Bad news is that my RX8 lease is up in just over a week ... good news is that I've got a new one coming!!
So, I have a deposit down on a new RX8 lease ... what I don't know is whether or not I should just give up the old one or buy it out to sell it. I figure that if I buy it out I could maybe make a bit of money ... if I can find the time to sell it.
Anyone done this at all?? Is this something that is commonly done?? Will I have problems selling a 2 year old RX8 in winter? Residual is around C$26,700 I think.
Anyone know if I'll lose my 0.5% lease rate reduction (for re-leasing a mazda) if I don't give the old car back??
Any advise welcome!!

Cheers!

 

Not worth it. The residual value is more than the used value of a similar care of the same vintage, or very close to it. Plus, you still have to pay tax on that amount. There have been very few cases in which manufacturers have messed up on their residual estimates, such that the residual value is LESS than the used value on the open market - some notable ones include the last generation of Integra Type-R, and the 99-00 Civic SiR.

Just lease a new one, and let the old one go. Emotional attachment aside, it's not worth it.

 

Say goodbye. And enjoy the new one.

Anybody willing to consider hanging on to a lease shouldn't be leasing.

 

Um, well, I can sell you a brand new 2006 for $31,000 so I'd have to say pass it up!

Dave.
Oakville Mazda
905-827-4242

 

Thanks guys. I'm gonna look forward to getting the new one.
After this lease was over I figured I'd want something else, but after testing various acuras, subarus and the like nothing drove as good as the 8. After a few years on the market I still think that nothing comes close to the 8 for combination of value and sportiness.

 

Leasing seems really popular in the US . It is done here but not much . Did some numbers with my accountant & came to the conclusion owning was cheaper (and more rewarding).

 

at the auction 04's with 40-50K go for low 20's depending on the shape/accedesnts, way not worth the resid. i'm hoping to see mine there one day if the deler don't keep it them selves.

 

...well I looked at both. The deciding factor to lease for me was that 2004 was the first model year for this car. My dad always taught me not to buy the first model year because often the bugs aren't worked out. So now that I'm on my 3rd engine, 3rd set of brakes, 3rd air bag module and numerous other replacements, I think I made the right decision. I love the car but I just don't want to take the chance with this car after the warranty has run out.
I do agree that if when you purchase you vehicle you know that you want to keep the car for over 4 years then buying is really the only option.