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Mazda Miata Lease Questions

24

Comments

  • waydewayde Posts: 198
    Hey Car Man - Can you give some details on the new lease offer Mazda has out for the Miata? Thanks in advance. (MF, residuals, etc)
  • wilzapwilzap Posts: 107
    I think the offer is only available for the soft top, but don't hold me to that. I did talk to 1 guy who was going to do it but he waited to long and went to the dealer to find that they sold it that morning, and he was talking about a 27 month lease with about $1300. down plus all the other buying costs that you have with a lease, I would just call a dealer and ask for the details.. good luck
  • redesporedespo Posts: 1
    :) I visited my local Mazda dealer in NJ today and they quoted me the following lease terms for a 2008 Icy Blue Metallic Grand Touring Special Edition car.
    36 Month Lease, 12,000 miles a year.

    $1,800 down payment which included taxes and all security deposits etc.and he waived the first month payment.
    Then each month for the next 35 months I would have to pay $314.51 dollars.

    I have a 2004 Crossfire lease from this same dealership (Chrysler/Mazda) and I only have 14,800 miles on the '04. The lease is due June, 2007 and they said they would eat the last 3 payments.

    Is this a good deal?

    Thanks for everyones assistance.
    Red
  • wilzapwilzap Posts: 107
    Doesn't sound to bad if they are indeed going to eat the last 3 payments, I would make sure that they don't roll them into your new payments.. so I calculated your total cost that you listed and came up with $12,807.85 for 3 years then you can give it back or buy from the lease, the only problem I can see is only being able to put 12000 miles a year on it, I don't think I could drive it that little but I do drive mine year round.. am not a big fan of leasing but thats just me :)
  • pmrtpmrt Posts: 5
    I am new to this site so please bear with me. Looks like car-man is the "go-to" person on leases but I'll take anyone's advice. I have been offered the following deal on a new, 2008 MX-5 Miata SE convertible: $1K down (includes everything except excise tax) and $279/mo if I complete the deal before April 1, 2008 (that give me tomorrow only). My questions are: A) Is this a reasonable deal? B) Do you think if I offered to pay 12 months at a time (3 payments total) I could get it to $250/mo? C) My buddy negotiated oil changes in the lease price on a Ford. Is that reasonable on this car? and D) If I can chew down the 26,590 MSRP will that help the buyout price in the event I want to buy the car at the end of the lease?
  • robger99robger99 Posts: 42
    Just leased a 2008 mx5 miata touring 6 speed with appearance package. 27 months 15k miles/year total out of pocket $1070.00 for $289.00 month taxes in. Any thoughts on this deal would be appreciated.
  • pmrtpmrt Posts: 5
    I'm the guy with the question on leasing just before you. I got no answers but here is how my deal worked out. Mine was the special edition. List was 27,275. I got them down to 24500, then I leased. $279/mo + tax. $1k down. 12k/yr miles. I think I could have gotten them to 15K miles but I won't even put on 12K so it didn't matter. Also includes oil changes for the first year. No big deal. Lease + buyout price of 15,000 = 24,500. I'm satisfied. How it works out over 3 years really depends on how well the car performs/quality, etc.
  • robger99robger99 Posts: 42
    Sounds like a slightly better deal as the list on mine was approx 25,500. but it is only a 27 month with higher miles-which i will need. Enjoy your new car. Im in Michigan and it is 60 and sunny here today-it sure felt good to test drive it today with the top down!
  • pmrtpmrt Posts: 5
    I am a 30 yr veteran of sales negotiating and I'll bet there are still better deals. That said, obtaining the absolute lowest price is secondary to getting a reliable car through a dealer who services it correctly and efficiently, and looks forward to having you as a customer again. I picked up the car two days ago. It's been raining here in Boston since then. It's cold (roughly 40 degrees) and raw. The extended forcast? Rain, cold, windy, raw days through next week. I am driving my sedan. Hope you enjoy Miata, too.
  • howiebxhowiebx Posts: 20
    After much research, road tested Miata, 350Z and Accord Coupe. All are attractive, but I wanted to have some fun with the top down.
    I will be buying or leasing in about a week.
    It is a 3rd car, other is a suv and 4 door (wife & 2 teen drivers)
    I was offered this (did not negotiate yet)

    Grand Touring with Leather, soft top and limited slip package = $25,900
    Lease for 24 months at $295 with 2000 + tax down, 10,500 miles
    Lease for 36 months at $369 with 0 down, 10,500 miles

