Trading up.

[Loose]

Hey Loose,
i had an 04 mz3 as well; and i just traded it last weekend, which is why i hadall this in my mind.
my 04 had 48k miles and had a few scuffs (and a hit bumper; and perhaps a misaligned frame) which is why i traded. Than and also beacuse the options ont he new 3 are so much better than the 1st run.
Ina ny case; my 04 had 48k miles and had a trade in value of 9ish (because of the bumper damage) and should have been able to get 10k. Because of the great rate i had; i basically was able to get the amount i put down when i bought it in the first place. But being as it was such a PITA to get the trade in value i wanted; i decided to go with the lease.
The way i rationalized it is that i am fairly young and can afford to switch rides every so often; the money i saveby paying a lease can be saved to put down for a new car the next time around; and banking on my company doing well i should be able to afford more car and move up a bit.
Yes, on a lease i may lose my down payment as there is no equity but i am basically getting my equity out a little bit a time in the savings i get every month compared to the payment on a purchase at a 6.5% rate.

Yea, I understand. When I was younger that is exactly what I was doing. I'm 38 now and in my last year of Neurology residency @ the University of Florida (Go Gators!) so I have some disposable income (not alot though) I agree that I lose $ up front if I don't keep the car past the 2-3 year mark. But I usually keep them past the 3 yr mark and trade for a car of equal value....until now.

 

[ZoomVT]

cool then go for it man!
it definitely killed me having to trade since i loved my car; but even though the accident was mionor it just left me a sour taste in my mouth. If it wasnt for the accident i would have kept my car.
I just drive my cars real hard and i didnt want a lingering issue plus the increased insurance premiums, etc.
And the options on my 07 are awesome so i am a happy man; except for the fact that i did take a slight hit on my trade in...

 

[Olestra]

^Oh well, that can't be too harsh, the 04 was damaged and now your car is brand spanking new. =)

 

[camrycev6]

Sounds like a great deal. I too, traded in my 2006 Mazda 3i for a MS3. I don't regret a single thing about the deal.

 

[J.J.]

< Sorry to Hi-JacK>

Hey Zoom, what were your lease numbers (i.e. residual, MF, months, mileage, etc)?

Loose, if I were in your shoes, I would def. do it. Hell, I'm currently a broke med students and I'm thinking of buying one myself. I do begin my Surg. residency in July though ( 120 hours a week @ $42K seems like a gold mine at this point- read medical school is hard, it sucks, and your broke the whole time).
JJ

 

[ZoomVT]

Olestra- yes it is not so bad; new car smell rocks!
and i love the comfort of the new ride...

JJ-
well, i drve a lot so i went with the 15k mile lease @ 27 months.
i believe total cap cost was around 20 and residuall was around 13. (they are overnighting me my lease agreement as it had to be reworked due to miscalculation of VT taxes).
My Payment is around 325/mo for 27 months. 0 down.
what else would you like to know?

 

[Loose]

< Sorry to Hi-JacK>

Hey Zoom, what were your lease numbers (i.e. residual, MF, months, mileage, etc)?

Loose, if I were in your shoes, I would def. do it. Hell, I'm currently a broke med students and I'm thinking of buying one myself. I do begin my Surg. residency in July though ( 120 hours a week @ $42K seems like a gold mine at this point- read medical school is hard, it sucks, and your broke the whole time).
JJ

JJ,

I will go for it and good luck!

What med school do you go to and where is your residency at?

 

[Loose]

cool then go for it man!
it definitely killed me having to trade since i loved my car; but even though the accident was mionor it just left me a sour taste in my mouth. If it wasnt for the accident i would have kept my car.
I just drive my cars real hard and i didnt want a lingering issue plus the increased insurance premiums, etc.
And the options on my 07 are awesome so i am a happy man; except for the fact that i did take a slight hit on my trade in...

Thanx, Zoom!

It's been awhile since I have posted on the board but it's just as helpful as it was before! (cool)

 

[J.J.]

