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Mazda3 Lease Questions

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  • mhs7386mhs7386 Posts: 33
    Hi Carman:

    Please tell me what my monthly payment should be on a 36-month lease, 12k miles a year, for a Mazda 3 with a price of $17,700. We would put $2000 down, to cover all fees, first payment, etc. The dealership wants $243 a month...seems high to me.

    Thanks.
  • stallionrestallionre Posts: 205
    That sounds right to me, what is the APR?
  • mhs7386mhs7386 Posts: 33
    Sorry, but don't know apr. I can tell you the sale price is $17,356 and the monthly payment is actually $237.49 for 36 months with $1994.99 out the door. Your thoughts?
    Thanks very much.
  • mhs7386mhs7386 Posts: 33
    Also, this car has a spoiler, abs and side air bags. Thanks again.
  • stallionrestallionre Posts: 205
    I think that it is a good price for all those options. Sounds good to me.
  • qbrozenqbrozen Posts: 17,517
    did you list the options and I missed it?

    have you seen the advertised lease deal? $189/mo with a hair over $2k down for only 24 months. Your 36-month deal does not sound too enticing to me.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • mhs7386mhs7386 Posts: 33
    Hi qbrozen, thanks for your input, but the advertised lease deal is for a stripped down Mazda3, no power, no spoiler and, I think, manual tranny.
  • qbrozenqbrozen Posts: 17,517
    actually, i think it was posted here, but we figured the deal to include AC and automatic tranny.

    In any case, the options don't affect the deal all that much. If you read back, you'll see my BIL got a 3s touring automatic with SAB, 6cd, and moonroof (right around $20k msrp) for $211/27 mos and $3k down. It would have been about $250 with $2k down.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • mhs7386mhs7386 Posts: 33
    What's BIL? You apparently got a good deal because you got the moonroof and 6cd. Hey, I have another question. I just did a verbal deal on the phone with one dealership, gave him all info for credit app, then another dealer called and for $2 more a month, the car he has in stock includes compass/auto dimming lights and wheel locks... only difference being he has to add the spoiler and we can't get the car tomorrow, which is when we wanted to surprise our son. Your thoughts? Thanks very much.
  • qbrozenqbrozen Posts: 17,517
    BIL = brother-in-law

    personally, those extras are worthless to me, so i wouldn't pay $2 or wait for the car. but that's just my opinion. you may WANT those things.

    You really should look at the 2-year deal. You may be surprised. The number is probably amazingly close to your 3-year deal, if not better. That just happens to be where the mazda incentives are right now.

    should be easy enough. Just call the dealer you've already got the verbal with and ask him what the payment would be on the same car, same down, for 2 years, because you've read that mazda has great 2-year deals right now.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • stallionrestallionre Posts: 205
    How long do you want the car for? 2 or 3 years? I still think that what they offered you is a good deal with all those options.
  • mhs7386mhs7386 Posts: 33
    Hi Stallionre. We're picking up the car for our son today. I leased it for three years...don't want to shop again in two. The only question left is whether to go for 12k miles a year or 15, which ups the monthly another 10 bucks. The wife prefers the lower payment ($239.00). By the way, the first dealer told me after I posted yesterday that the car DOES have those little extras, the compass/auto dimming lights and wheel locks. So bottom line is $1994 out the door and $239 a month...based on purchase price of $17,356.
  • mhs7386mhs7386 Posts: 33
    My lease payment will be $237 a month, not $239.
  • mhs7386mhs7386 Posts: 33
    Yeah, but your BIL put 3k down...we're putting $1990 down, and my son actually does not want a moonroof, and doesn't need a 6cd player...and our monthly payment is $237, taxes included.
  • stallionrestallionre Posts: 205
    Awesome deal mhs7386. Great job!!! Tell me how you like the car and drive the heck out of it. ;)
  • qbrozenqbrozen Posts: 17,517
    As I explained, $2k down would have made his payment $250, including taxes. Knock off the extra options and it would be right in the neighborhood of your payment.

    Hey, its whatever you need, right? Good luck with the car. enjoy.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • sonniesonnie Posts: 1
    Hello...

    We are looking at a Mazda3 for our daughter... very nice car. We went to Mitchell Mazda in Enterprise, Alabama today and got a quote on a 36 month lease. I wish I had paid closer attention to the car though, because I'm not totally sure of the details. If I'm not terribly mistaken this unit had the 6 disc in-dash CD changer, satellite radio and I believe floor mats. It listed for around $18500-18700. I remember them showing me the invoice and I want to say it was around $17200-17300. I may be a $100 or so off. The unit is red, 2.0 liter engine, automatic... I think it's the i Touring 4dr sedan.

    Initially they quoted us zero down and $322 month. Of course I wasn't even going to consider that much per month. They came back at me with zero down and $286 month or $1500 down and $256 month. Ultimately the best deal he offered me was $500 down and $269 month... and that was supposedly the best they could do. He said they were selling it at invoice.

