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I believe that Mazda's lease cash on the 2005 RX-8 is up to $3,000 in April, $1,000 customer lease cash, $1,000 dealer lease cash, and a $1,000 bonus for unsupported leases of this model through Mazda Credit. I have not seen what its unsupported lease money factors and residual values for this car are like recently though.
I am working on confirming it with a couple of Mazda dealers.
The 8 would still be a "bad" lease car, since the MAC money factor is pretty high and the residual (on a 36/36k lease) is less than 50%.
Dennis
Host, can I post initials? I'm certainly not posting anything bad about him - I'd love for him to get credit for selling EVERY 8 they have.
As I said, it's been a couple of weeks since i was on the lot, but I'm guessing they still have a few. What color, what options are you looking for?
vroom7...If Dennis is right and the 26805 is invoice, it is a decent deal. I think you could hold for a little more. No offense to you and your likes, but my dealer said they had trouble selling the AT's and after the initial order of them, did not order more. Could be the area or it could be a pretty good bargaining tool for getting a better price? See what seems to be the case in your area before you try it. Could be completely untrue for your dealer!!
I hope to have the lease cash confirmed this week.
The 8 really does not lease well - the MAC and ALG residual is really low, which is too bad.
Dennis
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I would avoid leasing the 8. When I started shopping, I looked at leases on the 2005. My dealer, point blank, told me to do myself a favor and not waste time trying to lease it. I just can't see the benefits - monthly payments seem to be about the same and I hate worrying about miles every time you drive it (leased once). My payment is roughly $358 (no money down, just paid my TTL). I budgeted $400 per month to actually pay on the car. My depreciation schedule (everyone should have one) shows at the end of 3 years (at this rate of paying) I will owe roughly $10K on the car. If the car is in good condition and mileage reasonable, this has to be safe for a trade at that point. May even be a small amount of equity in it?
DEALER CASH INCENTIVE
ALL NEW 2004 RX-8'S QUALIFY FOR $4500.00 DEALER CASH
Rebate: $4,500.00
Expires: 8/1/2005
And there APPEARS to be 2 different 05 lease incentives, which may or may not be combined. If so, then $3k below invoice MIGHT make for a decent lease deal (even with the bad residual and MAC MF).
LEASE CASH + DEALER CASH
$1000.00 DEALER CASH PLUS $1000.00 MAC CUSTOMER LEASE CASH...SEE DEALER FOR MORE DETAILS
Rebate: $2,000.00
Expires: 5/2/2005
Rebate applies to: New 2005 Mazda RX-8
and
LEASE CASH
$1000.00 MAC LEASE CASH (See Dealer for Details)
Rebate: $1,000.00
Expires: 5/2/2005
Rebate applies to: New 2005 Mazda RX-8
Dennis
2005 Competitive Lease Conquest Direct Mail Program $1000 Customer Cash
So unless you get the direct mail coupon, then they are still stuck on $2k in lease money
Dennis
2004 Automatic with Touring Package
Invoice (not MSRP): $26805
Selling Price:$22500
Invoice date: Aug 2003
Thanks
So $26,805 - $4,500 = $22,305. There is $500 of so of holdback on the car as well, so if the dealer is not sticking any other fees on top of your price they are making about $700 on the car. You should be able to do a little better on a car that will soon be 2 years old.
If they are going to stick a "doc" or "dealer" fee on top of the quote, then they need to do a good bit better.
04s are getting harder to find and a lot of the ones left are not desirable color and/or really loaded up (GT, NAV, etc) - so keep that in mind.
With the current dealer incentive you are NO LONGER required to go through MAC for financing. So see what your credit union, bank, or CapitalOne online will do for financing before talking to the dealer's finance folks. If they can't beat your rate, then use your own financing
Dennis
Not that I'm looking to buy, of course, but for curiosities sake, what kind of rebates, if any, are they doing on the purchase of an 05? It's not gonna be long before they're gonna have to put some back into moving those as well.
Not needing to go thru MAC to finance the 04's is really nice. Their rates were not great, and I'm sure most people with good credit could more than beat it at most banks, credit unions...
BTW, I don't think you've ever mentioned the color you're wanting? Red?
The $2k in lease help is it on the 05s and you have to do MAC lease to get it.
That said, carsdirect shows $100 under invoice on a new 05 depending on the ZIP code. So the dealer is just going to make the hold back and a dealer fee. That still is a LOT more than $4,500 or so UNDER invoice for an 04. Down the road the difference in value between a used 04 and 05 will be $2k or less. So unless the 05 is within $2k of the cost of the 04, the 04 (to me) would be the better buy.
