Sounds like the same deal I’m looking at, but I’d need to finance or pay cash to buy a new one. I like the car, so I’m thinking of keeping it. I only have 12 or 13k miles on it, since I’m working remotely permanently now, so that may be my best bet. I’ll have to see what rate my credit union can give me for financing.
Thanks @BYGFEET but I’m very happy with my Mazda and I definitely don’t need a bigger car. I only have about 12k miles on it, so the warranty isn’t about to run out. My decision is between buying and keeping this 2018 or buying and selling it and buying a 2022 Mazda. They seem to be worth the same right now.
General question: I suspect my dealer would really like to buy back my car. I’m thinking right now that I’m going to keep it. What deal could they offer me that I should not pass up?
It will run out if the warranty is 36 months or 36,000 miles. I leased my current vehicle after Christmas 2018 (2019 model). With prices being insane, I decided to extend the lease, see where the market is when the extension ends, and either buy it (the purchase will be under 10K) or get into another lease. On the 24th of this month, I signed into my account and realized the standard bumper-to-bumper warranty would expire on 12/26/2021 (even though I only have 1,800 miles on the odometer). I quickly purchased an extended warranty through the manufacturer for another 36 months. You might want to check the Mazda warranty and do the same at some point if you plan on keeping it. From my research, Mazda is a very reliable brand (it was going to be my next lease choice), so you may not need it, but it is something to consider/know.
FYI Chase took over 60 days to process the paper work for my buyout. They are weeks behind.
If you buy it keep that in mind.
Also you will pay sales tax on the purchase. This will eat a lot of the profit.
When did you buyout?
Chase moved things along very quickly for our buyout about a month and a half ago.
Who would I talk to about the extended warranty? My lease is through Chase. Or do I do that with the dealer?
Chase is just a bank, in other words their job is to lend money and collect payments.
Everything car-related comes from a dealer, but not just any dealer. Search the web for mazda forums and find which dealer in the entire country can sell extended OEM warranties over the phone for the lowest price.
I like it
His $13,3xx payoff includes tax… sounds like around $1k in taxes. Not anywhere near eating a lot of the profit if he can sell in the 22k range as posted.
I’m SO glad I stumbled on this site > forum > thread!
I have 11 months left of my 2019 Mazda lease with only about 6K miles on it. The dealership has been pestering me quite a bit about trading in, but I don’t trust them to present me with all of my options. I expect them to do whats in the best interest of the dealership, obviously, but I knew there had to be more options for me than just trading it in - especially right now.
Anyway, just wanted to say thank you to everyone for your input and advice - it has been so helpful! And every question I had, the OP apparently had too, so major thanks to you as well for asking for clarity throughout the thread.
Now I need to decide what the heck I want to do…
By any chance are you a fan of Jeep Wranglers
lol. i can see where this is headed already
It’s a terrible time to lease again plus you hardly drive much. Whatever equity is built up from the low miles … well one by one each bank is deciding to keep that for themselves and close the loophole where the lessee can keep it.
Your planning should probably involve ordering something that was known for holding value well even before current supply chain issues & financing it.
Just call the lender and get the payoff. Keep in mind the price they give you is NOT the final price. You can confirm this by looking in your and your agreement… I’m only familiar with Nissan but they’re all gonna have wording like this . in Nissan it says that the buyout is a certain price plus any tax registration and applicable fees.
You don’t even need to call if you have Chase app or website access. I can look up buyout price with a click.
Yes, I was confused by that, wondering why the OP can’t just look it up on-line. Anyway, I’m starting to get nervous about this situation myself. My BMW 330i lease is up in July. I don’t want the car (don’t like the way it drives plus I want to go back to an SUV) but what I’m coveting is a Genesis GV70 (yeah, me and everybody else). I know I won’t be able to afford the lease payment but I don’t want to settle for something that I’ll hate for the next 3 years. So maybe I’ll just have to buy the BMW and hope things change for the better at some point. Really going to be a hassle though, I’ve never bought out a lease in 30+ years of leasing (I’m thinking more about the “selling it” part when I am ready to lease again).
@Nora_V I’m so glad my post helped you! I just discovered this site myself and people were very responsive and ready to help.
I didn’t look up the buyout price online because I didn’t know how to go about this (I’ve never bought out my lease) and I was looking for advice on what was the best move. Thanks to everyone’s advice, I’ve decided to keep the car, as I really like it. I called Chase and got my buyout price. I’m hoping I can go through them and pay it out and just be done with it.