Am I overpaying on my lease?

astro_ash

Hey guys! I just signed a lease for a 2016 Mazda3 iSport hatchback a few days ago, and I'm super stoked about the car but can't help but wonder if I'm paying too much for my lease. I'm a female in my early 20's and I had to do the dealership thing alone. Although I didn't get any sketchy vibes from anyone, I still want to be sure I'm not overpaying.

So the deal was $240/month for 36mo. at 12k miles a year with $0 down. After sales tax, title, maintenance fees and a package they sold me that ensures I don't have to pay for certain damages when I take it back at the end of my lease, my total monthly payment is now $320/month. Does that sound right to you guys?

Thanks!

kyfdx

astro_ash said:

Hey guys! I just signed a lease for a 2016 Mazda3 iSport hatchback a few days ago, and I'm super stoked about the car but can't help but wonder if I'm paying too much for my lease. I'm a female in my early 20's and I had to do the dealership thing alone. Although I didn't get any sketchy vibes from anyone, I still want to be sure I'm not overpaying.

So the deal was $240/month for 36mo. at 12k miles a year with $0 down. After sales tax, title, maintenance fees and a package they sold me that ensures I don't have to pay for certain damages when I take it back at the end of my lease, my total monthly payment is now $320/month. Does that sound right to you guys?

Thanks!

A lot of that depends on your state and tax rate, etc, etc. In most cases, the damage waiver programs aren't that great of a deal (unless you are selling them!). How much did that package add to your monthly payment?

astro_ash

It added about $25/month, $895 total. Luckily, I can cancel it for a full refund within the first 30 days, so I might do that... I've been reading that it's not worth it.

Also, I just realized that maintenance fees are adding $40/month, totaling $1400 in 3 years... while it's convenient to know I'll never have to worry about maintenance costs, that seems pretty steep right? I doubt I'll have $1,400 worth of problems since it's a new car.

kyfdx

astro_ash said:

It added about $25/month, $895 total. Luckily, I can cancel it for a full refund within the first 30 days, so I might do that... I've been reading that it's not worth it.

Also, I just realized that maintenance fees are adding $40/month, totaling $1400 in 3 years... while it's convenient to know I'll never have to worry about maintenance costs, that seems pretty steep right? I doubt I'll have $1,400 worth of problems since it's a new car.

Yeah... I'd put that $65/mo. back in my pocket. That's a lot of money.