Is trading a financed 2004 Mazda 3 for a 2012 mazda 3 GS-sky a good idea?

[juliusrock]

Hey! So I've been on these forums for quite some time now, usually just reading posts and reviews on Mazda 3 (posting occasionally). I am currently financing a 2004 M3 with 135,000 kilometres. To date, I've had it for two years and still owe about $7000 to the loan company (yes, I'm upside down now as the value for my 3 is about $3500).

Last year I had to get new brakes (pads, rotors, other stuff), $700 and also my suspension needed fixing, which was $400. Thus, I spent $1100 on car repairs in 2011.

Now, as I reflect on the amount of money I still owe and the money I needed to put into fixing my car last year, I've considered trading up for a 2012 GS-SKY. Based on my research by starting a new lease I could have the remaining loan applied to a new lease. And heck, if I decided to finance the leftover loan would also be added. Also, it is worth mentioning that with the rebates and the cost I could potentially negotiate to, it will still not add up to the amount I still owe for my loan... which could be bad.

The way I see it is I could get rid of my loan (by leasing) and also ensure I have all major repairs taken care of on account of the warranty. I do understand that I may have to pay more for insurance and also the monthly payments will undoubtedly be more but is that worth the peace of mind?

Your help and insight would be great. Also, I've paid close attention to paragraph breaks and spelling so I do not get insulted, haha.

[paulabreu]

it might be worth it, go see Jeff at MoT... i traded my 2011 hyundai accent that i bought last march for a 2011 mazda 3 gx on november..( yes, huge upside down ) but since im financing its not a big hit on my wallet, plus im much more happier

[juliusrock]

It's unfortunate though that I've already set up an appointment with Leslie of MoT. I found out about Jeff's positive feedback after making the appointment.

[boyracer]

It sounds like you've made your decision to upgrade. I think it's the right one in the long run.

[juliusrock]

It sounds like you've made your decision to upgrade. I think it's the right one in the long run.

i think so too. and once the lease is up, move on to the next mazda 3, haha.

[n00bMeiSter]

Out of curiosity, how much was your 2004 Mazda 3 and how many kilometers were on it when you purchased?
What trim level is it as well?

[oriley]

juliusrock, whichever way you look at it, the $7000 outstanding is not going to just disappear. The only person who is going to service that loan is you.
From experience, I would continue with your 04 until the loan drops below the $1000 mark; then go and visit the dealerships. They may even be willing to assist you servicing the loan at less than $1000!

[juliusrock]

noobmeister, I got it for $8500 with 90,000 KM. i purchased it in 2010 and it's headed into the two-year mark and at an interest rate of 7.5% over 60 months it looks like i'm getting totally screwed. it was my first car and i kind of jumped into it without weighing the pros and cons of say leasing or putting a larger down payment.

if i get a new vehicle at a lower apr then i wouldn't be losing as much money, right?

oriley, you say from your experience. what do you mean? you yourself have done such a trade and it turned out to be bad?

[juliusrock]

oh and the trim, it's definitely not the base since it has air con and moon roof, plus the rain sensing wipers. i bought it used so i was kind of ignorant of the existing trims.

[oriley]

juliusrock, No, haven't had any bad trades. Just seen too many people trading while owing large amounts on their existing vehicles. Bad economics.

[Sebi]

Maybe try to sell it privately, trade-in values at the dealership are super low... this way you take a lower hit.

[n00bMeiSter]

Yeah, sell it privately, pay off as much of the existing loan as you can, and then try and get the rest of the old loan added to your new car (if that's even possible).
You got screwed 7 ways to sunday on that car.

[GTA Fine Cars Inc.]

Agree with some of the comments here .. Your better off trying to sell it privately ..

[ROB_MAZDA]

i've just purchased a 2012 Mazda 3, traded in my 2003 Protege 5 ... if you sell it privately you will get more money, but, it will take much more work and time, if you're not in a hurry, advertise on Kijijiji for $4500-$5000

[juliusrock]

well, turns out i ended up selling it to the dealer and financing a 2012 sky.

let's see how things turn out for me, haha.

[Takumi616]

yea I think you made the right choice.... keep us posted...

[juliusrock]

So, for anyone that is still interested, I picked up the Skyactiv last wednesday and holy moly what an upgrade!

A summary of my upcoming review: The pros? High-quality build of the interior is excellent coming from a 2004 mazda 3. So far gas has been great, 6/8 of a full tank remaining and almost 200km. The customization for the interior lighting is very simple, plug and play, just pop off the light covers instead of removing the whole console for the 2004. The car runs smooth as butter and obviously still entails the Mazda zoom zoom. I'm a little fretful to push the RPM because I was told to keep the RPM under 4000 for the first 1000km or something so I've yet felt the full zoom of the 2012. There is more but I haven't been able to plan a proper write up yet.

Cons? The first con I immediately observed is the downgrade of space in the middle console; it is now just one compartment and a little tray inside as opposed to the split 70/30 from the 2004. Also, the sound from my wireless FM transmitter is pretty crap compared to the 2004. I did, however, purchase a 3.5 mm jack from Griffin and the sound picks up substantially. And it may be just a problem for me but I find that the position of my seat conflicts with the dash; my preferred seat height and tilt makes the steering wheel cover the gas and kilometer odometer. But, I believe those are all the cons so far. It's a little early to say this though since I've had the car for only 2 days, haha.

In those two days I've added 20% tints all around and ultra white LED lights for the interior. I have been thinking about a shark fin antenna but the 2010 antennas and up look all right to me.

[Jeff-TheBiz]

Did you need the wire? no Bluetooth?

Sorry if Leslie missed this on the presentation.

[SickoS2K]

how much did they give you on your m3 as trade in?

[juliusrock]

Hey Jeff, I already purchased the wire from Wal-mart. And for some reason my iPod doesn't pick up the car.

Did you need the wire? no Bluetooth?

Sorry if Leslie missed this on the presentation.

[juliusrock]

And it's no biggie. Leslie showed me everything else I needed to know.

[doughboyr6]

how much did they give you on your m3 as trade in?

i'm curious too....i have an 05 paid off and wonder how much approximately would one get on a trade in.... if my payments on the new car is over $400, i'd just rather keep driving mine...