Zoom,
Good info. $0 down is def. the way to go on a lease. I contacted a dealer in Ohio about a lease and he proceeded to tell me it would be about $550 month... he was on crack obviously (I can lease a new 3 series for that!). He told me the residual low b/c they didn't want people leasing, ragging, and returning the car at lease end. I simply need the residual percentage and the interest rate (usually called a money factor an given in decimal form like 0.0012. You then multiply that number by 2400 to get the final interest rate). Do you have these numbers by chance? Thanks!

Loose,
I went to the University of New England-COM. I'm headed to St. Vincents in OH for residency. I'm currently at Florida Hospital in Orlando doing Surgery and Radiology. I'm really enjoying the end of my 4th year here in Orlando.

 

[ZoomVT]

Hey JJ,

i can post some of that info for you as soon as i get my lease agreement in the mail. I know my residual was more like 65/70% of the value of the car; but keep in mind i have a mz3 sedan and not a ms3.
And yes, you can lease a 328xi(awd) nicely equipped for about 460/mo.

 

[Loose]

Loose,
I went to the University of New England-COM. I'm headed to St. Vincents in OH for residency. I'm currently at Florida Hospital in Orlando doing Surgery and Radiology. I'm really enjoying the end of my 4th year here in Orlando.

Fellow D.O.

I lived in Worcester, Mass. until I was 18 the I joined the Navy and was stationed in Jacksonville, Florida. In 1999 I attended LECOM in Erie, Pa I am now the chief resident for the Depatment of Neurology at the University of Florida/Shands Jax (Go Gators!).

Good luck with the Surgery thing. I hear the PGY-1 year can be brutal.
Ohio won't be as bad as N.E. either.

Let me know if the is anyhting I can help you with.

Tim

 

[Loose]

So, I bought the blue one! I liked it cause the blue is only offered on the MS and no other 3. I'm in the dealer at this moment so I can get back to you after I drive it!

 

[spike blue]

man congrats God bless your car and enjoy oh take care !! We will see each other soon because i will get one soon too but silver!!!

 

[Loose]

man congrats God bless your car and enjoy oh take care !! We will see each other soon because i will get one soon too but silver!!!

Thanx, but damn this thing is fast! Compared to the MZ3 this thing is the ballz!

 

[nondual]

Please just tell me you didn't lease it...

 

[Jasonstiller]

I agree Loose! I traded up last tuesday from my whitewater pearl sport 3 for a cosmic blue MS3. Cant be happier!

 

[Loose]

Please just tell me you didn't lease it...

$22,019 OTD in USD

I put 5K down and financed the other 17K.

 

[Loose]

I actually bought 2 cars and the wife made out BIG TIME!! She got a full loaded CX9 with then Nav, DVD/Sunroof and touch screen everything. This thing doesn't have a key. It has a credit card thing that operates the whole damn car. It have the phone in the radio and everything. It was kind of a gift to her for being such an AWESOME wife and I actually saved money by buying the Speed 3 so I figured what the hell.

I had to make sure the bike wasn't gonna get kicked out of the garage first. Thank god it all fits!

Sorry for the crappy pics!

 

[mhrebin]

dang. the cx-9 and MS3 match in color? lol what a cute couple.

how exactly does a trade in work if ive recently bought a car from a mazda dealer but might be interested in a diff model. im financing the car, so ive got about 9k about to finance. how does the trade in, roll over payment deal or whatever happens, work?

 

[Loose]

dang. the cx-9 and MS3 match in color? lol what a cute couple.

how exactly does a trade in work if ive recently bought a car from a mazda dealer but might be interested in a diff model. im financing the car, so ive got about 9k about to finance. how does the trade in, roll over payment deal or whatever happens, work?

Not matching colors.

Speed = blue
CX9 = grey

As for your question, the first thing you need to know is if you have equity in your trade. If you do then your good. If you don't then you have "negative equity" and you will be "upside-down" in your loan meaning you can buy the car but you will have to finance more than it's worth.

Not the smartest thing to do IMO but ppl do it all the time.