New member here, need some suggestions

[homer98]

Hey all,

This is my first post, been browsing around a bit at some threads. Seriously considering buying a speed3, have a bank loan all set up and everything.

My main question is what should I look for if I'm buying used 2008 mazdaspeed3? This specific car has 54,000 km. Should I consider buying it or hold off until I can afford a newer car?

Any help would be awesome, i've been wanting a mazdaspeed for a few years now, finally can come to reality. Currently driving a protege5, just finished school and looking to upgrade.

Thanks a lot,

Cheers !

[PR3Y11]

how much is that speed going for?
and what ever monthly payments you need to make or think you'll be making for the car (finance/lease, insurance, gas, maintenance, etc..) double that. if you're financially okay with that number then you'll be fine.

[BlueStreak]

Get a compression check done.

[klspeed3]

if it happens to be this one: http://www.autotrader.ca/a/Mazda/Mazdaspeed3/OAKVILLE/Ontario/19_4051968_/

That's a pretty decent price for a 2008.5 with 54k.

My advice - hire these guys to check the car out for you http://smartautocheck.com/. They give you a detailed report and tons of pics, there's a sample report on the site you can view. You don't even have to go with them to check the car out, they go themselves and email the report.

Just to be clear though, that won't guarantee that nothing is wrong with the car, they just check the condition of the body, engine, etc. and all your fluid levels. You can get a compression test done by them as well. It'll just give you a bit more peace of mind when making your purchase.

[homer98]

Thanks for the info,

Car is going for $18500. Comes with winter tires on rims and rx8 rims with summer tires.

Obviously out of curiosity, why would you say double my expected monthly costs?

Thanks

[homer98]

I don't see an edit button so I will just post again.

I will definitely check out that site thanks fOr the replies.

And yes it's that oakville ms3

[Elusivellama]

Thanks for the info,

Car is going for $18500. Comes with winter tires on rims and rx8 rims with summer tires.

Obviously out of curiosity, why would you say double my expected monthly costs?

Thanks

Welcome!

- To create a safety margin when it comes to your cash flow in and out of your account
- To account for possible repair work right off the bat, or later
- To make sure that you're committed to a large purchase


I think it looks good from the pics and description, but you should call and talk to him about it. If you go see it, insist on starting the car up when it's cold (and not warmed up) to see if there's any smoke which might indicate oil leaks. The price listed can also be talked down by about $500 - $1000, and most people will accept a reasonable offer if you're a serious buyer.

[Mazdy]

:welcome smiley

[Darkice]

for that price and km i think its a good deal also the rx8 rims plus with the km u know the car hasnt been getting a beating

[klspeed3]

have you checked out insurance quotes as well? insurance for the ms3 will be higher so take a look at that before you make that purchase decision as well.

[bj21]

this is my take....

i have a 2008.5 Speed3 with 60K on it and i have taken care of it from the start and obviously know its history...buyout is in the 17K range plus taxes and the lease is up next month...

i can lease a brand new Speed3 (no tech pkg) with $0 down at 0.9% lease rate with the $1000/first 3 months free promo for $430/mth for 36 months....principal alone on a 36mth loan to buyout my current vehicle would be $500/mth...and i know the history of the car...

my feeling is that leasing new is a better option considering it is less money/mth and warranty on existing vehicle is going to be over soon....the Speed3 doesnt have the best track record with respect to the smoking turbo and other issues....not complaining - just stating that the jury is still out on what is a relatively new model...

prefer to go with the new vehicle, with warranty, lower payment and lower borrowing rate....

[Speed_Demon]

I've personally never understood why people lease vehicles unless they have their own business and can write off the payments. If not you are just renting a car and making dealerships huge money...

In my case. I put money down on my 07 MS3 ($8500 as I had money to put down because of the sale of my previous vehicle and saving a little), that made my monthly payments only $350/month. I have less than 2 years left to pay and only owe about $7000 (I called a couple weeks ago to find out the remainder). I only have 58,000 km on the vehicle. If I was to seel now I would proably ask around $18-$19k. Even if I got $17k in a private sale on Auto Trader, I'd have $10k left after buying out the last $7k.... Theres $10k down on another car.... When you lease, you are giving money to use a car, when the lease is up you give the car back and having nothing to show for it? This is the 3rd vehicle I have financed and I've always been able to do this to upgrade on cars and have a down payment... I have friends who keep leasing and giving money away. My 2 pennies. :)

[hit26k]

You may want to hold off on the purchase. The 2012's will priced and they're should be an incentive on them. You can also use your Protege as a trade-in. Just a thought.

[bj21]

I've personally never understood why people lease vehicles unless they have their own business and can write off the payments. If not you are just renting a car and making dealerships huge money...

