Lease end decision in a few months...

[edhchoe]

I have had my '14 CX5 sport FWD 2.0 AT for almost 3 years and the lease will end this fall.
I will have put on about 29K miles. I have not had any problems with the car.
The residual value is $12,500.
I wish it had a rearview cam. That's the only thing I wish it had.

Do you think buying it is a good decision?

 

[hek8560]

You already know you wish it had a rear-view cam, so why you keep it. If you want to buy a cx-5, why not buy a 2016 with tons new features, quieter, and better looking.

 

[NelsonLewis]

Buy it, sell it for a better down payment on the one you want.

 

[GP 2004]

What is its value? Is it worth more than $12500? If it is worth more than the buy-out, get it and sell it for a profit or add a back-up camera.

 

[erhayes]

See if you can put a backup camera on it and then make the decision. ed

 

[caverunner17]

Yeah... a backup camera and a new head unit are only $3-400. Getting a new car is *much* more expensive.

 

[CX5_Pete]

IMO, I would buy it and hold on to it. Unless if you are just concerned about monthly payments and having a new car with new tech every 2-3 years. My old boss would always lease a new vehicle every couple of years cause it worked out better for her come tax time, according to her accountant.

 

[edhchoe]

Update

I traded in the CX-5 with 5 months on the lease for a new MINI Cooper S.

The residual was $12500 and the payoff quote with 4 more payments was $13700.
MINI dealer paid $16000 for it as trade in.
I paid well below MSRP on the new MINI thanks to the sale event.

I still have two CX5's in the family so I will be hanging around.

Thanks all.

 

[CX5_Pete]

Update

I traded in the CX-5 with 5 months on the lease for a new MINI Cooper S.

The residual was $12500 and the payoff quote with 4 more payments was $13700.
MINI dealer paid $16000 for it as trade in.
I paid well below MSRP on the new MINI thanks to the sale event.

I still have two CX5's in the family so I will be hanging around.

Thanks all.

Congrats! Mini makes fun cars as well.

 

[mazdadude]

Update

I traded in the CX-5 with 5 months on the lease for a new MINI Cooper S.

The residual was $12500 and the payoff quote with 4 more payments was $13700.
MINI dealer paid $16000 for it as trade in.
I paid well below MSRP on the new MINI thanks to the sale event.

I still have two CX5's in the family so I will be hanging around.

Thanks all.

Wow! They wanted your CX5! $2300 equity back after 32 mo leasing is like getting $70 off a month back from the CX5 lease.

One thing I always thought interesting with the MINI is that brand has one of the least popular customer repurchase rates.

 

[Triton46]

Wow! They wanted your CX5! $2300 equity back after 32 mo leasing is like getting $70 off a month back from the CX5 lease.

One thing I always thought interesting with the MINI is that brand has one of the least popular customer repurchase rates.

And no haggle sales.

My friend bought a Mini Countryman, while I was there I saw a really nice greenish/blue Mini Cooper S that had a build date of 6 to 8 months previous. This was in late August (new model year coming out). I did my research and made a fair offer (based on KBB, Edmunds and TrueCar).

The Mini dealer came back with MSRP + cost of mats + cost to wash/prep car + cost for sitting on his lot 6 months. It was unbelievable....someone paid it...but it was not me.

My Mazda dealer, while not great on service, honored a club discount and did not charge extras.

 

[yrwei52]

And no haggle sales.

My friend bought a Mini Countryman, while I was there I saw a really nice greenish/blue Mini Cooper S that had a build date of 6 to 8 months previous. This was in late August (new model year coming out). I did my research and made a fair offer (based on KBB, Edmunds and TrueCar).

The Mini dealer came back with MSRP + cost of mats + cost to wash/prep car + cost for sitting on his lot 6 months. It was unbelievable....someone paid it...but it was not me.

My Mazda dealer, while not great on service, honored a club discount and did not charge extras.

That's funny! Once sitting in the cramped back seat with sealed rear windows in a Mini at dealer's showroom, I suddenly started having the feeling of claustrophobia which I'd never experienced before! The huge center speedometer seems a cop-out on design to save some cost for Mini moving it from right to left for exporting. Nevertheless it's definitely a fun little car with many characters and traditions.

 

[ALafya]

The huge center speedometer seems a cop-out on design to save some cost for Mini moving it from right to left for exporting. Nevertheless it's definitely a fun little car with many characters and traditions.

While it is very unlikely I'll ever buy a Mini, the center speedometer is there not to save money, but because that's how the original Mimi minor were designed. Back then, it was to save money.