Negotiated this lease for my mom whose 2019 CX-5 Grand Touring lease was expiring in May. She wanted the 2.5 Turbo because Lexus and Genesis are too expensive to lease right now. Attached below is the lease breakdown provided by the dealership, the credits are coming in the form of equity she had in her 2019 CX-5 and $1000 in Mazda loyalty rebates ($500 loyalty, $500 lease to lease rebate) Please advise if this is a good deal or not.
Original MSRP: $38,345
Dealer Discount: $1,342 (3.5%)
This is not $0 das if it involves trading in a vehicle with $5000 in equity
My bad, I’ll remove that from the post
It’s more about making sure that you are appropriately evaluating the deal. It’s difference between this being $350/mo and this being $500/mo
I understand that without the equity it would significant difference. But given the current state of the market, it is rare to find dealers even discounting their cars. I realize there is only a 3.5% dealer discount. But is there anything else I could do to make this a better deal or no?
What does the monthly # turn into if you take a check for the equity? Ask them for that.
Two separate discussions there. It’s really more about making sure than you’re properly evaluating the deal. This may be the best deal you can get, but is $500/mo for a CX5 worth it? Is it better to finance instead of lease? etc
What other brands is she willing to consider?
If she doesn’t mind the relative lack of power and likes her current car, is she willing to buy it out?
She is willing to consider pretty much any luxury brand. The thing is she wants a lot of features as her CX-5 now has ventilated seats, heated steering wheel, heads up display etc…she does not want to give any of those up in her next car. She really likes the NX 350, and the Genesis GV70. Both very hard to find around me but she also does like the Q5 and the X3. I figured with the current market I would not be able to get a good deal on any of the aforementioned cars, with all the features she wants.
She likes her car, but would prefer something newer, with more power. Her current car lacks a few features that the new CX-5 has.
If that’s the case, then I think it comes down to what the other posters have mentioned (knowing what the true effectively monthly is b/f determining if it’s worth it to her, and thinking about financing vs. leasing).
She is considering Mazda so why are Toyota, Honda, Hyundai, etc out of question?
Anyway out of the cars you mentioned, using the equity as a down payment and financing the NX might be your best bet.
GL finding those features on a X3 or Q5 and not having your eyes water when you see the payment.
I don’t know if the CR-V has most of the features mom wants, and would the RAV4 and Tucson equivalents be any cheaper (esp if she wants more power than the standard CX-5)?
Have you driven either one of those compared to a Mazda? Horrible driving dynamics, cheap interior quality, don’t really look great overall. I will look into financing the NX, I refuse to use the local Lexus dealership because they have a million add-ons and refuse to take them off.
If you decide to lease, better to take equity out as a check and go with higher monthly payment. If you want to put the equity in the new car, better finance it then.
This is a pretty good deal in this market in my opinion and I’d go for it if I were in the market. The loyalty and lease-to-lease incentives are helping out here. The CX-5 Turbo is an awesome little SUV. Vastly superior to a Rav-4 or CRV in terms of driving dynamics, luxury feel, and fit-and-finish. Don’t put the equity down as a cap-cost reduction, take the check.
The turbo trims usually have outrageous money factors on the CX-5’s, must not be too bad on this one.
It may be worth noting for others looking to this for deals out there. The tax is being paid upfront as well so the monthly would be $27 higher.
I am not sure if I understand you. Are you willing to elaborate more? Very much appreciated. I am looking for leasing a similar car and will walk into a dealer sometime this week. Want to do more research before going in.
I’m not the poster you tagged, but the dealer is presumably giving making some $ off of you, if you trade in vs. having them write you a check for the equity. The dealer hides some of the profit by reducing the monthly. You need to calculate the total cost of ownership, rather than just looking at the monthly payment (the latter of which is what most people unfortunately do).
