Newf said:
I would not recommend anyone to buy a lease after the term. It's a expensive way of getting a car. And if you want to keep a car for 5 years or more, then buying is the better option. Leasing has it's advantages, and I agree with the previous poster for the most part, but it's not for everyone. There is no sense in me buying a car as i know I won't keep it long enough to pay for it. And if you trade every 3 years like me and are not made of $$$ then leasing works in my favor
Normally I would recommend the same, but with the lease deal I got, the buyout will not be any different then If I financed. By paying off the lease in full I saved on 5.02% of 6000 for the next two years, should I choose to buy the car. If I were to decide to do the buyout, all I'd have to do is make payments at my leisure over the next two years to knock down the amount that's due at buyout, save money on interest charges, and save up to do the buyout during this time as well. It actually becomes the same to lease as buying in my case with the MS6, because everything, including the due at lease signing, was deducted from the purchase price of $25110 ona 5.02% interest loan. As of now, I have paid the dealership about $9600, and can now drivr 2 years 24k miles without any payments. I now only owe about 16000+ interest 2 years from now. This is total out the door, including tax tags, and all other fees.
So basically I have the option to just hand them back car, having spent $9600 total with interest as basically a two year 24k finance and selling them car back, or pay off the rest and own it. Now that is definitely a GOOD lease. If this car is worth more then what I will owe at lease end, it might be smart to buy it out, then sell it. Lots of options, which I love.
The current MS6 lease deal eliminates the usual overpaying that occurs when people decide to buy the car they lease. The benefit is, that it means less money out of your pocket, and buys you two years time, whereas a straight up finance forces bigger payments. The current Mazda lease deals on the 6 make it smart to lease over financing for the most part, and when you did what I did (trading in a paid off valuable car), you avoid a TON of sales tax, while getting the best finance rate possible. This is the best car on the market to lease, which is pretty much why I own one. I simply couldn't pass this up, with all the future options I have financially.
Of Course this was a well planned and thought out trade, so most of the time people lease when they can't afford to buy, therefore getting totally ripped off. Leasing does work in many ways, as long as you know what you are doing, and have the financial smarts to see what it's truly costing you as opposed to finance.
