atillathetrader

I have leased 2002 Protege ES 5 Auto for last 3 years. Lease is up in 3 weeks(36 K miles on it). The end of lease purchase price is around 9G. What is the secondary market value(actual) in these cars?
Although it is more tempting to lease a new Mazda 3 with all the works, I frankly do not want waste money on a new lease.
I use my mazda for commuting to work and errands so it does not have to be a chick magnet:-)
There is a another issue when you return a leased car, at the inspection they may ask some money for wear and tear as I have minor scratches in the bumpers etc..
What would you recommend buy the old one or lease a new one? Is the purchase price fair ?

juddz

Is it Protege ES, or a Protege5? I'm confused.

This is an enthusiast forum, so I'm inclined to say buy it and build it. If you lease a Mazda3, you won't be having any aftermarket parts fun. Then again, your Protege is an automatic...

hughes412

I aggree with JUDDZ, The auto isn't much fun it the race factor. But for the money you already know the car and you will pay to give it back, thats the way the make money off you. If you buy a 02 es you'll pay 10-12k so I would do a 3yr and pay it off quick!
Next time get a stick though.

atillathetrader

I am thinking about buying my leased vehicle and end of the lease value is around $9200. My question was to lease new Mazda 3 for the same monthly payment or buy my 2002 ES(silver sunlight) for 9G, which looks like a good deal as I may avoid the lease inpection cost at the end of the term in 3 weeks.
If I lease a new one I will kinda throw away 9-10G and have nothing end of its lease term but I will have a lot of fun.
However if I buy my used one at least I may have a car to sell and drive OK for the next 3 years.
Unfortunately the second hand market for Mazda's are terrible, they depreciate a lot. That is why I asked your opinion.

juddz

Whether or not it makes financial sense, that's for you to decide. My rule of thumb has always been:
1) If you want a new car every few years, and never want to modify it at all, leasing makes sense
2) If you hang on to a car for more than three years before you trade it in, drive a lot, or like to tweak it, then buying is for you.
I always buy, because I always modify my cars (even if I don't always keep them that long). Hey, other than that, it's your wallet.
Again, this is an enthusiast forum, filled with people who modify their cars, and yet others who promise themselves they will never sell their beloved Mazdas. We think emotionally rather than rationally about our purchases, for the most part. If you are looking for a strictly fanancial answer, you'll have to get a blue book estimate on the car and do the math - deduct/ add per condition and options.

atillathetrader

I did the blue book estimate. It is around 11K. Trade ins are around 9,5K.
Most probably I will keep it and buy it at the end of the lease. I will look into modifying. The first thing I will do is get a good stereo system as the factory one sucks:-) Then look into the mechanical upgrades. That is why this forum is so great. The only downside is I have an auto transmission, but hey what can you do:-)

juddz

Auto transmission cars can be fun too.
The best thing about Proteges is not their straight line acceleration - it's their handling.
And, I agree about the stock stereo. Actually, the in-dash CD changer is quite nice. I just wish there was a little more mid and low frequency performance in the speakers.