Lease take over questions on 2024 CX-50 Meridian

[Mukesh]

I am planning to do a lease take over on 2024 CX-50 Meridian. 10 months old and 12.5 K miles driven.

Is there anything i should be aware off or concerned about as i have no idea how lease take over works?! is Lease take over is a good idea ?

Is there anything i should negotiate with the seller ?!

I am considering this because it comes within my monthly payment budget and used cars prices are so crazy right now.

 

[Mukesh]

Exactly. Total car price is only a difference of $3100 over three years and you get a brand new vehicle with new tires, brakes, etc. It also bothers me that the seller never bothered to get the windshield fixed which gives you an indication how they might be taking care of this vehicle, My bottomline is this to Mukesh.....If you plan on taking care of the vehicle and purchasing at lease end, I would definitely go new. If you plan on just "renting" the vehicle for the next 38 months and turning it back in at end of lease and your budget is really tight, then used might be the way to go.

My plan was always to sell in the middle or end of the lease when the market is good. My main concern with that Meridian was 23000 KM in just 10 months is aggressive for me and worried how vehicle would be after 2 or 3 year.

As per my understanding the stock tires would be for another 15 to 20 KM and i would be changing that as well. not sure how much that is gonna cost me ?!

I am planning to negotiate with the dealership more , if i bring down the biweekly payment to 290 to 300 , will that be a good deal ?! i am new to this so just wanted to get an opinion.

@sm1ke

 

[gphin]

Not sure what you mean by "plan was always to sell in the middle or end of lease when the market is good"?? You cannot sell a leased vehicle. You can't get out of a lease in the "middle" of a lease unless you do what the current owner is doing and I believe can only be done once during the life of the lease. Why be worried about the miles when its under warranty and if you don't plan on keeping it?
Can't answer your "good deal" question without knowing, msrp, selling price, dealer fees, down payment on the new option.

 

[Mukesh]

Not sure what you mean by "plan was always to sell in the middle or end of lease when the market is good"?? You cannot sell a leased vehicle. You can't get out of a lease in the "middle" of a lease unless you do what the current owner is doing and I believe can only be done once during the life of the lease. Why be worried about the miles when its under warranty and if you don't plan on keeping it?
Can't answer your "good deal" question without knowing, msrp, selling price, dealer fees, down payment on the new option.

We can sell the leased vehicle in between as well and pay out the residual value + remaining lease amount to them. There is no early termination penalty for the lease. Its like buying out the vehicle. The buyer cheque will directly go to the dealership and all the transaction will take place (I confirmed this with one of the dealership)

My worry was what would have happen to vehicle and it might show the effect in longer term.. Like showing issue as it was overused in early stage. I am may be wrong but that was my concern.

0 down payment
MSRP - 46,750
MSRP does not include $2,095 for freight & PDE, taxes, title or additional fees. Retailers set actual sale prices.
The color i choose is White Pearl - 300 and terracotta leather Mazda - 250

 

[RedBaron]

@Mukesh - You have too many worries, and I think they are all valid. Just run away from this 'take over' deal.

 

[Silly Wabbit]

It seems you worry about a lot of things with this second hand "new" car. If it ain't going to break your bank, just go straight for a new car so there's no surprises. I doubt you'll be saving much after factoring the wear and tear and fees with this takeover.

 

[youri]

I agree. Also, you can likely negotiate the price of the vehicle down a bit. I don’t think you should be paying MSRP for vehicles anymore in Canada.

If you already own a mazda then you can get the mazda loyalty discount which reduces the interest rate by 1.5%. If you don’t own a mazda you can try to negotiate that rate reduction in.

Assuming you are in Alberta, with the rate reduction above (mazda loyalty program) you would be at 302$ biweekly tax included. Before having negotiated the price of the car down.

The lease takeover is 254$ + tax so really it is : 266$ biweekly. 699$ lease transfer fee + 1000$ windshield = 1699$ broken down over 3 years that is about 21$ biweekly. So the total cost of the lease takeover is 275$ biweekly. If you had confidence in the car and the seller i would say maybe, but since there a lot of red flag, i think you can get very close to the 275$ biweekly by negotiating a bit or using a broker.

 

[theblooms]

@Mukesh Just run away from this 'take over' deal.

This is the correct answer.

 

[gphin]

Yep, go new. No tires, brakes, mileage, windshield worries. Personally, I refuse to deal with anyone who refuses to negotiate when it comes to buying and selling cars.