Rupes

It is a lease. And about the best I could find for a 4 year lease. Most people quoting leases here have them for 3 years. I'm paying a total of $19,476 (on a 30k car before taxes) , to drive this car for 4 years. It's really not that bad.

In fact, if you can find one for 300/month with 0 down...I would be nothing short of amazed.

MR2_Spyder

I just think putting $5,000 down on a lease is crazy. That money goes nowhere.

But in the end, I guess paying less than 20K on a new 8 isn't bad after 4 years.

I'll put zero down, and pay $300 per month for about three years. They'll be happy to get my $11,000 and then sell the car as a certified pre-owned car at an insanely high price.

TeamRX8

iTrader: (25)

man, I think Mazda Financial's current lease program sucks

my previous car; 24 month/15k/0 down/$36,000 = $680/month payment

compared to what Iwas just quoted by Mazda

2005 RX8; 24 month/12k/0 down/$24,600 = $640/month payment


A Mazda RX8's purchase cost is 68% of the other car yet the lease payment is 94% despite the lower mileage allowance, I'll pass thank you

czr

iTrader: (3)

Good luck! Let us know how it goes

dwynne

I would agree about not putting that much down on a lease. If the car is stolen or "totalled" that money is all lost.

Unless Mazda comes up with some new lease deals, you are going to be SOL with your $300 a month plan. The residuals through MAC or ALG are TERRIBLE - less then 50% for a 3 year/36k lease. The S2000 and G35 are probably 10% better and even the 350z has a better number.

Keep your fingers crossed for another MAC lease deal, because with out it you are are just dreaming.

The trouble is Mazda can't sell the cars now, so if they lease them at a cheap rate then in 3 or 4 years they get them all back again - and once again have to try to sell them.

Dennis

MR2_Spyder

Hey, I'll go for it. I sold cars for about four months back in graduate school. Worked for a huge Honda store. Believe me, if you go in there willing to "buy today," they'll do almost anything.

Coming from a car salesman, you know this is true. The thing is, I rarely leased cars. I was way better selling the idea of financing vs. leasing, so that's why I'm looking for some feedback here.

Working the "numbers" on a lease is pointless. It's voodoo math.

Wurmfist

I got mine for 4 years, put down 4000 dollars and my lease is bout 380 a month for 12k a year. 12k has been fine so far as I've only done 6k in the first year, and I have a company van I can drive for everything else and in the winter. Seems like I could have gotten a better deal from all the other posts, my lease is through Huntington Bank. And I would have thought, with 4k down, it would have been a lower payment. But of course my 8 has everything except the nav so I think it came out around 34k or something like that. The nice thing about my lease is though that I have a guranteed buy-out program that at the end of the lease in 4 years I can buy my car for 16,5k or less. It's guranteed not to be any higher. And that was back in March of 2004.

dwynne

That just shows how little you know.

I have a lease calc on my web page, on my PCs, and in my Palm Pilot.

If you want to un-Voodoo it, the formula is here:

http://www.leaseguide.com/lease08.htm

Some cars are not good lease deals. Poor residual means you pay for a larger percentage of the car you have to pay for during the lease term. A G35 coupe has a residual of close to 60 after 3/36k - the 8 has 48-49% . So guess which one leases "better" ?

You have to take into account the dealer's cost of the car, hold back, and any rebates or incentives on the car. Then factor in the money factor (watch out, the dealer can jack this up for extra profit) and the residual (can't be changed by the dealer). If you leased an 05 today with the touring or GT packs at dealer cost, including the hold back you would be WELL over $300 a month - and the dealer would make $0 profit.

They may be willing to do "almost anything" - but they are not going to lose money including their hold back, just to move one car.

Dennis

MR2_Spyder

Hey, Dennis. "That shows how little you know"? Can you try to sound like more of a dick, please?

You just proved how it's voodoo math. There's always a variable that makes it hard for the dealer and the customer to be on the "same page."

Thanks for your input.

dwynne

Just because YOU don't understand it does not make it "voodoo".

If you know the lease money factor buy rate, the residual, the dealer's cost, the hold back, and any customer and/or dealer incentives you can figure what the lease would be with the dealer making $0 on the deal. I think you will find that even a stipper 8 will lease for a lot more than $300.

For example: a 6mt RX-8 with NO options has a dealer cost of $25,638. There is $548 holdback on the car. No known customer or dealer incentives. So $25,090 is bottom line, dealer makes $0 profit on this car. The ALG residual on the 8 for a 3 year, 36k mile lease is $49% of MSRP or $13,443. With a 730 or above credit score you can do a money factor of 0.00237 on the 36 months lease, this is 5.69% equivalent money. At this rate, the payments would be $442 per month + tax. With dealer fees + tags + security deposit + first month due at signing + tax + tags + fees. If you stretch to a 39 month lease it drops to $415/month + tax, same 36k mile limit even with the longer term. With a 48 month the residual is $11,243 and the MF is 0.00216 (5.18%). The payment drops to $387, stretch to 51 months and you are still looking at $369/month plus tax.

Last time I looked, MAC lease money was higher that 3rd party lease money - so your MAC numbers will be worse than these I quoted. There ARE actual numbers you could get today if your score is 730 or higher - a lower score = higher MF and higher payments.

This is with the dealer making $0 profit on the deal.

So like I said, you are deluding yourself if you think you can waltz into a Mazda dealership and tell them you want EVEN A STRIPPER 8 and pay $300 or less per month with nothing down for a 36 month, 36k mile lease.

Until MAC has some promo lease rates or MazdaUSA comes up with some incentive money on the 05s you are just not going to get a car that cheap.

At the current residuals and rates, if you negotiated the price down to $3,000 under true dealer cost (invoice - hold back - $3,000) the 48 month lease payment would be $318 + tax per month.

Dennis

MR2_Spyder

By "voodoo math" I meant exactly what you just mentioned.

The things you mentioned, "lease money factor buy rate, the residual, the dealer's cost, the hold back, and any customer and/or dealer incentives" are ALL things that you think you know, but you don't. Your numbers may differ from the dealer's. Different sources, etc. It's all very vague, hence "voodoo."

You can do all the research you want, but nobody but the dealer knows what kind of a lease you can get.

You, Dennis, the customer, have NO CLUE what kind of deal you can get. For instance, when I used to sell cars, if we nailed somebody on a Honda Odyssey, we could go ahead and afford to "lose" some money on an Accord.

Dealerships get their money on volume and units sold. The sleazy ways dealer owners manipulate numbers to make crazy deals would astound you.

You seem very sheltered right now and even more naive, Dennis. If you are willing to buy a car "that day" and there's ANY way a dealer can move that car, there's a chance you can get a great deal. So why not take that chance?

RAY

JoePaterno

Ray, what package do u want and how many miles/year? That will detemrine if u can stay close to 300/month.

Wurmfist

I tend to agree with dwynne. I thought I was getting ripped off at 380 a month for 48 months @12k miles a year. But when I read his post I thought better of my payments. Because I even got the car on the x-plan discount and ect, ect, ect. and the value was still around 30k ish. And that was with me putting 4k down.

MDRX8

420 for 36 mo... L O A D E D 2200 down gt appp pak. rotar. pack. 15,ooo miles

mp3 player, spare tire, etc....loaded!!!!

MR2_Spyder

I want one like yours.

Your deal, by the way, is still a good one. Especially with 17,000 miles per year. Whatever, man... I just test drove an Evo again. Think I might have to go that route. Black Evo with no spoiler and 35% tint all around.