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Prices Paid: Buying & Leasing Experiences Mazda CX-9 Prices Paid and Buying Experience
2191 messages, Last post on Nov 27, 2009 at 1:27 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Greetings, Specs: NAV. MoonR, 20 inch Alum wheels, auto trunk, rear cam, SAT, etc... NO Towing. Dealer is asking for 2300.00 Down with $535.00 monthly payment - to drive it off the Lot w/ TAX, Delivery, Plates, etc... (PA); the car MSRP was of 39567.00 - (36 Months 15K Miles Yearly.) - Is it a good deal? What monthly payment should I expect based on the aforementioned information for 24 and 36 months with $2000 down? Please advise. I dont have a clue as too what I should be paying for this car.... It does beat a BMW in price, confort, and technology....
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Replying to: silvpa2000 (Nov 28, 2007 9:25 pm) Basically, all you know is that you're paying $535 x 36 + $2,300 for the use of the vehicle - a total of $21,560 (and depending on what state you're in, it might actually be higher because some states charge the sales tax rate on the monthly lease payment each and every month while others charge it up front on the entire purchase price of the vehicle - here in Los Angeles where the tax rate is 8.25%, that $535 a month might ACTUALLY be $579.14). You really need to look at EACH figure individually. Start with the "cap cost" which is basically what you're "buying" the car for. As some other people on here have said, they've been able to get deals of roughly invoice or maybe $500 above. How do you find the invoice price? Use sites like Edmunds, KBB, or MSN Autos and enter in the information about what's actually in the vehicle - you'll get both the invoice and the MSRP. If the MSRP matches or is very close to the sticker, then you've probably got pretty accurate pricing. Once you've negotiated a cap cost, you can look at the "interest rate" which in a lease is normally described as a "money factor." If the dealer won't tell you, walk. If they claim they don't know, walk. They know. The SALES guy might not, but they finance guy and/or the sales manager does know and can tell you. To convert it to something you can understand, take the money factor and multiple by 2400 - that will give you an approximate interest rate in percent. If they're charging something like 15% (money factor of 0.00625), you're being had. 3% or 4% and you're probably getting a pretty damn good deal. You also have to look at the residual, but chances are that you're not going to be able to negotiate that - it is basically what they estimate the vehicle will be worth at the end of the lease. Your payments are based primarily on the "interest rate" and the spread between the "cap cost" and what the vehicle is going to be worth at the end of the lease. Something else to think about is that in a lease, you never own the vehicle. Putting extra money in up front doesn't ever get you anything on the "back end" like it might with a purchase; you're not putting money in now that you'll get out when you sell the car because you don't own it and won't likely be able to sell it at a profit. You REALLY have to look at any money you put in up front as simply taking money away from yourself and giving it to the leasing company as prepaying part of the lease - and then figure out how MUCH you're really prepaying. WIth $2,300 up front, you're effectively paying an extra $64 a month for the vehicle, only you're doing it up front where you won't realize it every single month. Look at any fees they're tacking on. Destination charges are standard and are not usually negotiable. Tax on a lease may be charged up front or every month depending on your state, but that's not going to be negotiable. The license is, well, what it costs to register the vehicle for the first year. Other crap fees are usually just profit to the dealer and/or leasing company. Pay particular attention to acquisition fees and lease termination fees. While not uncommon, you need to know about them in advance; dealers often "forget" to talk about termination fees but what that means is that the vehicle may easily cost you an extra $500-$750 or more at the end of the lease just to turn back in. And while the DEALER usually can't negotiate on these fees (they're usually set by the leasing company), the dealer CAN look at other leasing companies instead. The one that has the lowest "interest rate" (money factor) will come out with the lowest monthly payment and that will usually LOOK good to you, but would you rather have a lease that costs you an extra $3 a month that has no termination fee or one that costs $3 a month less and has a $500 termination fee (which means paying $108 extra over the 36 month lease versus an extra $500 at the end)? Also check into the "wear and tear" policies because some leasing companies are terrible and will try to charge you for every tiny little door ding while others are more lenient. And, of course, make sure you NEED the 15K miles per year; if you don't go over 12K per year, that might be a less expensive lease if available. But make sure that you are realistic and learn the excess mileage fees because if you go over, you could wind up paying a LOT of money (50 cents a mile turns into $500 for only 1,000 miles over - and if you're 5,000 miles over, that means paying an extra $2,500 at the end of the lease). |
