I am planning for a Mazda CX5 2020. I am confused if I should lease it or finance it. I need help in making a decision. Please help me guys!
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@vamshi90 This is rude but here goes . In less time then it took to log on here and post your question A web search putting ( lease or buy a car ) in your search engine would have found you many articles explaining why you should or not lease written by real financial experts.
Here is the 1-second disqualification for leasing: Are you planning to drive very few miles? If not, buy it.
I lease knowing that it’s more expensive, because I want a new car every three years, and leasing keeps my monthly payment affordable.
We are buying out our lease on a different car than yours. Original msrp 30k, after 3 year lease 17.9k buyout price. Previous lease got rear ended, and repaired, no problem turning it in at the end of lease, but would have been a downer to sell it. $2800 in damage as I recall.
So a 30k car, $11 k in payments, buyout price 12k less than list, not saying It is good or bad, but in the end pretty much a break even as far as I can see. The plus, we got 3 years to decide if we really want to keep the car.
Ask a Mazda salesman what the lease requirements on your use of the CX-5 are. If you get lowballed on total mileage, ask about a lease with higher mileage allowance. If the best price lease has a 18,000 mile allowance in 3 years, ask how much a 30,000 mile lease would be. If you expect to drive 15,000 miles each year, ask about a 45,000 mile lease. You can make detailed cost comparisons if you want to.
From the auto show brochure last week, they discussed whether to lease or buy and this was one of the reasons. Also indicated leasing was more expensive than buying in the long run, but really no right or wrong, just what your preference is. I don’t like having my mileage restricted though and ending up after only three years with no car and no asset.
It’s easy to spend more than you should for a car, lease or buy. Make sure you’re not putting stress on your finances.
We got 12k miles per year, 2.5 years in 17.5 k miles so far. Yes estimated miles per year is a serious lease consideration.
Well the primary goal of me buying a car is to commute to my office which is around 35-36 miles one way. I go to office 4 days a week so that makes it almost 70-72 miles every day. The way I calculated, considering 70 miles in a day, that’s 280 miles in a week just for going to work and come back home. That’s 1120 miles in 4 weeks ( 1 month). Let me know if the way I am calculating is right. These figures are just for home - office - home.
70 miles x 4 days is 280 miles . that by 50 weeks is 14000 miles a year . Most leases are for 12000 miles a year so forget leasing. The over mileage penalties are expensive .
How about something that gets better mpgs? That’s a lot of driving.
Buying is probably the better bet, given you expect that much use. If I was making the vehicle selection myself I’d prefer a lower center of gravity sedan to the taller CX-5, for better commute-time handling & ride quality.
The only time it makes sense to lease a vehicle is if you are a business, and can benefit from the tax write-off. For households and individuals, there is no tax write-off, so leasing does not make sense at any time.
Make sure you test drive your choice. The CX-5 has gotten excellent reviews, including its handling.
Given just your commuting miles, I don’t think a lease would be wise. I can put on 40 miles just running errands around town.
I buy…and after vehicle is paid off, my monthly payments are $0. Can’t get any lower then that.
But the main reason you lease is because you want a new car every 3 years. I know several people that do that. It is a legitimate reason. Not for me. But I can understand it. I personally buy new golf clubs every 3 years.
The only use I’d have for a golf club is if I were to hire myself out as a debt collector for a Shylock.
Very true. The only reason I am going with a SUV because a sedan small for me. I don’t fit in it. Having said that, If I buy the car, will Mazda have a good resale value if I wanna sell it 4-5 years later?
As good as most, maybe a bit less than a CRV or a Rav4.
Modern SUVs handle fine, especially ones this size.