I just returned the car to another dealer without any disposition fee.
A few details about my lease. I’d like some advice on what to do: buy the car or lease another car?
- Car: 2021 Mazda CX-5 Grand Touring Reserve (turbo AWD)
- Monthly payment: $329.61
- Residual value: $23286.40
- Lease ends: August 2023, 2 payments remaining
- Mileage: 21,700
- Payout quote from Mazda Financial Svcs: ~$23,900
- MSD: $2,400
- Offer from Carmax: $29,000
Some background info: this is my second lease. First was a 2018 Mazda CX-5 GT and I liked it so much I leased another. Ben helped me get a great deal on this car and my wife and I really like it. The problem is, these deals no longer exist because interest rates and MSRPs have gone up.
If we decide to buy the car, we’ll likely pay cash because interest rates on car loans are really high. I’ve been casually looking at leasing 2023 CX-5s the monthly payments are way more than what I’m paying. Feelsbad to pay 50% more per month for a similar car.
What do you all think? Appreciate your advice!
I have 6 months left in my 911 C4 cab lease and currently contemplating options. I should’ve probably done this before but was so busy with other things.
Currently paying 2k/month. My easiest option i assume would be just to pay off lease and keep the car. I say easiest because then no hassle in trying to find a new car and deal. I’ve always leased my cars, but with the current low inventory in vehicles, I think this time is different.
My other alternative would be to pursue a new 911 lease or go with something else.
Any advice? Ideally I’d want to stay in that range of paying about 2k/month. Any advice appreciated!
Can’t a SL amg be had for somewhere within the OP’s price range? He does have conquest
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Some more numbers might help. You paid the sales tax up front in NY, so you shouldn’t have to pay again if you buy it out. If you get something else, check into trade-in credit on the sales tax (I imagine it’s significant).
I think you can still swap the lease through the end of this month, so you might want to see if someone wants to pay a premium to take it over.
If this is a 3 year lease after taxes and interest I’m guessing your buyout is around $50k less than MSRP. Wouldn’t that be a good deal to buy in this market?
Ya was going to say op much have a crap load of equity. If you enjoy the car I would just buy it out.
I’ll buy it for your buyout 
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In NY the upfront tax is just on the lease payments not the entire cost of the car, so there would still be tax on the lease buyout.
As others have said - given what used 911s are selling for, unless your residual was 99% you probably have a ton of equity in the car. Either buy it or find a way to make sure you cash that out.
SL63 unless porsche is your preferred brand
Thanks everyone. Yes, I think ‘the best deal’ would be to buy it out. On the other hand it’s currently 24k miles. So in a year it will be outside the warranty, with more miles, etc… so worried things start breaking and having to deal with that. In any case, I’ve been used to always get a new car every 3 years, hence my desire to get a new one.
One possibility may be to buy it out, find a new lease for 2k (maybe another 911?), and then sell my current 911? Maybe that way I could make some money off my current one?
What is your priority?
You don’t want to make a 50% higher payment for the same car – I’d have the same instinct.
Would you spend 50% more on a different car? Would you step down into a different (even lesser) vehicle for the sake of containing the payment?
Are you pathologically afraid of having a car that’s out of warranty (very common around here)?
A combination of the points you mentioned! I’m fine paying 2k/month, but would not want to go higher than that other than let’s say $100 or so.
And yes, would not want to ‘step down’ for the same payment. And also yes, a little bit afraid to be out of warranty, and with an aging car.
So came here get some input, wondering what others would do in my situation.
You really should consider just financing if you’re going to stick with porches.
Do you currently have a 991 or 992?
You don’t necessarily need to buy out your current car first before selling it. You can sell it directly to a dealer and save the hassle and still recoup a lot of equity.
Get quotes from the usual online sources (Carvana, CarMax, etc.) and compare that to your current payoff, keep in mind if you sell directly to a dealer you won’t have to include tax in your payoff.
That said, have you done any research into pricing and availability on a new 911 if that’s the direction you’re leaning? The Porsche market is crazy different now vs 3-4 years ago.
You’re saying financing a Porsche in general?
Yes, the Porsche 911 market is crazy now. I suppose I can buy it out (with financing) and then reassess in a year or so. But again, part of me hates driving ‘older’ cars.
How much equity do you have at the moment based on online offers?
I think about 7k in equity right now based on carfax.
I’m not concerned about Mazda reliability. I had a conversation with my wife about this today: we both like the car enough to hang onto it 5+ years, understanding that we’ll no longer be in warranty. We’re not willing to step down to a lesser vehicle, so that sorta boxes us in. 