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Prices Paid: Buying & Leasing Experiences Honda S2000 Prices Paid and Buying Experience
416 messages, Last post on Oct 10, 2009 at 7:11 PM
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Replying to: tonyr313 (Apr 15, 2007 4:00 pm) You are paying $16,520 for three years / 36k miles of use on a car that you could buy outright for $29,000 + taxes. I bought a 2002 S2000 in November 2001 and traded it in May 2004 w/ 18,000 miles for $23,200. If you actually keep the car for 3 years and put $36k on it, you might not get that on resale, but I'd be shocked if you couldn't get at least $20-$21k, probably more. Meaning that if you buy or $29k and (guessing) your taxes and fees are $2k for a total of $31k, you should be able to drive the car for three years for a total of around $10k in depreciation. I'd buy under that scenario.
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Replying to: habitat1 (Apr 17, 2007 1:06 pm) To do an even comparison, you have to assume that you are borrowing the purchase price, less any downpayment. Even with that, I'd buy as well.. |
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For Financing, not Leasing: I know how to figure Tax but what about the Title, License, and other fees... is there a precent ratio or a dollar amount that you can figure? Typically, I use 10% of the selling cost to account for TTL and other fees. e.g.: In Texas, the tax is .0625% so if a car sells for $20,000 Sales Tax: $20000 * .0625 = $1,250 Title/License/Other Fees: $2,000 - $1,250 = $750 Does this work for you guys? |
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Replying to: rujo (Apr 04, 2007 11:40 pm) I think some dealers are willing to sell at invoice less the $2,000 or even willing to cut into holdback if they have lots of inventory. Unfortunately when I purchased my S2000 a couple weeks ago I was unaware of the $2k incentive (not listed on the Edmund's page of incentives for the car, whereas the $750 for the Accord is listed), so thought I was getting a good deal at about invoice less holdback (~$30,400). I knew they were still making money on me somehow, but had no idea it was $2000... Lesson learned, always check with the Costco dealer first, even if they don't have a single car on the lot. |
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Edmunds doesn't show any for the S2k. But it looks like there's at least $2000 available. Is that Marketing Support? Honda Dealer Holdback is only 3% of MSRP. Any other discounts out there? |
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Replying to: habitat1 (Apr 17, 2007 1:06 pm) if you get a good enough lease deal...you have the ability to play the "market" so to speak. if at the end of the lease, the car is worth MORE than your residual - then buy it. you could techincally then sell it privately and make a buck or two. if the car is worth LESS than the residual, turn it in. here is why leasing is attractive to me. to buy a new car -given the prices of cars - most people can't afford to finance them over 3-4 years. i bet MANY people are doing 6+ years financing. then the car depreciates, and when they are 3 y ears into their car they are LUCKY if they have broken even...they may still be upside down. the cars warranty has now expired, and now you are making car payments on a car AND you are making repairs. why not just get a good lease term, and know what you car payment is. the car is under warranty - your only expense is gas, tires, brake pads, and the payment. when the lease is up you turn it in. no timing belts, no water pumps, no clutches, no nothin'. if you only keep the car three years and you BUY - you'd need to buy a car that REALLY holds it's value - to not wind up upside down if you buy and do traditional financing with little to no money down.
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Replying to: 23109vc (May 01, 2007 12:16 pm) The S2000 HAD strong resale value - so the 2001 I got used for $24,500 brought me $19,500 trade in for my 2005 after 2+ years and 15k miles of driving. You can't count on that type of return NOW - they are just too plentiful on the used market and Honda can't sell the new ones without lease deals and/or dealer incentives. I got my 2005 almost 2 years ago for invoice including dealer fees - and they gave me what I wanted for the 2001 and Honda leased it to me for less than 2% MF. Can't hardly beat that. If I had purchased the new S, it would be a lot more money out of pocket each month and at a much higher rate - even with the acq fee factored in. You have a choice at lease end, buy for residual, turn in, or sell it (via a dealer) to someone else if it is worth more than residual. You can also sell it to a dealer or even trade it in at any time for no harm IF the current lease buy out is less than or equal to the market value. Back when the resale was strong, this was just about any time during the lease  With the current $2k dealer money, but high "normal" lease rates you either need to do a 3rd party lease or just do a purchase. Sales hurl and are getting worse - even with the $2k dealer money. I expect to see either more money and/or the return of the cheap lease. BTW, depending on which price guide you use the current buy out on my 05 lease is within $200 of trade in value. So if they bring back the cheap lease, I might be able to upgrade without any negative equity. I would not do it with the current high rate - even with $2k under invoice. Dennis |
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These numbers are: April 07, April 06, % change, YTD 07, YTD 06, % change. S2000 533 645 -10.5% 1,378 1,987 -30.6% Even with the $2k dealer money they only moved 533 cars last month, down 10.5% from last year. YTD is even worse, down nearly 31%. Either more dealer money, cheap financing/lease, or both may be coming this month????? Dennis |
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Replying to: dwynne (May 01, 2007 2:59 pm) In some ways, it's a testiment to the S2000 that it could be introduced in 1999 and still be considered a highly competitive serious sports car in 2007 with only a few minor changes in the intervening 8 years. It's too bad Honda as a company wasn't more committed to the sports car segment. Had they continued to develop and upgrade the S2000 the way Porsche has with the Boxster, they would probably still be selling them at full MSRP+. It's kind of hard to get the press to continue to gush over the S2000 when an 8 year old road test is still current. Personally, in the words of Neil Young, I'd rather see the S2000 "burn out" with a big final year model push than "fade away" with scaled back production, rebates and lethargic sales. The NSX suffered an undignified death as well. Seems that Honda/Acura did great in producing two superlative cars, but lost focus/interest in the later stages of their lifecycle.
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Replying to: dwynne (May 01, 2007 2:59 pm) I know you and I have been chatting regularly here so I wanted to run this by you.... Two scenarios 1) 2003 Red S2000 with less than 3000 miles and is in pristine condition with an asking price of $23,999. I can probably get them to come down 500 but I imagine that would be it. 2) 2006 Laguna Blue with less than 4500 miles and it too is perfect, no blemishes, tires still have the little "strings" on them. No rubber stuck to the wheel wells, etc. Very well taken care of care (customer broke 3 year lease, 2 years early and I verified it). Asking $25,250 through a wholesaler. I might be able to get him to come down $500 but I really doubt it; we haven't discussed numbers yet. My question is which is the better deal/value? Blue is my preference but red is my second choice. I wont be auto crossing. And the 2006 has the VSA, 2 cup holders  and is still under warranty. The 2003 has the infamous 9k red line and stiffer suspension, and cheaper to insure. I've talked with many many many s2000 owners and the ones that have taken care of their cars have all had the same result with excellent quality so I'm not toooooo terribly concerned about the warranty. I'm thinking the 2006 would be best for me but monthly payment is higher... oh what to do... I'm waiting until tomorrow (05/03/2007) to see if Honda announces any new incentives and if they do, then there may be a 3rd option to consider.  My salesperson did say the manufacturer to dealer incentive ($2000) has been extended but he didn't say how long. Has Honda ever done both an dealer incentive AND a lease incentive concurrently? My dealer is passing the incentive to the customer. You may have to fish through my ramblings to figure out what I'm asking.
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