CX-5 lease deal? First time, Help!

yeah108

Hey everyone,

I like many others here am considering a lease deal for a 2016 CX-5. It is Grand Touring FWD with a negotiated price of $28,675, with 36-month term, 36k miles, .00013, offering trade in valued at $4,700 and payments at $344.81. 

I purchased my last car, which has been paid off already. This would be the second vehicle I acquire on my own and first time considering a lease. I have lots and lots of reservation about going this route but the cost compared to a purchase do seem significant. 

Is is the above a good deal or should I be seeking more? Any additional insights or experience regarding leasing would also be helpful. 

Thank you you for your time fellow Mazda enthusiasts! 

kyfdx

yeah108 said:

Hey everyone,

I like many others here am considering a lease deal for a 2016 CX-5. It is Grand Touring FWD with a negotiated price of $28,675, with 36-month term, 36k miles, .00013, offering trade in valued at $4,700 and payments at $344.81. 

I purchased my last car, which has been paid off already. This would be the second vehicle I acquire on my own and first time considering a lease. I have lots and lots of reservation about going this route but the cost compared to a purchase do seem significant. 

Is is the above a good deal or should I be seeking more? Any additional insights or experience regarding leasing would also be helpful. 

Thank you you for your time fellow Mazda enthusiasts! 

What is the MSRP?

yeah108

The MSRP is $29,675 and the dealer just sent me another note saying he'll add an additional $200 towards my trade in (which I feel doesn't do much in terms of a lease). 

Michaell

yeah108 said:

The MSRP is $29,675 and the dealer just sent me another note saying he'll add an additional $200 towards my trade in (which I feel doesn't do much in terms of a lease). 

GT FWD for 36/12 is 59% and .00013.

With your MSRP and selling price, I get a payment of $316.19/mo + tax.

Is the dealer cutting you a check for the trade equity? If not, they should - you don't want to use is as a down payment. If the car is stolen or totaled, you lose that money.

yeah108

Michaell said:

The MSRP is $29,675 and the dealer just sent me another note saying he'll add an additional $200 towards my trade in (which I feel doesn't do much in terms of a lease). 

GT FWD for 36/12 is 59% and .00013. With your MSRP and selling price, I get a payment of $316.19/mo + tax. Is the dealer cutting you a check for the trade equity? If not, they should - you don't want to use is as a down payment. If the car is stolen or totaled, you lose that money.

Before state taxes, the amount does come up to the $319 amount you provided. 

With regard to the trade, I just want to make sure I'm understanding correctly. Is your recommendation that I try to get this deal without putting my trade towards the lease? 

Michaell

yeah108 said:

Michaell said:

yeah108 said:

The MSRP is $29,675 and the dealer just sent me another note saying he'll add an additional $200 towards my trade in (which I feel doesn't do much in terms of a lease). 

GT FWD for 36/12 is 59% and .00013.

With your MSRP and selling price, I get a payment of $316.19/mo + tax.

Is the dealer cutting you a check for the trade equity? If not, they should - you don't want to use is as a down payment. If the car is stolen or totaled, you lose that money.

Before state taxes, the amount does come up to the $319 amount you provided. 

With regard to the trade, I just want to make sure I'm understanding correctly. Is your recommendation that I try to get this deal without putting my trade towards the lease? 

Correct .. have the dealer simply pay you by check for the equity you have in your trade. After settling up for any initial charges (first payment, acquisition fee, dealer fee, etc.)

yeah108

I've had a lot of reservation about leasing and having the value of my trade help me instead of going to waste (because I wasn't buying) has been a concern. Thank you for this bit of information, that's something I wouldn't have considered.

So with this in mind and the way you ran the numbers, the quote the dealership gave me was not influenced by the trade. Am I understanding tha that correctly? The dealership told me my trade helped bring me to my lower payment but it's not like they showed me numbers to prove that. 

sorry for all the questions! I just struggle so much with understanding leasing and how numbers are determined and what makes a good deal or not    

Michaell

yeah108 said:

I've had a lot of reservation about leasing and having the value of my trade help me instead of going to waste (because I wasn't buying) has been a concern. Thank you for this bit of information, that's something I wouldn't have considered.

So with this in mind and the way you ran the numbers, the quote the dealership gave me was not influenced by the trade. Am I understanding tha that correctly? The dealership told me my trade helped bring me to my lower payment but it's not like they showed me numbers to prove that. 

sorry for all the questions! I just struggle so much with understanding leasing and how numbers are determined and what makes a good deal or not    

That is how I interpreted the numbers and the payment I calculated.

Don't sign anything unless you are 100% comfortable with the numbers.