My S2000 is red, and I am not sure I like the metal-flake look of the 8 red or not. I like the dark gray (titanium) or maybe even just the sunlight silver. The red would be OK, but I don't want white, black, or the nordic green. I would not mind the yellow like you have, but I am afraid my wife and sons would not ride with me - my daughter still would, however
The sports pack is the best deal, but I like having the moonroof. Maybe a touring car w/NAV or a GT w/NAV. Love the NAV, but if paying more than $5k under invoice might have to skip that
Dennis
Interesting reading. Many on the staff would STILL buy an RX-8 for themselves, despite the dismal fuel mileage, high oil consumption, and pitiful resale value.
Just something to think about before deciding if the RX-8 is the car for you or not.
If you already have one, just a reminder to check the oil frequently and a warning about future resale value.
Dennis
Color - Red was my second choice. I tend to agree with you on the metallic flake - I like it initially, but kinda wears on me after a while. Silver would have been my 3rd. Black was out because it gives me a coronary trying to keep it clean and the scratches and swirls make me want to cry. I ABHOR green cars - no nordic. Titanium was not bad but looks kinda purple in some lighting situations. White I could live with if all other colors were gone. Don't like the winning blue. I avoided those on the lots, but the book says that's a metallic color as well.
2004 Sunlight Silver 6speed with
-grand touring pck
-6cd changer
-rear spoiler
-appearance pck
-rotary accent pck
per dealer quote: msrp 33164; invoice 30231, offer 26231
-or-
2005 pearl white (or maybe titanium gray) 6 speed
-sport package
-mats, cargo net
msrp 28895, invoice ~26522 (my calculation), offer 25995
Is either a good deal? The heated leather seats and moonroof would be nice, but the other stuff I don't care that much about. It would be nice to have the 05, and I like the gray or white more than the silver I think. I'd like to make a decision asap.
thanks for the input...
Sounds like you like the 05 just a little better. My 04 has only the sport package and the navigation system (not my choice to have it, but it's ok). Many of the options you listed on the 04 can be added by your dealer. I'm doing just that with a few things and using the "pay as I go" rather than financing them in the initial buy of the car.
Payments with these 2 numbers will be similar, as you probably know. Buy the car you like best!! Let us know what you decide!!
On the 05, the car includes mats so unless you want those rubber "all season" things no need to pay more. Invoice on the gray looks to be $26,788 for the car and the net, in white it would be $26,950. A good price on an 05 would be $100 or so under invoice.
On the 04 there must be something missing - I get $30,105 for invoice based on what you listed. I also get $33,764 for MSRP. The dealers are getting a $4,000 discount to sell the 04s, I read where it is now up to $4,500. They STILL get to keep 2% of base MSRP as hold back, which on this car would be a little over $500. A better price might be $4,500 to $5,000 under invoice. They can't sell these cars, they should be happy to get rid of one and break even or make just a couple hundred on the deal.
The 04 has more stuff, some you don't want - so that makes it harder to compare.
Right off the lot, the 05 will retain more value. Down the road, the 04 will never be more than $2k less than the 05 and will be more likely $1k or so less (it has more stuff and will have low miles for an 04).
It looks to me you can get the 04 a little cheaper, and it will be worth only a little less down the road - but has more stuff on it. I would lean toward the 04 if that was my only choice. I would also check with lots of other dealers, since they may have a more suitable car on their lots. I don't car for the appearance package (for example) and it adds $775 to the dealer cost of the car. The CD changer adds $400. So if you found a similar car elsewhere without these 2 items you could save $1,175 on the car. I would get the 04, but one I found elsewhere with more stuff on it I wanted (NAV) and less on it I did not want (appearance, changer, maybe the wing).
Dennis
The 04 VS 05 debate is a valid one - IF you got a car like you wanted. Where are you located? I would try to find other dealers in the area with left over 04s and see what they have left. The GT option is nice, the other stuff is just raising your cost on the car. Find one with less fluff - or maybe a touring package car (Bose stereo and moon roof, but no leather) and the difference between 04 and 05 would be a lot less. To get more for less, I would take a properly equipped 04. Down the road, the difference will never be more than $1k-2k - so saving $4k now on the right car is a better deal.
Mazda and the dealers can't sell this car. So I would look for 05 incentive money to show up in a few months to try to move the 05s off the lot. If you are set on getting an 05 or can't find an 04 that suits you, they will surely get cheaper and cheaper the longer you wait.
Just be warned about the fuel and oil consumption rates - and as you can see resale value is not likely to be too good down the road either. But it IS a fun to drive, very unique car.