    Any recommendations on model choices?
    How do you like your car?
    Is the door cupholder annoying?
    THANKS FOR YOUR ADVICE
  • pmrtpmrt Posts: 5
    Howie:
    Perhaps you can seem my thread from a few days ago. I just closed a 35 month lease on a special edition. 24,500 was the final "price". The SE has everything you listed and then some. The lease was then $275/mo plus taxes. (I confirmed the tax costs myself)tions). $1000 down. 12K miles/yr. I am of the impression I could have pushed the dealer to 15K miles/yr without a problem but I'd never use it anyway.
    PMRT
  • howiebxhowiebx Posts: 20
    Thanks for the info,
    did the "SE" have leather and limited slip or any other
    "packages"

    I live in NY and was curious if your purchase was anywhere nearby that
    I could perhaps use the same dealer.
    Thanks again
  • pmrtpmrt Posts: 5
    The SE is the "top of the line" so-to-speak and has all the bells and whistles. Yes, it has leather interior, limited slip, 6-CD Bose system and other stuff unique to the SE. I'd have to check the sticker to see what else was unique to it. However it also has special wheels, zenon headlights (which I hate because they throw a beam with a cut-off like a razor) and comes in only icy blue with a chocolate brown ragtop and chocolate brown leather interior. I got it because that's the only color my wife liked. I am just north of Boston and doubt using this dealer would be worthwhile on a lease.

    I suggest trying a few dealers that are outside a 25 mile radius of you. Most dealers who know you are that far away view you as an opportunistic sale....one that they are not likely to make by drawing you in with advertising.....and therefore may be more willing to deal knowing if you walk you won't be back. The volume of cars a dealer moves also has something to do with it. Dealers many times get a rebate (also called "holdback") from the manuacturer refunded to them at the end of the year based on their annual volume. The dealer I used says they are 4th largest in the country. I tend to believe it. They own a half dozen dealerships on just the strip where I bought.

    So you will know, even this dealer started out at $480/mo (including taxes). Doing one's homework and letting the salesman know other makes like the Honda S2000 (better ratings) are on your list is important. Also, having a strong constitution for negotiating doesn't hurt. Lastly, I went in at the end of the day on the last day of the month and end of the sales quarter when sales goals are more important. Remember, to them you are just a sale. They need to know that to you, it's just a car and there's always another one somewhere else. Sorry to be long winded.
  • ny234ny234 Posts: 2
    I have a quote for a 2008 Touring softtop MSRP $23,630 (no extra options) but I think I can negotiate a better 24 month lease deal via a lower Cap Cost. Deal includes $1,000 rebate, no security deposit, Quote included .00100 money factor. Just pay tax, plus $645 delivery/destination, plus $652.50 fees. Dealer just took $500 off the MSRP toward the sale price / initial cap cost (sale to Mazda Credit). Question #1, should I offer to do the deal if they reduce the $23,630 to $22,900 or better, $22,800 (all other things stay the same)? Edmunds shows the invoice at $22,501 and the True Market Value at $23,201. How many hundred over invoice is appropriate?
    Question #2 is what should the acquisition fee be in New York for Mazda Credit? I am in upstate NY. Still too cold for a convertible.
  • If it helps to compare slightly, I was recently offered this - haven't decided what to do yet.

    I have searched for the Miata you are interested in and found a couple with the following options:
    2008 Miata Grand Touring 6spd manual transmission, Premium Package and Suspension Package, Stormy Blue.
    MSRP $27,275.00
    Sale Invoice $25,337.00
    Less -100.00
    Processing 99.00
    Temp Tag 15.00

    Total $25,351.00

    Now that you have moved to a soft top you may want to lease thru Mazda. You can receive a $1,000.00 rebate on soft tops when leasing with Mazda.
    There is no security deposit. There is a $595.00 acq. fee but the rebate absorbs that. Mazda money factor is .00101. The residual for 3yr 15k per year is 52%.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey wayde. Mazda's lease program varies by term and mileage allowance. You never mentioned what any of these specific variables are, so for now I will assume that you are interested in a 36 month lease of a 2008 Mazda Miata with 15,000 miles per year. The buy rate lease money factor and residual value for such a lease are currently .00051 and 52%, respectively. When negotiating your lease on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on leases of it through Mazda Credit.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome pmrt. You never mentioned the selling price of the Miata that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I am sure that either myself or another community member will be happy to give you their opinion of this deal if you let us know what this number is.

