MP3Guy

After being on this forum since MPEG video clips of the very first RX-8's being off-loaded at the port were shown, I signed the papers for a 3 year lease on a 2006 GT- silver with black leather.

Not my first choice in color, but it had the right options. Haven't told the wife yet- I'll just pull into the garage and let her discover it.



After slicing and dicing the numbers, the lease was the best way to go, even if you intend to buy the car at the end of it. Current rates don't seem to justify a "straight" finance deal, (at least for me) and unfortunately, the balloon deals don't work because the rates don't work in your favor the way the lease does.

The purchasing process took an hour- poker faces on both of us, we just crunched numbers, and I reviewed them while the salesman sat in total silence, each one waiting for the other to fold. Finally, a concession was made, and I shook hands.

Funny thing, even though the car's been available for awhile, nothing else that has come into the market has the same appeal for me. This might be my last sports car- I'm 54 years old- but I have never owned an ordinary car, and folks, I ain't starting now. The RX-8 has it's quirks- that's part of the charm of ownership for a true car lover. Those who do not understand this should buy what we used to call a "boulevard car."


So some time next week, the Mazda Protege MP3 and I will take that last ride together- one of the best cars I've ever owned. But it is time for a change. Time for more power, more comfort and more style.


The next few years should be fun.

Wilson

When do you go pick it up? I know you can hardly wait.

Razz1

You just made the worst misake of your life.

Your a big fool.

You now have a new wife and girl friend at the same time. Your love and devotion will suck your money dry.

The good news is you will die with a grin on your face!

Welcome to the club!

7andan8

Amen brotha!

Shaida

I'm dying to know - how much did you get the car for and how much are the payments?

I bought the same exact car as you at the end of August. My final price with the rebates was $25,500. I did a 2 year lease with payments of $227 a month and a buy-out price of $19,200.

ello13

Is that 25,500 otd total? Haha, that's pretty good too. Did you have to put a down payment? Trying to find out how you arrived at 25,500. Also, with leases, if you do put a down payment on it, is that refundable? How do taxes work with a a lease? Also, with the 19,200 buyout, will you get taxed on that too?

So, would OTD essentially be 227*24 + 19,200 + tax on 19,200?

Thanks

Shaida

I was going to buy the car for $27,500 + tax and license and in the last minute decided to lease it instead (due to the recall). With the rebates, it brought the price down to $25,500. The $2,000 rebate was applied to the down payment and I added anotherh $5,000. My intention is to buy the car, but I didn't want to get stuck in case it was a lemon. The tax and license is prorated monthly and incorporated into my $227 payment. I will have to pay tax on the $19,500 buyout, but I'm hoping to be able to purchase it for less.

I have no idea if I got a good deal since I've never leased a vehicle before.

7andan8

Leases are almost impossible to explain in a post here. There are many variables with each one. Some basics can be followed though:
1) If you like to have a new car every 2 or 3 years ... leasing may be for you.
2) If you know (or think you know) that you will keep this car for 20 years ... a lease is probably not the best way to pay for it.
3) The more you put down, the lower your payment ... same as with a purchase by the way.
4) You do NOT get your down payment back.
5) On average, the better value a car is estimated to have after 2 or 3 years, the better candidate for a lease it will be.
6) Leases for more than 3 years are not recommended.
7) Deals such as rebates on a purchase or a lease will always way heavyly on the outcome of your total expense. Sometimes the dealer wants to run leases so they throw in heavy benefits to get the ball rolling ... this is a good thing!
8) Many people buy a car with a 5 year loan, then sell it after 3 years. You would be better leasing.

Still confused right?

MP3Guy

True- unlike a straight purchase, it is hard to know how much vig the dealer made. But it seemed to me the leasing incentives made it a better deal over all than straight financing. Plus it keeps your options open- you can always walk away from the vehicle, although I generally keep a car longer these days.

What I liked about this particular deal is that the car came optioned the way I want it- no spoiler, flares, appearance kits- which save me over a grand in what I think is useless tupperware.

Inside, however, it is a GT equipped car. That's what I wanted - that's what I got, and I made my move now since they ain't makin' 2006's anymore.

I should pick it up Wednesday- I've been amusing myself with the on-line users manual in the meantime.


Isn't the internet wonderful?

Eddie13

Putting down $5k for a lease is a lot of money...if you add the $5K to $227x24 = $10448. Divide that by 24 and you are in essence paying $435/month. That said you got a pretty fair deal, not great - not bad either.

SLD2

Just registered. You folks are good!
Trying to buy a Shinka '06. Dealer says $28 is the best he will do.
Also, what is the cost of an extended warranty? '06 has four year bumper to bumper 50K miles. What would a 100K cost? Thanks.