my situation...
i was stationed overseas and we came to las vegas on leave (family is here). we decided to buy a car there cuz they are cheaper in vegas compared to washington (state). we did our homework on RX8's for a couple months prior to coming back to the states. we decided that if we can get one for $31k or less, we are in there. we just so happened to hit the mark of what we wanted.
our original price was gonna be $500 and i was gonna talk him down. we found out that we needed to pay sales tax cuz the car was gonna be registered in Washington (we called up to WA to confirm it). The payments went up to $670 a month after that. Cuz of my own stupidity (and my wife wanting the car badly), we went with it. the only reason we went with it cuz we were gonna finance it the moment we get up there. I told my wife we will make the payments of 672 for at least 6 months to bring it down and then get the rest financed including all closing costs that mazda wants. HONESTLY, we dont have any problems making these kinds of payments cuz my wife and i are both military. we still have alot of extra cash each month to keep ourselves afloat without worrying to death.
I still feel kinda bad about doing this lease but i am more aggressive about making things happen for the better so believe me, it will turn out fine in the end. I am gonna talk with the bank soon and we are gonna try to get a loan for whats left of the car and hopefully pay in the 400's in the end.
I hope u guys dont think im crazy or anything