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2006 Mazda3 Trade-In Dilemma

jbmazdajbmazda Posts: 2
edited March 7 in Mazda
About a year ago, my wife and I purchased an '06 Mazda3 Touring Hatch Wagon (black & black leather interior). We've decided to move from NJ to Portland, ME this summer. She is now pregnant - which means we really need a slighly bigger car that will handle well in the Maine winter. I'm a teacher and she's a PT, so we're not very savvy or business-minded. Looking for advice about trading in/up for something a bit larger. We've never done this before.

Can/Should we trade-in the Mazda for say, a Honda CRV or Mazda Tribute, and end up with a new 5-year lease at a similar payment (about $300/mo.)? Or will we need to put more $$ down?

We put 7K down on the Mazda and still owe $13.5K on the loan (at 6.6% over 60 mo.), and also have an '04 Honda Civic as a second car that is 4K away from being paid off.

We can handle two car payments (approx. $400-$500) - and will need two cars.

Thanks in advance for any steering.

Comments

  • stallionrestallionre Posts: 205
    jbmazda,

    I have the CRV and love it. I also have the Mazda 3 GT Sedan and love that also. My wife and I are also school teachers and she hase the Nissan Altima and loves that. I suggest getting the CRV. I love Honda's, simply becuase they are awesome SUV's and are made in Japan. You can never go wrong with a "J" car. I can't tell you enough that I am fond of "J" cars.
    Try looking into a Honda Odyseey. Those are also nice and roomy. Mazda Tribute is also so very nice, it all depends on what you can afford and the options that you are looking for.

    I honestly don't think that you can get a SUV for $300.00, maybe you can, not sure. I leased one car in my life and never again becuase I was negative on it and had to pay at the end, which totally sucked.

    I have one car payment. We try to keep our car's down to one car payment. We have three cars.
  • eldainoeldaino Posts: 1,618
    isn't it built here in the states?
  • stallionrestallionre Posts: 205
    No, the Honda CRV is a "J" car. Built in Japan.
  • jgill2jgill2 Posts: 5
    Actually, the CRV is assembled in Japan, Canada, and the US for the US market. There seems to be no difference in quality from one plant or country to the next.
  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 797
    If you want to lease and need to payment to remain as low as possible, the Honda CRV is your best bet. When you lease a car, the payments are based on an estimate of what the car will be worth at the end of the lease term (residual value). Because Honda vehicles traditionally retain more of their value than almost every other make, the difference between what the car costs new and what it's worth in a few years is lower than most. For example, assume the CRV costs $26,000 new and the lease is written assuming a residual of $16,000 in five years. Your lease payments will be based on the difference of those numbers, basically $10,000 divided by 60 months. Interest and other fees also factor into the equation, but the resdiual is by far the predominant factor in calculating lease payments.

    As far as your trade-in, do you have any used car superstores near you (Carmax, etc.)? If so, they will quote you a price to buy your car that is often more than dealers offer in trade. Be sure to check your car's value on Edmunds.com also. At the very least, insist that the dealer give you that price for your trade-in. Too often people get ripped off on their trade-in.

    The Mazda3 has held it's value quite well in relation to other Mazda models and its competitors (with exception to Honda and Toyota). Edmunds TMV price shows trade-in at $14,025, private party retail value at $15,316. Those figures are for a 3 s Touring 5-door, black, leather interior, automatic transmission and 20,000 miles in perfect condition.

    You might want to consider selling it yourself if you can afford to wait a bit. You will most likely get another $1500 or more selling it rather than trading it in. It's a desirable car that sells well, so it shouldn't take very long at all to sell.

    Good luck. By the way, have you thought about the Mazda5?
This discussion has been closed.