2019 mazda cx5 grand touring lease buy out

Ask the Hackrs Buy/Finance
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1

Hello!

I am not much of a car person therefore I am here looking at you guys, the experts for HELP.

I leased a 2019 mazda cx5 grand touring in March of 2019. My lease is coming to an end this March 2022 and I am planning on buying out the car. I just want to make sure 1) is it worth it to buy out the car (I am planning on keeping the car long term) and 2) is there a better deal I can get negotiating the buyout price (if possible?)

When I got the car, I had ZERO knowledge on how to deal with the dealership (and probably still don’t) but from 2019 to now, I have realized I did not do my due diligence. I did not shop around, and was horrible at negotiating.

I leased my car for $389 monthly with $3650 given at signing (half for down payment, half for fees).
The buy out price is: $20,969.
Total amount of car is: $ $32,381.
total amount paid at the end of the lease: $14,004.

Lease was for 36 months, 10,000 miles per year.

My car has 16,000 miles
serviced every 6 months
no accidents
VERY MINOR scratches, less than a credit card size.

According to carvana, they would give me $24,000 for my car. After looking around online, many dealerships are selling my car (snowflake, approx 16,000 miles) for $27,000-$29,000. Is it possible to negotiate my buyout price for a bit lower? Even with the way the market is looking now?

When buying out the car, is it if anything possible to get a monthly payment of $389 or maybe even less? My credit score is 799.

Please please, ANY help will be greatly appreciated!

Thank you,
K.

2

Absolutely. You know the entire history, you know how it was treated, and you’re getting a ~40% discount from what current retail would be. This is one of the best times in history to buy out a lease if you are OK with owning the car long-term.

Not a chance. :slight_smile:

1 Like
3

I’m leaning towards the same thing with my Pathfinder, if only to just hold it for a few months to give me more time to find a good deal on something else and then sell it for more than my buyout (as long as the market doesn’t crash before I can).

Have you checked Carmax? They’re giving me a way higher quote than Carvana or Vroom right now. Their quote actually went up another $2000 from when I checked last month.

4

WOW! I just checked carmax and they quoted me $28,600!

5

I’m not sure how much that offer will change when you actually go in and they see the car in person, but hopefully they’re not playing games just to get people to come in.

6

Now I’m questioning if I should really keep the car, vroom quoted me $29,319. Im sure it would go down a couple hundred if maybe $1,000 once going in, but even then, they are still good prices. Im just not sure if it would be worth it to get a new car, since they are already over priced at the moment, and staying without a car is not an option right now. Any advice?

7

Depends on what you’re looking at. Some new cars are arguably under-inflated (compared to used cars), especially when they’re selling at or very close to pre-pandemic prices.

And IMO the used car bubble cannot last. Vroom stock was the first shoe to drop. These unsustainable buying sprees cannot last forever. Ida was a temporary boost to demand but just like Tulips and everything else, mania cannot last.