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[OP]
Deal Addict
User avatar
Nov 8, 2005
1158 posts
58 upvotes
Toronto

Buyout of lease?

Hi Guys, Got a question for you all.

Our lease is coming up next month. We have been on the lookout for a replacement of our vehicle( we are not planning on keeping it). I am waiting on a decent deal on another vehicle(have one in mind just waiting on it coming available).

Lease ends at end of sept. We have a 2016 mazda 3 GS, Hatchback, Auto. Approx 70K on it. White Pearl. No scratchs on it aside from under bumper from curb rash. Have mazda roof racks and winter tires/rims which are in great shape. Summers are in great shape. No mechanical issues. Only electrical issues are The rearview camera goes funny once a month, and the rear right locking mechanism is a little noisy in winter time. Aside from that its in very good condition. I replaced the rear pads a couple months ago. Rotors are in good condition. Have not done the transmission service yet, but will if we buy it out.

The buyout is 9200 for all intents and purposes plus tax. I will likely have some fees and a safety so lets ball part around or under 11K to get it in our possesion.
It will pass safety and has no deficiencies.( I inspected it about 2 months ago)

Is it worthwhile buying it out and then selling it private once we find the car we want?(Option A) I work as a technician at a dealer and waiting on a specific trade in vehicle(is not very common model).

Option B is giving it back then renting short term till we find the car we want?

Option C is going with a new Mazda CX5(was hoping the new engines would be out by then but looking unlikely) for the wife.

Thank you all for your input and the time you have taken to read the post.
Before you embark on a journey of revenge, dig two graves.
Confucius

Heatware
6 replies
Deal Fanatic
Sep 1, 2004
8290 posts
7179 upvotes
If you like to time for the right cars/trade-in to comes in, you tend to end up having more cars than you need.

A) If you want to wait for the right deal, sure. But make sure that you are also ready to drive that car for another 4-5 years if used price plummets.

B) No, don't do that.

C) My preferred route. Dealers are scared to hold used inventories right now and so should you. Used car prices may or may not hold well over next year unless it's a truck or truck based SUV.
[OP]
Deal Addict
User avatar
Nov 8, 2005
1158 posts
58 upvotes
Toronto
Thank you for the insight. I really dont want to do B and would be a bizzare last resort.

You brought up a great point on used pricing on point A. Will have to consider this fact more.
Before you embark on a journey of revenge, dig two graves.
Confucius

Heatware
Deal Fanatic
Sep 1, 2004
8290 posts
7179 upvotes
You already work at a dealer, see if you can chat up the manager that deal with used car inventory and see what his take is, if you can get an honest answer out of him/her.
Deal Addict
Oct 30, 2006
2368 posts
1031 upvotes
GTA
you should be able to keep it and pay the lease payment. This is a good option if your thinking a few months, say by end of the year you will find what you want. this allows you to just return the car when you're ready.

you should check with them that you can keep the car and continue lease payments.
Deal Fanatic
Sep 1, 2004
8290 posts
7179 upvotes
wackojacko wrote: you should be able to keep it and pay the lease payment. This is a good option if your thinking a few months, say by end of the year you will find what you want. this allows you to just return the car when you're ready.

you should check with them that you can keep the car and continue lease payments.
Only if you can adjust the residual as you go AND you know you will find a car in a month or 2. Otherwise, that's just a slightly cheaper option B.

While you extend lease payments, unless you get residual lowered accordingly, it's not a good deal.
[OP]
Deal Addict
User avatar
Nov 8, 2005
1158 posts
58 upvotes
Toronto
Our current lease payments are 285 per month, so if it was the same it will be cheaper then b for sure. I am sending Mazda financial an email to see options.
Before you embark on a journey of revenge, dig two graves.
Confucius

Heatware

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