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12-30-2008, 11:59 PM
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#1 | | I am Hook'd on RS
Join Date: Mar 2007 Location: vancouver
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|  Leasing vs Purchasing Calculation HELP!
Hi All,
I'm looking to purchase or lease a 2009 Mazda 6 GT...
The price out of the door is $33,609.45
Option 1 - Financing
36 months - 0% - $782.04/month
$5000 down
36 months x $782.04 = $28,153.44
Option 2 - Leasing
36 months - 5.5% - $431.49/month
%5000 down
36 months x $431.49 = $15,533.64
Buy out @end of lease = $13,836.80
So say at the end of 3 yrs, I want to sell my Mazda 6 and can sell it for $15,000 ( I researched a 2005 Mazda 6 prices in craigslist)
Then, the total I paid for my 3 yrs of owning a Mazda 6 is $13,153.44 ($28,153.44 - $15,000)
Therefore the difference between leasing and purchasing is only $2000?
It seems to me that leasing is just the way to go? $2000 dollar in 3 yrs is nothing!
Anyone thinks Financing to own is better than leasing?
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12-31-2008, 12:16 AM
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#2 | | Banned By Establishment
Join Date: Mar 2006 Location: Richmond
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leasing is always better imo
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12-31-2008, 12:24 AM
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#3 | | I am Hook'd on RS
Join Date: Mar 2007 Location: vancouver
Posts: 69
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| Quote:
Originally Posted by MajinHurricane  leasing is always better imo | Yes I would think so as well...
To think of it if you can also compare how much you can get back if you buy the car w/ Financing is $13,153.44 ($28,153.44 - $15,000) vs the buy out lease at the end of 3rd yr is $13,836.80
That's like only a $683.36 difference!  | |
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12-31-2008, 12:41 AM
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#4 | | 14 dolla balla aint got nothing on me!
Join Date: Mar 2002 Location: Van
Posts: 638
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Leasing is always better short term. After 3 years you give the car back, instead of the headache of selling it back out.
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12-31-2008, 12:48 AM
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#5 | | Need to Seek Professional Help
Join Date: Jun 2006 Location: 604
Posts: 1,049
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| Quote:
Originally Posted by volcom To think of it if you can also compare how much you can get back if you buy the car w/ Financing is $13,153.44 ($28,153.44 - $15,000) vs the buy out lease at the end of 3rd yr is $13,836.80
That's like only a $683.36 difference! | Are you going to be sitting on $13k of cash to buy out the car at the end of lease? If not, throw in additional finance charges.
Leasing is generally the better ("cheaper") choice if one is planning on turning over their car every two or three years. Conversely, buying a car and holding it over a period of 5-6 years (I think - the break-even time depends on a number of factors) ends up being cheaper than leasing cars during the same period. You also have the equity in the car.
Last edited by Blinky; 12-31-2008 at 12:50 AM.
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12-31-2008, 12:53 AM
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#6 | | WOAH! i think Vtec just kicked in!
Join Date: Sep 2008 Location: Van
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Leasing is the better option.
It could sorta eliminate unexpected depreciation.
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12-31-2008, 01:15 AM
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#7 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,051
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if you're going to change cars every 2-3 years, leasing is generally a better option for you.
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12-31-2008, 08:11 AM
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#8 | | Banned (ABWS)
Join Date: Mar 2002 Location: land of JDM
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But as at the same time did you also factor in the TAEXES and FEES associated with buying out the lease at the end of your term.
By all means lease the car if you want to , but from what i see at work it is it is good if you're on ltd budget and want new cars every 3 years, but can you guarantee that even though your residual is $13,836 plaus applicable taxes and fees , will the ACTUAL CAR VALUE of that car be a POSITIVE OR NEGATIVE number after your term ends. easy to say "SURE IT WILL" but ask MAZDA what their "estimated" residual value is after a 36 month term based on 24,000km per year. if it ends up less than 55% of original value maybe not that worth it after all.
JUST MY $0.02
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12-31-2008, 01:40 PM
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#9 | | RS.net, where our google ads make absolutely no sense!
Join Date: Jan 2006 Location: vancouver
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leasing is also good also if you are self employed and use it for work sometimes. you can write off part of the payments.
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12-31-2008, 04:05 PM
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#10 | | I Will not Admit my Addiction to RS
Join Date: Oct 2005 Location: Vancouver
Posts: 530
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| Quote:
Originally Posted by JDM_CTR But as at the same time did you also factor in the TAEXES and FEES associated with buying out the lease at the end of your term.
By all means lease the car if you want to , but from what i see at work it is it is good if you're on ltd budget and want new cars every 3 years, but can you guarantee that even though your residual is $13,836 plaus applicable taxes and fees , will the ACTUAL CAR VALUE of that car be a POSITIVE OR NEGATIVE number after your term ends. easy to say "SURE IT WILL" but ask MAZDA what their "estimated" residual value is after a 36 month term based on 24,000km per year. if it ends up less than 55% of original value maybe not that worth it after all.
JUST MY $0.02 | Yes there are taxes and fees when buying out the car at the end of lease. But you also need to keep in mind that you also pay less taxes at the beginning. So the math works out the same.
IF the car worth more than the residual value after the term then cool. YOU can buy the car and resell it to make some money.
IF the car worth less than the residual value then you can just leave the keys to Mazda and leave.
For leasing, you are paying for the depreciation value of the car at each month.
The math works out the about the same.
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