Hey guys, we have been leasing a 2007 Mazda 3 5-door and the lease is up in 2 months. The residual is $10,125 and the car has 27k miles on it. The car runs like brand new and is in perfect shape outside and in. Should we buy this out from the lease or should we turn it back in? We really like it and the purchase price seems like a pretty good deal.

Thanks!

 

thats not for us to decide, you should ask yourself what you dont like about the car and compare it to what you love about it, if you search around you will find all different types of stories of other members who love there car and others who have problems with it as well.

 

We really like the car, I was just wondering if it sounded like a good deal.

 

o ok what model do you guys have?

 

27K is low mileage for a three year old car, so that's a mark in favor of keeping it. Whether the buy out price is good depends on the exact configuration of options. Check it against book values at Kelley Blue Book (kbb.com).

 

I would price at another dealer as if you we to trade in toward a new 2010 for example. See what they tell you on a trade in price. You may find that there is equity. That's low mileage. Take a 3 year loan @4.9 or 5.9%, payments woul seem reasonable AND in two or three years, you can trade in with equity left. The 1st 2 or 3 years of any car is an automatic 40% loss of the value due to depreciation. I own 2008.5 Mazda 3 s Touring 4 dr sedan. Wish I had a 2010 Mazda s GT - hatchback. I might trade mine in for the new car Because Mazda has a 0% 5year deal on the loan. I,m sorry that I didn't buy out my Infiniti G35X 2007, for the $20,300 Infiniti wanted per the lease. I leased a new one G37X 2010 just this week. It's not the same car as far as the new 7 speed AT. The 2007 was better, more repsonsive. Should have taken more test drives..Moral to the story, is look at everything, your possible equity, loan and lease rates, and try not to be impulsive. I'm 58 years old, I still didn't learn my lesson..... My 24 year son, drives this Mazda. It's a very good car for the money.

 

I think what Tracker is asking is what trim level (Sport, Touring, GT, etc) and options does the car have? That will have an affect on the trade-in/buy out/resale value as well.
A new HB, 5-dr, station wagon, whatever Jaimie (<<< personal argument/debate) will cost twice that much as they are asking for your buy-out.
To my way of thinking, and depending on what the original buy-in and monthly expenses were, it sounds like a pretty good deal!! But also, don't necessarily take their first offer either. There just may be some wiggle room in there from the dealer, or from Mazda.
I'm sure they would rather sell the car back to you than to have to put it on the lot with all those additional expenses (space on the lot, servicing it, cleaning it and general upkeep, repairs, tires, brakes, etc,) then get another customer interested, red tape, loans, etc.... Time and money on their part that they would just as soon avoid, I'm sure. You just might be able to get them down another $500-$1000, or at least get some compensation in the form of free services or accessories.
Remember, it's in THEIR best interests to sell the car back to you. But it may be yours also.

I might start by figuring what the car has cost you so far? The buy-in cost (never a bargain) and monthly lease fee. Gas, oil, filters and general upkeep don't factor into this equation so avoid adding them in.