    Mazda Credit won't provide you with any sort of discount for paying your lease a year at a time. It will provide you with a reduction in the money factor that is being used to calculate the interest portion of your lease payment if you pay for the entire thing in advance. The last time that I checked it provided a .00041 money factor reduction for 2 year leases that are paid for in advance, .00083 for 3 years, and .00125 for 4 years.

    You may be able to get the dealer to throw in a few oil changes for free. I personally would forget about the free oil changes and concentrate on getting the absolute lowest selling price that I could on the car.

    As I mentioned earlier, the lower your car's selling price is, the lower your lease payment will be. Unfortunately, your car's end-of-term selling price has nothing to do with the selling price that you negotiate. It is based upon a percentage of your car's full MSRP.

    Car_man
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  • hward1hward1 Posts: 2
    Hello - i was wondering what the money factor and residual is on a GT for May - can i negotiate on the residual or should i - if not how much is it now --- would the lease of a GT be better that on Touring --- i really want leather but thats it from the standard Touring --- thanks ;) ;) ;)
  • hward1hward1 Posts: 2
    hello - that sounds like a great negotiation on your part Howdie--- i am interested in the same car --- how did you come up with that lease price --- money factor ect. --- i am having no luck --- thanks Heath
  • Is the $1000 lease cash back from MAC still in affect, I can't seem to find anything about it. And is it only for certain trim levels?

    I am looking at an 08 sport w/automatic MSRP $25615 and I have access to S-plan. Is it unreasonable to think i could get away with around $250-275 a month payment? I am looking for a 24 month lease nothing down and 10.5 or 12k a year.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hward1. This car's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Mazda's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda Miata GT with 15,000 miles per year are .00051 and 52%, respectively for consumers who qualify for its top credit tier. The residual value is set in stone and individual dealers to not have the authority to alter it.

    When negotiating your lease on this car, make sure to take advantage of the $1,000 cash incentive that Mazda is currently providing on it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yes, dmcgettigan, the $1,000 lease cash is still available on all Miata trim levels. I'm not sure what the selling price for the exact Miata that you are interested in is. We would need that to estimate this car's lease payment. If you share it with us, I am sure that either myself or another helpful community member would be happy to estimate this car's monthly payment for you.

    Car_man
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  • hybrid213hybrid213 Posts: 2
    Hi, can one of you guys give me an idea if this is a good deal for an 08 touring MT w/ suspension?

    36 months lease
    10500 miles/year
    $1000 down only
    $269 + Tax

    Thanks!
  • hybrid213hybrid213 Posts: 2
    btw, the msrp is 24775 and that is 1000 out the door

    24mnths for 285
  • waydewayde Posts: 198
    Wow, that looks like a great deal. I probably woulda signed if they would have offered that deal. What is the money factor on the leases?
  • robger99robger99 Posts: 42
    Hi. due to change in personal circumstances I am considering subleasing my 2008 Miata Touring Copper Red with ground effects package/rear spoiler. Car is in brand new condition with 3700 miles . 24 monthly payments remaining of $ 292.00 month taxes in. 15 k miles per year. The car is a blast to drive and a real head turner. Located in Michigan. Have looked at leasetraders and the deal seems good.
  • Nearing end of 3 year lease on my wife's '06 Sport w/6 speed and trying to decide whether or not to buy. Less than 10K miles with initial MSRP of $23495. Buyout figure of $13862. Local dealers showing similar cars are at $17K.

    Are buyout figures negotiable or was that in stone when I agreed upon value of vehicule when I signed lease?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi roundyround. Banks will occasionally negotiate the end of term purchase prices of leased vehicles. More often than not, they won't but you certainly don't have anything to lose by trying. Don't bother involving the dealer in the transaction. Place a call directly to the bank that you are leasing your Miata through. If your initial contact there is unwilling to work with you, you may have better luck finding someone who will if you work your way up the ladder to a manager. Again, they won't necessarily be willing to negotiate but it's worth a shot. Let us know how everything turns out.

    Car_man
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  • krwest1krwest1 Posts: 66
    Does anyone know if a leftover 2008 can still be leased? If so, can the $5000 rebate be used with a lease? Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi krwest1. Unfortunately, Mazda pulled the plug on its special lease program on the 2008 Miata last month. If you can still find an independent bank that will lease one, which is doubtful, you could use the $5,000 cash incentive to reduce its capitalized cost.

    If you are not 100% set on leasing, you can always finance your new Miata through Mazda at 0% for 3 years, 1.9% for up to 5 years, or 3.9% for 6 years.

    Car_man
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