OK. Hello hackers!! Bit of complexity to this one so would love your thoughts!
I’m at the end of a 36month lease of 2018 Mazda CX-5 AWD GT . (Actually extended it out 6 months because we were relocating and needed some time to figure some stuff out).
Pros for this car: only 21000 miles, good condition. Worth more than residual.
Cons for this car: It had to have the front side panel replaced after someone shunted me in year one. So has been in an accident. (Listed as minor accident on Carfax).
We like the car and are considering buying it. In an ordinary circumstance we would just return it because of the accident and do another lease. But we need a car now and we do have “equity” in it since the Residual was around $18,500 and it’s currently worth upwards of $21,000 today (even with disclosing the accident) acc to carvana etc.
We do like the car, know the cars history and low mileage, we have equity in it and given the lack of options out there at the moment in the market - do those things outweigh the worry that it might not be smart to be buying a car with an accident listed on it’s Carfax??
Worth noting I have a good rate lined up for the purchase if I go with that option. I think it was 2.7% or something.
Someone on Reddit (!) told me I was insane for considering buying out a damaged car but that was before this market. Should I pay notice to that or feel comfortable that buying this car is totally a fine thing to do?
Additional puzzle piece. We leased the car in Oregon (no sales tax) and now live in California. Does anyone know if I will pay sales tax on the residual price I buy it for, or the original MSRP price since I never paid sales tax on that?
Thanks for your help.