I have a Mazda CX-5 2018 with fairly significant body damage. I owe $17366 payoff amount at 8.5%
I have 24 months left on it (I’ve had it for 3) and refinancing would be for 48 months at 4.5% . I don’t want to keep this car for 4 more years.
I’ve kept up with the maintenance. I took a hit due to covid and while I’ve been able to make the min payments on it; the bodywork (quoted at $1060-1600 local detail; Mazda detail: $3500). I’ve not been able to afford to get it done.
I did not file a claim as it is all hit and run damage and my insurance claims are at 0 with my payments decreasing each term and I want to keep it that way. Plus my deductible is $1000. It will need new tires soon as well as a new battery soon. Other than that, it runs great.
Right now, the best I have on my trade is $12,500 from Mazda going into a CX-30 2021 base which does keep a high residual; however, it’s still rolling in $4800 NE which doesn’t seem smart to me; plus their MF is not competitive (.0012). Their best offer is $400/mo $ 0 DAS including maintenance & NE; plus I save $100 on insurance with them.
Although, it’s been humbling to drive around for months with $1600 worth of exterior damage, I’m willing to do what’s best for my financial health.
I am worried about continued depreciation & possible maintenance issues approaching over 3 years that will make me regret not getting out sooner. Just not sure if leasing is the smartest option here.
I know, I know. Why did I sign at 8.5%? It was my first finance with beginner credit, let myself get talked into it being my only option & them adding in a shit maintenance package. Ya live, ya learn.
I am going to Carmax tomorrow for another quote I can bring back to Mazda to match. My other thought is to slowly get the bodywork done - $200 here; $200 there or see if a payment plan is available.
Advice is appreciated. Anyone know a very high rebate lease with low MF for Dec 2020 in South Florida?
Or, should I continue to make payments, try to get it all up to date, and then see about refinancing later?
Many thanks for reading!!!