    The lease quotes are all 36 months and include the wear and tear coverage, with 10,500 miles per year, which is plenty for our daughter. She averages less than 500 miles per month.

    For $17300 or there abouts, does $500 down, 36 @ $269 sound reasonable? We may go ahead a pop $1000 down and see where that gets us... or is it better to pay more down? I guess it makes sense to pay more down and not pay the lease fees on that portion.

    Thanks!
  • wilkich84wilkich84 Posts: 34
    Looking at a 5door touring which i think includes the SAB and stability control standard. Would consider a sunroof but not a required option. We are thinking about pulling the trigger now or waiting until labor day when we will actually need the car. While the rates look good now, anyone have any reason to believe that lease deals or selection will be in September? If I opt for Man Tran, does your answer change? Thanks.
  • audia8qaudia8q Posts: 3,138
    Looking at a 5door touring which i think includes the SAB and stability control standard.

    If your looking for a manual tranny in the northeast they are in very short supply...So your location might help you to decide when to buy. If your in the northeast, waiting won't help...the deal doesnt matter if you can't get the car.
  • wilkich84wilkich84 Posts: 34
    Thanks for the response. I'm in Northern California. The sales guy at the Oakland dealership did mention they were short but I thought he was full of it.

    I guess the question now is whether the supply will remain constant for the 07s (i.e. are they making more?). If not, will the lease rates change significantly that I will not regret waiting until September. Put another way, if I can't talk the wife into an stick and I'm stuck with the auto, will there be screaming deals at model year end that will make me feel better?
  • qbrozenqbrozen Posts: 17,517
    heck, 5-door models in the NE seem to be in short supply regardless of tranny. when i took my brother-in-law to lease his 4-door, the dealer didn't have a single 5-door on the lot, but had at least 30 sedans.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • sphinxriddsphinxridd Posts: 10
    Hi Carman,

    could you please give me the residual % and money factor for super preferred/preferred/standard credit tiers for a 24-month lease on a i Touring 4dr 5A mazda3?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, steevo.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sonnie. Let's use Mazda's current lease program to estimate what this car's payment should be and see what we come up with. According to my calculations, if you were to lease a 2007 Mazda3 s Sedan that has an MSRP of $18,600 and a selling price of $17,250 through Mazda Credit for 36 months with 10,500 miles per year, your zero down, pre-tax monthly payment would be around $232. The $286 per month payment that you were quoted is considerably higher than this even if it does include tax. Make sure that the dealer that you are working with is using Mazda Credit's buy rate lease money factor of .00220 and its residual value of 57% to calculate your monthly payment.

    It is definitely not in your best interest to make a down payment when leasing. Consumers can and should lease any vehicle that they want without making any capitalized cost reduction. Those who make one risk losing it if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, sphinxridd. Mazda Credit's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Mazda31 Touring with 15,000 miles per year are .00221 and 68%, respectively for consumers who qualify for its top credit tier. I'm not sure what the factors are for its lower credit tiers.

    Car_man
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    Prices Paid Forum
  • wilkich84wilkich84 Posts: 34
    Hold on. The no down payment advice is the first time I have ever heard that. I thought that it would be a good idea to lower your payment. We're hitting a 2 year cash crunch ( 2 preschools in Northern CA) and I've been thinking of just putting the tax return into a lease down payment to keep the payment around $200. I guess I could keep the cost down by having a higher residual or should I just swallow the higher payment. This is all good to know.

    FYI I'm looking at the 3s Touring Hatch with auto with sun/CD package.
  • wilkich84wilkich84 Posts: 34
    More info. A 24 month low mileage (10-12k) lease best fits our needs.
  • sml6sml6 Posts: 4
    I just walked into a Mazda dealership, and came home with a 2007 Mazada3 in a couple of hours. Could you *please* tell me if I got a good or a bad deal? I don't know if I was impulsive to sign and take it home today.
    I leased the S Grand Touring, with spoiler, in Automatic transmission.
    MSRP $21,955
    Selling price $20,551.32
    Gross cap cost $21,399
    Zero $ down. 36 months, 15K. monthly payment= $335 incl tax.
    inception and first month's payment= $1477.68
  • tucci314tucci314 Posts: 2
    I want to lease a 2007 Mazda3 S Sport with the airbag package and the autodim mirror with compass for 36 months. It's MSRP is $19,180. I plan on getting a low mileage package (1200 miles a year). I'm shooting for monthly payments of $200 to $210. How big of a down payment do you think Mazda will want?
  • hey Car_man, would you happen to know current (june) money factors and residuals for the following:

    1) mazda-3 S-touring (4-door), 3-year lease with 15k miles
    2) nissan altima 2.5S, 3-year lease, 15k miles?

    thanks very much!
    sr
This discussion has been closed.