canadian financing options reduced on 2007s
- Thread starter barryWest
- Start date
SparkyBhoy
Member
They are indeed. 1.9% for 48 month term.
I crunched the numbers last night, and, based on our spec and deposit, the interest on a 2007 is $1,080. If you take the same $ loan value, on the understanding that there is no cost increase from the 2007 to the 2008 model, and apply the standard Mazda rate (which is 6.94% and I'm presuming would apply to the 2008 model), then the interest is $4,070 over the same term.
It's a fair chunk of change.
Do you think the rates will be that high for the 2008? We will probably be financing over 60 months and a guy I talked to at a dealership said the financing for the new model will probably be 1 to 3 points higher, but he could not say for sure. The 2008 mazda3 sport (in Canada) is sitting at 2.9% over 60 months right now.
SparkyBhoy
Member
I don't know that it has much to do with the exchange rate, but more to do with shifting 2007 inventory off the lots. The low financing rate makes it more attractive.
SparkyBhoy
Member
I'm sure that when I priced the 5 back in June (?) on the mazda.ca website that the rate was getting up there.
I'm taking a WAG and think that the rate will be 3.9% for a 48 month term on the 2008 5's. I would be delighted if it's 2.9%, but they tend to keep the % low when the term isn't as long (typically 36 months is the max).
From the Mazda thread on redflagdeals.com:
The 08 Tribute's are 1.9% for 48 or 60 month terms (+ $1k discount)
Most 2007 Mazda models, except the 5, have large cash discounts ($2,800 to $7,000), but standard bank rates of 6.24% (no more 1.9% or 2.9%). However, the 2007 5's have no cash discount, but have the 1.9% interest rate up to 60 months.
So, as for the 2008 5's?...........Who knows (dunno)
The suspense is killing me on this. I wish I hadn't found this forum, then I would have been blissfully ignorant and driving about in an 07 model
The suspense is killing me on this. I wish I hadn't found this forum, then I would have been blissfully ignorant and driving about in an 07 model
Ha, tell me about it. My wife was content with the 2007 when we stumbled across it and took a test drive, and thenl I heard about the changes in the 2008 model. Now she has to wait and every time we drive past one she says "that could be us you know!".
My theory is that they will cut the price for the 08's and therefore need to clear the 07's before they announce the new price. So we are saying the same thing but perhaps with different reasoning.
SparkyBhoy
Member
I hope your theory is right!
SparkyBhoy
Member
I hear ya. My wife took an 07 out on a test drive in July and thought it was great. If I tell her that the finance deals for an 07 are too good and we are going to get one (after telling her to hang off for the past 3 months waiting on an 08) then I'll probably get castrated.
