REL_RX8

Click here to read my latest post, every post before it is outdated.
Need advise VERY soon!
Current Status: Click Here (Apr-30-2008)



The lease on my 2005 RX-8 GT (MT) is up at the end of October 2007. I need some assistance on whether or not to buy it or not.

Here's some facts:

- The car was a 2 year lease and will cost $18,000 to buy. (MSRP: $32,000)
- I'll be turning the car in with half the miles I could have put on it (12,000 miles short since it was a 24,000 mile lease!)
- Supposedly I get $0.10 cents back for every mile I'm under. (Which will be $1,200 in return) Not sure if there are any restrictions on that.
- I love it and I'm really leaning to purchase it

Now, what turns me off is the reliability of this car in the near future. I'm only putting on 6,000 miles a year so this car should last a while.

Now if I do end up buying it, I'll hopefully be able to get the:
1. rear mirror rattle fixed
2. brake squeaks fixed (gonna costs $100)
3. shifter handle tightened (yeah my shifting handle will turn in a 360 degree manner, it's loose)
4. a grinding which just started happening when I try to shift into 5th quickly.
5. sunroof rattle fixed (which also JUST started happening)

I just don't know what to do, I really love this car and for the money I wouldn't rather be driving anything else.

PS: I tried to find threads on this but the search feature appears to be broken, it just never gives results.

Jethro Tull

iTrader: (6)

Sounds like mostly minor stuff on the "to be fixed" list; low mileage, reasonable buy-out price. How are the tires? Probably almost time for some new rubber.

Were I in your position I would almost certainly buy it, but it's your decision...

REL_RX8

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Well I was at the dealer a couple months ago and they said I would probably be charged for tire wear. I still haven't got them rotated yet either.

I'd also like to mention I got this lease for really cheap. $2000 down @ $200/month. After talking to a sales person at the dealer (since my original dealer wasn't there anymore), she couldn't believe how cheap I got the lease for. She said all the other RX-8s during that time were going out went for $300+ per month for the same model trim. There's no doubt I got lucky, no matter what anyone says.

But I have to agree with you Jethro, and I thank you for your reply. This lady was scaring me over the phone giving me only reasons why NOT to buy it. She sounded desperate for a new car lease, was trying to sell me everything over the phone, lol.

I don't know why but I can't think of any other car I'd rather have for the money. Are there cars you could recommend over the RX-8 for $18k?

Thanks again for the reply, I hope others contribute.

reaper1

Im going to have to make that decision in about 2 years from now . I don't put to much milage on mine so thats good. Anyway I called a couple of weeks ago and they told me my payoff will be 9,000 bucks at the end of the lease. So base on that and the fact that I have put some mod on it , I would say I'm keeping it. I also have a body kit sitting in my garage that I plan on installing in a couple of weeks.

Everyone has to make their own call , and it not easy. If its in real good shape and depending on what you have put on it (MODS) it may be better to keep it.
I don't think you'll get money back if you install something on your own.

Anyway Good luck........ keep us updated.

REL_RX8

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Hey thanks you for your input reaper1.

I think buying it would be the best decision. I just hope that list of fixes can be fixed without costing me too much money.

Any other feedback welcome. I'm curious to hear if anybody who bought the vehicle REGRETS doing so, and the reasons why. Maybe short engine life? Expensive upkeep?

Brettus

iTrader: (2)

To buy or not to buy ? That is your question .
Ask yourself some better questions :
Do I want a car that gives me pleasure or a car that gets me to work for the least amount of $ ?
Will owning a car vs leasing it give me a more pleasure?
If its more about the $ then don't buy it .
As far as the issue with the car go , they sound trifling and not even worth thinking about .

REL_RX8

Thanks for the interesting reply.

I want a car that is more than something that gets me from point A to point B. I can't stand being boring like 95% of the other cars on the road.

I worry though if the pleasure will go away once I start having problems with the car? I know rotary based vehicles aren't the smartest investment if you want a reliable future.

You made a good point though, and I thank you for it.

reaper1

If you stilll under the Leased Program you should be able to have those issues taken care off. I would'nt let them know I plan on keeping the car.

Tigster

Most of your issues are minor.

For the shift **** go to an auto parts store, buy lock-tite in the blue bottle. Remove the **** apply the lock tite and let it dry for a night.

you have a warranty for the rattles.

the brakes, well that s the cost of driving. I assume you were heavy on the brakes?

The only concern is the trans. I would have that fixed before I bought it to make sure the warranty covers it.


As for purchasing the car you have lots of options. Many companies who lease do not want the cars back. They typically will offer to sell you the car for your agreed upon amount at the end of the lease. You should be receiving buyout option letters in the mail now. They usually will offer to sell you the car for less than your residual amount on the loan. I have gotten these alot with different cars I have owned.

If you buy a "leased" vehicle typically they hit you with an interest rate that is higher than if you bought a new or used car. Check capitolone.com for a comparision. Also look at what the values of your car in your area. I would look at trade in value and see how close your buy out is to that. Normally (at least in Florida) leased vehicles end up at auction and get sold for less than trade in.

zerobio

It's still a very new car. If you have good credit now from the lease, see if you can finance the rest at the dealer or your own bank and just keep making payments for a couple more years. Add mods as you can and own the car in the next 2-3 years. If successful, you'll have excellent credit from both the lease and the loan and ... most importantly, the 8 will be all yours.