Dennis
If MazdaUSA still had the 04 cars in the inventory search, you could probably find a car within 300 miles that would suit you. Without that you would have to call all of the dealers to see what they have. At this point, the 04s are MOSTLY less desirable colors and/or fully loaded (NAV, etc) or maybe AT cars. Most of the choice one are more likely gone - or the dealers dealing rock bottom prices have sold most of theirs. Dealers that will not deal on these 04s are destined to have them for a LONG time.....
Dennis
For example, I have heard that on the left coast, they just can't find any 04s now. I guess they have done a better job of selling them there or the 8 is just more popular there. Around here, they are are down to just a few 04s but the dealers don't seem to be as highly motivated (yet) as some others.
Dennis
MSRP 28,825
Invoice 26,594
paying 25,800
I'm happy, but I'll be a lot happier when I pick it up
I think the gray would be my first choice, if I had a choice
Dennis
2004 RX8 6spd Std Yellow
navigation system, rear wing spoiler, portfolio, floor mats, appearance package, wheel locks
Price: $34,525
Sale Price: $27,997
Not sure what the "portfolio" in options refers to, but other than that I'm getting the feeling that the sale price is maybe 2k to high?
I'm new to tracking down true dealer costs, incentives, holdback, etc, so I'm hoping the people here can set me straight, you all certainly seem to know your stuff on pricing RX-8's!
Thanks...
I am not sure what the portfolio is either, but it may be a book they book out about the new RX-8. Seems like they gave them to the first xxxx folks that purchased an 8.
These cars are getting near 2 years old, so there is no reason the dealer can't let you have it for $0 cost or just make a little hold back.
Dennis
I don't think the wife minded, she wasnt to hot on the yellow to begin with (read: she hated it).
2005 RX-8 6-Speed $299/Month, 24-Month Lease, $2,598 due at Lease Signing. Includes 1st Month’s Payment and Security Deposit. Excludes taxes, title and fees.*
* The Amount due at Lease Signing is higher in the following states: North Carolina ($2,993); Virginia ($2,993); and West Virginia ($3,010).
** Dealer participation required. Not all lessees will qualify for lowest payment through Mazda American Credit. Some payments higher, some lower based on residency and other factors. Not available for NY residents. Lessee responsible for excess wear and mileage over 24,000 at $0.15/mile. Total payments of $7,176. Purchase option at lease end for $16,187. Take new retail delivery from dealer stock by 5/31/05. See participating dealer for qualifications.
Notes:
This is a base 6 speed, hopefully the other cars will have a similar promo lease - but of course will be more per month.
This is a 24 months lease - a very hot deal for a 24 month lease.
The residual is at 59% for this.
If you take the money shown down and remove the first payment and security deposit you end up with $2,000 as a "Cap cost reduction" (down payment).
If I take the invoice price - $2,000 and a 24 month term and a money factor or 0.00001 (free money) I get the payment of $299 per month. So either the money factor is "nothing" (not likely) or there is discount money to the dealer in the deal. If I use invoice - $4,000 (your $2k and $2k from Mazda) then the MF works out to 0.00222 (5.3%). The right number may be something else, we will not know until we get the details from a dealer.
This may be only for 24 months leases, or they may have similar specials for 36 month terms.
Dennis
Dennis
Mazda North American Operations - April 2005
Month-To-Date Year-To-Date
April April % April April %
2005 2004 Change 2005 2004 Change
RX8 1,001 2,207 -54.6% 5,918 8,234 -28.1%
$1000 customer cash + $1000 Mazda credit rebate(mac cash)
only applies to Lease or AVP.
if you pay cash or finance there are no incentives.
Dennis
5 Red 04's that MSRP for $33,595 - They had leather, moonroof, navigation, NO spoiler. The salesguy said $27,200 for these.
1 Red 04 MSRP $30,435 price quote of $24,500 (this is about same as above minus the navigation, I think.)
1 Green 04 MSRP $28,290 price quote of $$23,100
1 green 04 MSRP $$32,125 quote of $25,900.
They are all 6 spd manuals. Also, these are the numbers he quoted, I'm sure you can negotiate a little more. www.lesterraines.com in South Charleston, WV. They will ship them if the buyer wants to pay for it. I was really surprised, even with this many left, they have moved several since my buy in March!!
I have seen even better prices - an 04 with GT and NAV for about $25k. I am not going to say more, since if someone buys my car today I would get this one....
Dennis
I'm sure you can get the above prices down a little more. These were just prices they pulled from their dealer sheet for my reference. Also, other than just a quick glance inside, I really didn't check out the options on them - they may have more goodies.
I got the rotary accents put on mine yesterday - looks really good and I did the 6 disc changer. I'm pretty much done with the accessories.
