I wanted to lease a CX5 2021, but I'm not sure about the money "trick" they used
I was planning on getting a lease with the idea of probably buying back the car after 4 years IF I really liked it. I was told they had no 2020 and leasing a 2021 would be cheaper anyway because of the higher residual value (if I buy it back it has no incidence for me). I'm not sure if that was a sale tactic. Two different Mazda sites give two different prices on a lease of a 2020 CX5, so I'm not sure. (I'll call another dealership tomorrow just to be sure I'm not getting lied to.)
The monthly payments on the site are 424$ for 16 000km with a 1000$ incentive. I know they don't make a lot of profit on this car (around 1300$ according to unhaggle), so I didn't expect to get a big rebate, maybe a few hundreds. So I negotiated with the guy and we ended up at 399$ per month, which is a lot more than I expected (25$ * 48 months = 1200$) . It looked like a really good price for the location of a SUV.
But then when he gave me the paper, I saw that the car only went down from 32 081 MSRP to 31 711. I didn't quite understand where the money went and if I was getting a good deal anymore.
Then I noticed that the 1000$ incentive that I thought was supposed to be for the whole value of the car seemed to only be applied to the location part. The residual value was calculated on the full MSRP (52% of it, so 16 666$). The problem is that the Mazda site doesn't give the residual value of the car and the interest portion, so it's really tough to calculate what was the original deal before negotiation.
What's your thoughts? Does it mean that I'm getting a good price for the lease, but with this deal it's probably not worth it to buy it at the end of the lease? Should I tried to get that 1000$ applied to the whole car and still get the rebate that I thought I was getting? I don't even think they have that much wiggle room anyway, but I feel like the guy wasn't totally upfront with me as I wasn't really getting 1200$ on top of the 1000$ on the whole value of the car, but I was actually getting 370$ on top of the 1000$ only applied to the lease portion. So even if the deal can be considered good from a leasing perspective, I don't feel that good about it. But I must admit, maybe there's something I don't understand about what happened.
I signed something to hold the car and I'm supposed to take a final decision by the start of next week. I'll for sure look around for the price on a 2020. Probably talk to the guy again. Any advice for me? You think it's as good as I'll get?