SlayerRX8

18K for a 2005 rx8 - you could get one for less if you bought from a private party.

Uncivilizedracer

sounds like a rip if you keep it - if you bought it it would be damn near paid off

REL_RX8

I wasn't heavy on the brakes at all. The squeaking actually started like 4,000 miles into the lease. The dealer said they knew what the problem was and a part had to be replaced. Unfortunately I never got it looked at until after the first year of having the car, so they wanted $100 to replace the part that was causing the problem because it wasn't covered under warranty anymore. I'm very upset about that. I feel like I've been robbed 14 months out of my lease for having to listen to this damn squeal every time I brake. But I didn't want to spend that money unless I'm going to keep the car.

I'll find out what kind of financing they offer at the dealer. I'm unhappy to hear that $18k is a rip off from some of you, it makes buying less attractive. Remember that I've been the only owner since the birth of the car. There's something special about that.

Thanks for the great replies everyone, this is exactly the direction I was hoping the thread would go in. Keep up the great help.

LTABA

"sounds like a rip....if you bought it it would be damn near paid off"

$2k down, plus $200/mo for 24=$6,800 + $18k buyout = $24,800, with a potential for a $1,200 mileage rebate= $23,600 for total cost for a new '05 GT. Of course, if you had the cash up front and dropped the difference in an interest bearing account, you could have made another couple thousand in interest, bringing your real cost down to $21,600.

And here I went out and paid $24.5 cash up front for mine. What a dummy!

How much was yours, Unciv?

reaper1

You see , since you only pay 200.00 a month, your pay off is of course going to be more. I pay 450.00 a month so thats why my pay off is 9,000 . In your case I would take it back in . Maybe like Tigster said you may get an offer you can't resist and you'll be able to keep the car. They really prefer that you stay with the car .

In my case it better for me to keep it , since I'm paying more upfront. Plus the thing I've added to the car . So when I want to sell it , I'll at lease get some thing for it and it will be my money. Wait and see to see what they tell you.

Keep us updated.

REL_RX8

Should I try to negotiate a lower price when I talk to the financial adviser? Or let them know I'm really not sure about keeping it, when I really do want it. :P

reaper1

I would act like I don't want the car , as if I'm taking it in after the leased . You'll maybe be able to gauge what they are thinking about. At that point maybe they'll want to negotiate with you and you'll get a better deal. If they get the car back it'll probably just going to seat there , why would'nt they want to make at lease some money of the car.

Keep us updated............

Revvittupp

It doesn't work like that. You negotiated the buy out price 2 years ago when you agreeed on term/mileage. Now the funny part is, that you could turnthe car in, and the someone can go buy it cheaper at whatever auction it goes to, but goo dluck trackign that. Mazda certianly won't offer to help, afterall they'd preferred you bought it. Chrysler and GMAC use to give delaers a first shot afte ra customer turned the car in, at wholesale price, independant of residual cost. I'm not sure if they do this any longer, but as of earlier this year, Mazda did not.

icyur2

I would buy it...at that price, I highly doubt you'll find a more reliable "used" 8 than the one you drove!!!

REL_RX8

Exactly how I feel.

Tigster

You dont need to decide until the day your lease ends. If your residual is too high the fiancing company wont want the car back and could want to cut you a deal instead of losing money sending it to auction.

Why are you dealing with the dealer? Call the fiancing company directly.

REL_RX8

You know what, the dealer actually gave me the number for the "financing" people, and it seems that they have a financing department at the specific dealer I picked the car up from. Because that's where I was redirected.

If there is a actual third party financing company they sure as hell didn't redirect me to them. They told me to come to that specific dealer and do paper work. They said I could go to the closer dealer too me (which would be best for me), but it would take longer, because all my account information is at the long distance one.

Revvittupp

As noted in the post above, this simply isn't an option, it's not how it works. The residual value is pre-negotiated, based on monthly term and mileage. That's it.

Khyron

Thanks for posting this thread. I just started leasing my 07 for 4 years and I will be in the same boat as you then.

With the two months I have been driving mine, I would take it. It is the best car I have ever driven and I though I was in love with my Subaru Impreza.

It sounds from this forum that reliability might be an issue down the road, but sometimes hot and steamy relationships are a little high-maintenance.

Revvittupp

Buying out your own lease is more then a simple mathematical calculation. You should always assume yoiu will be turning it in. If you really like the car, shop around for used models just like it. If yoiur buy out price is significantly higher then current used car value(as it was with my Grand Cherokee recently), then you win bigtime by leasing, walk away. IF the buy-out price is near or below used car value, then well, you know how you treated your car, would yoiu assume that you are better or worse then average on a car. This should reveal the true value of your car to you, which coincidentally in this case(real low mileage) I would assume that it should fall a bit over average retail price. So in your case, if yoiu love your car, buy it unless yoiu can fidn a used one for $17k or less that yoiu like as much.