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Replying to: dpagnotta (Nov 23, 2007 10:01 pm) "...can I find out the exact residual value..." Nope. You can ask what a particular leasing company considers the residual, but there is no single residual value. The residual value is simply what the leasing company thinks the vehicle will be worth at the end of the lease. They try to get it as accurately as possible but it is, nonetheless, just a guess. A number of years ago, leasing companies thought big SUV's were the in thing and would be popular forever. Then gas prices skyrocketed. You're not in the market for a big Ford Excursion, right? Maybe because it is HUGE and gets mileage in gallons per mile instead of miles per gallon? (ok, exaggeration there) Well, what do you think happened to those leasing companies that leased out those vehicles and thought that after 3 years, they'd be worth 60% of their value - but then found that they could get only 45% of their value? Well, they paid out 100% of the vehicle, you paid off 40%, and then can get back only 45% - so now they find that they've just lost 15% on the vehicle. Not a good deal for them. So leasing companies don't want to make the residual value too high because then if the vehicle is worth less than that, they'll lose money. But then, they can't make the residual too low because then your payments would be too high and nobody would ever want to lease from them. So just like banks all compete on the interest rates for loans, residual values are similar - it will vary from leasing company to leasing company. On top of that, the residual will vary based on the location and time of year. A vehicle that is highly desired in the northeast might not be worth much in California. And, of course, if you buy a vehicle when it just comes out, the value three years from then will be different than someone buying the same car at the END of the vehicle run when the new models are about to come out (or rather, three years from THEN). And some cars are worth more in different seasons; the value of a used convertible might be higher in the summer so three years from you buying it in the winter might be a lower residual than figuring three years from you buying it in the summer. So you can ask the dealer to tell you what a particular leasing company is figuring the residual as, but there's no one specific value to compare against - you just have to look at what different leasing companies are giving. |
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You read right, I got my brand new 2008 CX-9 below invoice and 0% finance! The car is so so great and so so new (4 miles on OD)... And yes below invoice (not MSRP)! Can't find anything better in SF Bay Area for sure! Edmunds' Forum Host told me that I can't name the sale manager who got me the deal but I can tell you the dealership - Menlo Park Mazda. Good luck and Happy shopping!
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Replying to: gleung (Dec 02, 2007 8:05 am) Can you provide us with some more details: MSRP: with out ad-ons Invoice Price: Price Paid before TTL (plus any fees such as doc fees, port fees, etc...) Rebates: If any? Was there a trade involved? Thanks |
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I just bought my 08 CX-9 Touring a few days ago. Here are the specs: 08 CX-9 Touring AWD Brilliant Black Touring Assist MoonRoof/Bose Remote Start roof rails MSRP: $38,915 my price: $35,601 (S-plan invoice) + TTL and I couldn't turn down 0% 36 months financing! I went with a loaded Touring vs a minimal GT, mostly because of the 20" wheels. Living in Colorado, I did not want to spend a fortune on snows and replacement costs would be high. Plus, wheel size bling is not a priority for me. I'll have to see how the 18" all-seasons do in the snow. Also, the backup camera on the nav screen seemed more appealing than on the mirror (if we got the GT). Great buying experience. I was in and out within 90 minutes, which included the test drive. The dealer had the car with options I wanted and with s-plan the price was easy. I would have preferred Galaxy Gray, but oh well. Sign some papers and I was driving home. Zoom Zoom! |
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Replying to: live2ski (Dec 02, 2007 9:43 pm) Did you pay any fees (doc fee, port fee, etc....)? Thanks
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Replying to: seloo (Dec 03, 2007 3:34 am)
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Replying to: live2ski (Dec 03, 2007 6:59 am) Good purchase, enjoy your car! |
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