Lease or Purchase- JP Morgan Chase "Chase Auto"

[Anonymous]

Question regarding lease or purchase for a 2020 Mazda CX-5 GTR. Dealer offered a closed ended lease for 37k MSRP but I negotiated down to 35k and payoff my current loan with no negative equity and 1500 cash down and the payment would be $437 for 35 months with 36k miles. What would you do ?

Purchase would be 75 months at 4.49% rate with payment of $535. 

The idea of trading in 3 years sounds good and can decide on something new or just keep and finance short term. Not sure. Thank you for any insight and advice regarding this.

[Brian_Earl_Spilner]

I always buy. Drove my last truck for 12 years. Based on your loan terms, that would be an extra $40k in my pocket. My wife is coming up on 17 years for her Accord. That's an extra 70k in hers. On top of that, insurance kept dropping. Doing this allowed us to pay off our mortgage early. It also allowed us to take huge vacations and buy whatever we wanted, whenever we wanted.

[FirstAscent]

Financially, purchase always makes more sense but plenty of people lease for the freedom of getting into a new car every few years and not have to worry about selling the vehicle etc.

if you're serious about leasing just make sure you understand the numbers behind them. With leasing, if you haven't already, find out what the residual value is and money factor. 
if you want the best lease deals with no intent of buying it at the end of the lease, you want a high residual value, this will lower your payments. 
Money factor, this will be a very small number such as 0.00015 this is the lease version of an APR. Multiply it by 2400 to give you an equivalent APR. 

also, you mentioned the 37k MSRP, is this the actual MSRP 37k or that is what the dealer offered? 

4.49% for purchasing is ok depending on your scores. But if you have decent scores you can get better rates than that, 3-3.5% for a 72 month term. 

[Penjamin_Fedington]

If  you want to change cars in 3 years, then lease is the way to go.  As for me, I bought a car that I know will last for many years and have no problem driving it for the next 10+ years.