Tried all the 2 seaters and just not the right fit. So I decided I was going to settle for a 4 seater that fits 2 "horizontally challenged" people.
Went out to get a Mustang GT. Had to wait until July and I was ready to buy. Before leaving the salesman asked f I was interested in testing the 8. So my dealer was a Ford dealer and not a Mazda Dealer.
Looks were awsome, fit was great, driving experience was unsupassed.
So here was the deal:
2004 Titanium metalic grey with black leather
July 03 build 1st owner 11/03 traded in 2/05 (carfax) for a mustang GT
9600 miles
GT package
Rear spoiler.
Inspected before sale and new tires installed.
It was an impulse and I did zero research other than a 2 hour test drive on every highway, back road, curve that I could find. Worked the tach to the max, took her to 130 and tried to break her loose on many a tight curve. Filled it up to check the MPG (so I knew the MPG sucked but wasn't in it for that) and took it home.
$25,000 all inclusive of taxes, title, tags, prep, tire tax and "anything else that they would ever think of putting on it"
It did not come with any service papers or stickers for TSB's. With a build date of July 03 I will probably take it in and have all things checked or need to run the VIN to see whats in the database. What do you think?
I haev a good vehicle and really do not need a new car, but REALLY want this RX-8. My question is basically when do you think the new 2004's will run dry, and will prices really fall much more, or are the selling sufficiently quick so that this will be as cheap as they really will go?
Any insight from the members would be greatly appreciated, and maybe kick my butt to the dealer soon!
I would agree that I doubt they will drop the vehicle, as its image is equally, if not more important, to the sales numbers for Mazda. If they get rid of it, they are basically a company with products that are hardly too unique, or exciting.
On a 6MT the GT pack is a little over $1k more than touring at invoice, the NAV ads around $1,700 to the invoice price.
So if your ideal car is a touring pack without NAV, then the invoice on it would be about $2,700 less than getting a GT w/NAV.
Right now, you could get an 04 GT w/NAV for $4,000-4,500 to maybe $5,000 under invoice. An 05 might be right at invoice. So with the 04 RIGHT NOW the GT would still be less and you get more. Of course, if you hate leather seats then getting stuck with a GT is not a good deal.
But say you really want just the sports pack, you are tall and the moonroof cuts into the headroom. On a 6MT the sports pack is $2,409 cheaper than the GT, then $1,700 for the NAV. The difference is about $4,100.
So if you had to take a loaded GT w/NAV for $4,000 under invoice VS your ideal car with just the sports pack for invoice - the price would be about the same. In this case, it would seem to make more sense to get the 05.
Do you see what I mean?
If the invoice search still worked for 04 cars, you might could find one just like you want and then you would save $4k-5k for sure. But if all you can find are loaded up ones, then you have to ask yourself what is it you want - and if maybe paying more for an 05 is a better deal.
Dennis
Mazda USA has washed their hands of the 04 models, it appears. They
pulled them from the car locator a couple of months ago and gave dealers
$4,500 or $4,000 (depending on who you listen to) write off on them and
have moved on.
I don't see them getting any cheaper, unless the dealers sell them for
$0 profit or at a loss. Hold back is 2% of base MSRP, so figure invoice
less that less $4,000-$4,500 is about it. So you can figure the bottom
line, make no money price.
There are TONS of 05 8s on the lots too, and assuming they don't drop
the car (I would be shocked if they did) 06 models will be out soon.
They brought out a "show" Shinka model for 05 and folks are GUESSING they
may bring out a "go" MazdaSpeed model for 06. If they do, the values on
left over 05s will drop faster than the value of my 401k
You can get an 05 for invoice or a little less right now. There is a
$1,000-$2,000 dealer lease incentive if you lease one, so an even lower
price is possible. Most of the left over 04s are loaded up NAV cars. If
that is what you want, then that is a super deal if you can get it for
$4-5k under invoice. If that is not how you really want the car, then
you could get one just right for invoice or so right now - and the
difference in price would not be that much since the 04 would be loaded up
with extras. Down the road, the 05 would be worth $1k-2k more - so you
might come out OK with the 05 equipped like you want it. Once they put
more incentives on the 05s, they will start moving fast - then it is
like a reverse auction. If you wait and they still have the car you want,
you get a better price. But if someone else buys it, then you can't get
what you want once the incentives are greater.
The sad thing is the resale and trade value of these cars is going to
be in the toilet, but as long as you know this going in (along with the
poor mileage and flooding issue) then it is fun car.
Dennis
Do you think that my local dealer just isn't giving me a good price? He quoted me 31k gt pack, navi, 6 disc.