Lease it up
11-28-2009, 02:35 PM
#1
John James
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Lease it up
Ok my lease is up Dec 4th, so i went to mazda today to decide if i wanted a new car or keep the 8. I test drove the Speed3 cause it's a more practical car for me since i dont have a second car for the winter. However after driving the speed3 i was no longer interested in purchasing it lol (didnt like the handling). So to make a long story short my 8 residual value is about 17,000 but the car is only worth 15,000 so i have to come up with 2,300 down payment to keep my car. Im going to pay it cause i love my baby but it doesnt seem right that i have to pay this extra 2g's...
is it?????
is it?????
11-28-2009, 02:39 PM
#3
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I'd seriously call it a $2,300 lesson on why not to lease. The fact that it is that low is remarkable. It isn't them trying to screw you, it's you still paying for that mistake.
11-28-2009, 03:54 PM
#4
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There are lots of used RX's floating around at rock bottom prices. Check out ebay, craigslist, and carmax.
I purchased a loaded 05 Shinka (everything but nav) with 51k for $12,100.
I purchased a loaded 05 Shinka (everything but nav) with 51k for $12,100.
11-28-2009, 04:25 PM
#6
I can tell you that the motor in the speed 3 and 6 has a ton of torque compared to the 8. I have a 6 and have many speed 3 from stock to well modified. Right out of the box the car pulls pretty hard, however with the right mods (FMIC, TIP, CAI, DP, Exhaust mani, and an AP) it is almost scary. Too much power in a FWD for my taste, but it sure is fun for a few min.
The thing that is great about the torque in these direct injected motors is how quickly it builds. The car is already pulling hard by 3200 rpm. The down side is that the car only pulls for a few thousand rpm. When stock the engine starts to loose boost and power at 5700 or so rpm, an AP tune can move that figure closer to 6500.
For me the 6 and 8 combo is a perfect solution, but if I only had one......maybe the 3, IDK. It sure is practical, and fun. Also, it is a blast to suprise people at lights or on the highway. Its like driving a sleeper, wich is nice for us 8 drivers.
The thing that is great about the torque in these direct injected motors is how quickly it builds. The car is already pulling hard by 3200 rpm. The down side is that the car only pulls for a few thousand rpm. When stock the engine starts to loose boost and power at 5700 or so rpm, an AP tune can move that figure closer to 6500.
For me the 6 and 8 combo is a perfect solution, but if I only had one......maybe the 3, IDK. It sure is practical, and fun. Also, it is a blast to suprise people at lights or on the highway. Its like driving a sleeper, wich is nice for us 8 drivers.
11-28-2009, 10:15 PM
#9
Dude I lost my CR shinka in an accident, test drove a new RX8 r3, my shortshifter wouldn't fit in the 09+ models. Test drove a 370z... I got right back into another CR shinka! I love this car.
11-28-2009, 10:35 PM
#10
you've only paid for roughly half of the car with your low lease payment. if you bought it new 3 years ago, you would have paid probably in the mid 20s or low 30s out the door.
if you had financed a 30k car for 60 months, you would have paid 600 a month for 5 years.
you likely paid 300 a month for 3 years. Now they want the rest if you want to keep the car.
you can probably refinance the rest, but because the market value of the car is less than the residual you agreed to, you have to put down a payment or you won't be financed.
these days, a bank won't finance over 100 percent of the value unless you have a credit score higher than 700.
the good news is, after your down payment, you get to keep your low payment because you're only financing 15k. 5 years to go.
these cars are undervalued on the market. that's mostly because forum members complain a lot. lol.
leasing can be a way for people with good credit to buy a car with a low payment and a good rate for a ridiculous 96 month term. just make sure you negotiate the sell price of the car, not just the payment.
if you had financed a 30k car for 60 months, you would have paid 600 a month for 5 years.
you likely paid 300 a month for 3 years. Now they want the rest if you want to keep the car.
you can probably refinance the rest, but because the market value of the car is less than the residual you agreed to, you have to put down a payment or you won't be financed.
these days, a bank won't finance over 100 percent of the value unless you have a credit score higher than 700.
the good news is, after your down payment, you get to keep your low payment because you're only financing 15k. 5 years to go.
these cars are undervalued on the market. that's mostly because forum members complain a lot. lol.
leasing can be a way for people with good credit to buy a car with a low payment and a good rate for a ridiculous 96 month term. just make sure you negotiate the sell price of the car, not just the payment.
Last edited by myriadshalaks; 11-28-2009 at 10:42 PM.
11-28-2009, 11:02 PM
#11
Power!!
Personally I think if you're going purchase your leased car you're better off getting in to a lease or purchasing a new '09. I don't think you want to be in the position of making payments for 3-5 more years on a car that will be 8 years old and out of warranty when you pay it off.
11-28-2009, 11:46 PM
#16
Power!!
11-30-2009, 03:25 PM
#17
the new 09's have (or had) a solid rebate that would cut the price too. $17k vs. $23k or less for a sport.... 06 vs. 09... granted you didn't put much mileage on it, but you're looking at a new car, new warranty, and some slightly newer upgrades, and a fresh(er) look...
keep in mind though, the aftermarket support for the 09's is not much outside the basics. To date, I don't think there's an AP, nor are they developing an AP for the 09's at this piont...
keep in mind though, the aftermarket support for the 09's is not much outside the basics. To date, I don't think there's an AP, nor are they developing an AP for the 09's at this piont...
11-30-2009, 08:16 PM
#19
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Leases are like renting a car from Hertz everyday. Better to just buy within means. And especially a 1-2 year old car where depreciation has taken a hit.
Good luck.
Good luck.
12-01-2009, 06:39 AM
#20
It's Complicated
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This is the same reason why many dealers have stopped leasing the 8. The market isn't there and resale value is horrible.
Good Luck hope it works out in your favor.
Good Luck hope it works out in your favor.
12-03-2009, 07:30 PM
#24
Are we having fun yet?
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Ok my lease is up Dec 4th, so i went to mazda today to decide if i wanted a new car or keep the 8. I test drove the Speed3 cause it's a more practical car for me since i dont have a second car for the winter. However after driving the speed3 i was no longer interested in purchasing it lol (didnt like the handling). So to make a long story short my 8 residual value is about 17,000 but the car is only worth 15,000 so i have to come up with 2,300 down payment to keep my car. Im going to pay it cause i love my baby but it doesnt seem right that i have to pay this extra 2g's...
is it?????
is it?????