In my case. I put money down on my 07 MS3 ($8500 as I had money to put down because of the sale of my previous vehicle and saving a little), that made my monthly payments only $350/month. I have less than 2 years left to pay and only owe about $7000 (I called a couple weeks ago to find out the remainder). I only have 58,000 km on the vehicle. If I was to seel now I would proably ask around $18-$19k. Even if I got $17k in a private sale on Auto Trader, I'd have $10k left after buying out the last $7k.... Theres $10k down on another car.... When you lease, you are giving money to use a car, when the lease is up you give the car back and having nothing to show for it? This is the 3rd vehicle I have financed and I've always been able to do this to upgrade on cars and have a down payment... I have friends who keep leasing and giving money away. My 2 pennies. :)

so basically you have your $8500 back...and you're driving a 4 year old car and paying $350/mth for another 2 years...when you could put the $8500 back in your pocket, put zero down, pay $80 more per month and be driving a brand new vehicle with warranty.....

[Speed_Demon]

so basically you have your $8500 back...and your driving a 4 year old car and paying $350/mth for another 2 years...when you could put the $8500 back in your pocket, put zero down, pay $80 more per month and be driving a brand new vehicle with warranty.....

My car is still under warranty. When you are leasing for those 3/4 years you get nothing back at the end and you just paid to rent. I'll get my $8500 back (maybe more) which I can now use to get another brand new vehicle with a cheaper monthly rate because I'll have a downpayment fromthe sale, which I can then sell after the five years and have another down payment for another new car etc....

I owned a Honda civic before this, had it 10 years, financing paid off after 4 years. I was paying $375/month for say the 5 years (cause I paid out the last year). So I then drove the car for 6 years with zero payments and sold the car for $3k.... 6 years NO PAYMENTS, if you keep leasing at say $400/month forever cause you keep leasing vehicles, who has spent more? Oh and I only ever fixed 2 things on my Honda, brakes once (@104,000km and a new exhaust manifold). I have not put a dime into my MS3 except for some mods. Anything major on the MS3 (power train is covered until the day the payments are done) is covered.... So when I sell in less than 2 years, I'm sure I can get $10k for it.

So how does leasing a car make more sense?

[Speed_Demon]

Sorry for hijacking the thread. Completely my bad. =\

I'll stop now.

[klspeed3]

gotta say, i agree with speed_demon. leasing vs financing is like renting vs mortgaging. With one, you are giving someone else your money every month to use THEIR property, and must abide by their terms with nothing to show for at the end of the lease.

Leasing for 3 yrs is a cheaper option...if you only want to have the car for 3 yrs, can live with the annual km allowance, are not planning to mod the car (well you could but need to return the car to factory spec at the end of your lease and are left with mods and no car)

if you plan to own your car for a longer period, financing is the cheaper option in the long run, and gives the added benefit of being able to mod it any which way you like, drive it as much as you want, and know you OWN that beast =)

just my opinion, by no means does this apply to everyone

[homer98]

Thanks for the input everyone, I'm basically wondering if its still decent to get the 2008 MS3, or with what people have seen, wait and save up for a newer version/newer vehicle?

I really want the speed, I've got quotes on insurance and what monthly payments would be with the finance and insurance.

Just need to know if its worth getting this car and wont run into many troubles for the first few years.

[J.Dragan]

Well if you don't mind having a perpetual car payment for the rest of your life, then lease now and forever, but at some point I think we as people like to own our vehicles whether it's a Speed 3 or a Regular 3 or whatever the vehicle. Owning means a large lump sum to part with if you can afford it, a loan would require a down payment and monthly payments for a period of time, but at some point the payments stop and the vehicle is yours. Either of these two options means you are going to keep the vehicle for a longer period of time and probably take better care of it because it's YOUR VEHICLE, unless you're an idiot. Also there is no lease agreements and restrictions when you own, and you can probably get a better deal on the price of the car. Your hard earned money can serve you better then a never ending car payment.

Just take your time and don't rush into a purchase, a loan, and above all a lease, you have options choose carefully and enjoy your new ride!!!!!

That's just my 2 bits brother.:)

[loki]

Unfortunately this thread strayed quite a bit from what the OP was asking and ended up talking about leasing vs financing etc..

I do want to point out that leasing vs financing is not the same as renting vs owning real estate since cars, are and will always be, (except for classics which the MS3 is not) a depreciating asset, and a lease takes this into consideration. When you give back the car to the dealer, you are giving them back something that is now worth considerably less. The real benefit is that every 3 years or so, you can drive a completely new vehicle without the hassle of selling your car. Either way you're going to take a hit. Anyway I'm not here to debate that. I will never lease for reasons that J.Dragan mentioned, I want to OWN my vehicle.

I believe you were asking if there any problems with the older speeds or should you hold out.

To be honest, buying any car is a risk. At the end of the day, check out the vehicle properly like some of the guys have already mentioned and make sure you stick to your budget, and more importantly make sure that budget is realistic! The newer cars may seem like the better deal with all the 0% financing offers and cash back, etc etc. but at the end of the day, a new speed will run you in excess of $32 - 35k to put on the road, and you have to ask yourself, do you want to spend that much on a car? Can you afford to?

The other thing is the 2007 - 2009 have a totally different body style to the 2010 + models. I personally much prefer the older body style and that was the reason I purchased my used 2008 speed3. Mine seems to have problems with a smoking turbo but that is now covered under an extended warranty so I will have the dealer check that out very soon.

oh and don't count too much on a trade in on the Protege5. I had one and they only offered me $500 trade in value, so I sold mine privately.

