I’ll start out by admitting that I’ve never really taken a deep dive into understanding the numbers behind both of my lease deals until I’ve found this forum. I’m still reading/learning but I wanted to get some general direction on my current situation.
Last March I was originally lusting for a 2016 Mazda MX5, but decided it wasn’t practical for my job because I work for myself and sometimes I need to haul around equipment… I ended up with a 2016 Mazda 3 Grand touring.That deal was for a 3 year lease, 12K miles a year, $2k down, $292 a month including oil/service maintenance contract.
After a year of driving it I came to the conclusion that 99% of the time I just had a laptop bag in the back, and the 1% I could probably get equipment shipped to the customers site. So in March of this year I returned to the dealers and ended up trading up to a 2017 MX5 GT. This current lease details: $0 down, 4 year, 10k miles a year, $429 a month including the same maintenance contract. I was slightly upside down on my Mazda 3, and they rolled that into the current deal.
Just the other day we discovered my wife is about 6 weeks pregnant. Her car is a 2010 honda fit which is fine, but I’m really going to need a back seat myself. Before I pull the trigger on any changes I’m guessing it would be wise to wait until the 12 week mark. Having said that, I’m trying to figure out what my best move is. Is it smarter to do something ASAP, or wait until next year before the baby is born? I ask that because when I called the guy that sold me the car he advised me I might get a better deal in spring, heading into summer, vs fall heading into winter considering the car is a convertible. My car currently has 5K miles.
As a replacement I was looking at VW GTI - which according to what I’ve read on here is a very hard car to get a good lease deal on.
If you guys need more numbers before some general advice let me know and I can try to find my paperwork upstairs.
Most important would be to take inventory of what you want and what you can do. You already made kind of hasty decision going from Mazda 3 to MX5, so slow down a little bit before you jumping to another car. Do you really need the back seat or you think you are going to need it. Do you have any friends in the same situation that survive with only one baby caring vehicle? If the answer is unequivocal no,
My advise would be to wait until the end of the ear and see what comes up as an attractive lease for maybe Equinox or something big, safe and cheap. It’s possible that if you add another vehicle to your current cars that been cheaper that rolling your negative equity into another lease.
If you want another lease, why would you want something that does not lease well?
Get something that does and you can enjoy at the same time, there’s plenty of choices.
Miata’s lease out terribly. You will be massively upside down. If you want to get another car, I suggest getting a third vehicle, because getting rid of the Miata will be more expensive than leasing some cheap sedan or SUV.
You might try swapalease and see if you can get someone to take over your lease. I have zero idea what the rules are with Mazda - so you’d have to check. (and swapalease is pretty good about knowing them).
I agree with what the others are say if you can swing it along with all the baby stuff I would keep the Miata and get a inexpensive 3rd vehicle. That being said my parents made it 5 years with a RX-7 and a 4 seat coupe when I was a kid and did just fine.
Mazda American Credit/Chase does not allow Lease transfers.
That does not mean you are stuck.
If you need to get rid of the Miata instead of taking a bath on trade I would look into selling it privately. You have time on your side but not the time of year. However people buy Miata’s year round. Use Cargurus, Cars.com and ebay to list it for free. Carguru’s has a pretty accurate market value. Your lease provider will have your buy out and see if you can sell it privately to minimize exposure. You have awhile you can sit on it on sale while still making payments. So don’t rush to dump it.
When does the lease on the wife run out? And is there excess wear and tear?
Just kidding. Congrats. I would say enjoy the Miata until the baby turns five and then you will really need the SUV to go to all the sports and school activities. Use the fit in the meantime.
I agree with the approach of waiting it out as long as possible.
We’ve been able to make do with one family car and one smaller car just fine. The wife and I simply swap cars on days when I need to take our son to child care.
Thanks for the reply. This was exactly what I thought - we could probably get by. My wife thought I was crazy and kind of insisted that we really needed two cars with 4 doors so thus the search for options. After showing her this thread she’s coming to her senses & we’ve decided to hold onto my car for now. Some people have kids and get by with just one 4 door car. We can get creative and find a way to make it work.
Thanks for the reply. I’m just now learning what it means when a car doesn’t’ “lease well.” I felt that I originally got a good deal because I was able to negotiate down from $460 a month with 2K down to $429 a month with 0 down…especially considering the oil maintenance, and being upside down on the last car.
OP, keep the MX-5. If I were you I’d be more concerned about your wife driving a fit with an infant child in that deathtrap. You are lease loyal to Mazda, that means $750 toward another lease of a Mazda. Secondly, Mazda right now is offering $1890 lease cash on CX5s. My advice would be to get rid of the Fit for a CX5 Sport…with very little out of pocket, I am sure you can get her one for low to mid 200s with ease.
I am sure one way or the other, it will work out for you guys. After the baby is born you will have plenty of things to worry about other than cars and how many doors they have. Besides, if you did find it unbearable, I think someone mentioned already leasetrader, that will be a much cheaper option compare to another trade in at the dealer.
google “sex” and “pregnancy” or “baby” and it can save you poor planning next time.
I spent time talking my wife into a minivan first. 96 Car of the year, Caravan. (Just got rid of my 96 few months ago, too.
Then got her pregnant. Much better planning on my part. Actually three tries…three kids, too. cause --> effect.
I have a wife and two kids. We had a SUV and a sedan. She thought I was crazy when I sold the sedan and bought a 2-seater. She had the same complaints as your wife. It’s been 2 years and we’ve only “needed” a 4-seater once, which was when the SUV developed a brake problem. Even then we worked around the problem.
Just FYI, it’s legal to put a carseat in the front if you don’t have a back seat, not that I’d recommend it… but it’s funny as hell to have a carseat in a F-type. Oh, and we finally got a 3rd car, but that didn’t stop the complaining…
Yep-You have plenty of time. If it was me-I would not make any changes until after the baby was born. My wife and I switch cars all the time depending on our needs for the day. The only downside is my wife’s car is usually low on fuel when I get it. Congrats- your world will change next year and you may be seeing things much differently once the baby is born.
Haven’t read the whole thread but I assume in real life you’ll probably get a lot of advice to buy a SUV/crossover or minivan. I never understood that mentality, especially for the first (or even second) child.