It's a large purchase so take your time, and if you're comfortable, enjoy the ride!

[J.Dragan]

OOPS strayed again.:P

[homer98]

Heh, yeah strayed off a bit, but there has been some good input all around.

But basically I am considering getting a 2008 speed3 now, or waiting a bit and seeing what prices i can get for the 2010 and soon to be 2012 models. I do like the older style, but the age of the car definitely needs to be a factor.

I know that a car could be a lemon or have certain issues other cars of the same type have, and I know I wont get too much for the protege, but looking for help in weighing my options.

[peterm15]

Sell privately, shop around, and most importantly IMO get insurance quotes BEFORE a purchase. Insurence was the main factor to me buying a 3
My options were
Vw jetta
M3 ( not speed, as insurance was a main factor. )
Ford focus
Lancer.
Focus was a killer for insurance. ( almost 2x the 3)
Jetta was to costly to repair.
Lancer was lacking deals at the time.
So a 3 it was, got a great deal at the time, And I couldn't be happier. But you may find happiness in cars other than a ms3.
Now I bought my car late augest and it seemed every day mor off lease deals were coming out. So you may end you may end up wanting to wait.

As for wether this deal is good I couldn't tell you. I'm not a speed owner n

[Kiyomi]

so basically you have your $8500 back...and you're driving a 4 year old car and paying $350/mth for another 2 years...when you could put the $8500 back in your pocket, put zero down, pay $80 more per month and be driving a brand new vehicle with warranty.....

its not about driving a brand new vehicle. its about making a vehicle your own. every tuner or car enthusiast would agree. you pay more in the long run if you lease a car and its not your own, no real pride or ownership. imo, life is short, stick with a decision and go with it. i agree with bluestreak on the compression test, especially if you want a ms3 which i assume you want for more zoom zoom. lol if you want the ms3, get it!!! you will be way happier than driving around while thinking you should have got one. trust me :D

[klspeed3]

personally, i just picked up an 08.5 speed a few weeks ago and I love it. I love the look the 07-09 models had too.

just do your research on the two models and figure out which one you want more. If you are willing to either lease or finance, then figure out which one would make you happier driving. Here is a comparison between the two to get you started: http://www.cars.com/go/compare/trimCompare.jsp?acodes=USB90MAC221B0,USC10MAC221A0

After you've done your research and decided which model you want, start shopping around and bargaining. Regardless of which model you choose, you can certainly get a better deal than the sticker prices you are seeing online.

Hope this helps. If you want you can PM me and we can talk more...I spent about 6 months researching to speed3 and comparing it to other options and I was 100% sure what I wanted going into the buy.

Kiel


Heh, yeah strayed off a bit, but there has been some good input all around.

But basically I am considering getting a 2008 speed3 now, or waiting a bit and seeing what prices i can get for the 2010 and soon to be 2012 models. I do like the older style, but the age of the car definitely needs to be a factor.

I know that a car could be a lemon or have certain issues other cars of the same type have, and I know I wont get too much for the protege, but looking for help in weighing my options.

[bj21]

just as a FYI - i'm with State Farm and they rate the Speed3 the same as the regular 3...no difference in rates.

[Fack_Dude]

just as a FYI - i'm with State Farm and they rate the Speed3 the same as the regular 3...no difference in rates.

Good for you! :thumbsup

[bj21]

Good for you! :thumbsup

why dont you contribute something as opposed to being a d-bag?

[Fack_Dude]

why dont you contribute something as opposed to being a d-bag?

Hey buddy,

I just did contribute something by saying "good for you" for having cheap insruance. But instead you had to take it the wrong way. Don't be mad. :huge smile

[klspeed3]

:hijack smiley

[SomeGuy]

Meh, I drove off the lot owing nothing on a brand new 2010 MS3...that's the way to do it. I love owning my car from day 1.

[joedemarco]

hey guys,

hope your all enjoying your long weekend!!! I know I am in my brand new (to me) 2007 CWP MS3, I friggin love it...

I know I read somewhere about someone wanting to put a BOV on the MS3 just wondering if someone can point me in that direction...and also if anyone has any information or opinion on BOV or wastegates installed on their MS3 please let me know.

what are the Pros and cons to each...

thank you

[Kiyomi]

hey guys,

hope your all enjoying your long weekend!!! I know I am in my brand new (to me) 2007 CWP MS3, I friggin love it...

I know I read somewhere about someone wanting to put a BOV on the MS3 just wondering if someone can point me in that direction...and also if anyone has any information or opinion on BOV or wastegates installed on their MS3 please let me know.

what are the Pros and cons to each...

thank you

come to the 2011 photoshoot on august 7th, talking to tm3ers helps alot if you got questions.

[joedemarco]

come to the 2011 photoshoot on august 7th, talking to tm3ers helps alot if you got questions.


I'll be there, thank you!!!! :) you mazda guys are so much nicer than civic guys...been there done that.

[Fack_Dude]

It's a beautiful day! :D