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Honda S2000, Convertible
#323 of 420 Re: 2007 S2000 - Price paid recently [lee271]
Jan 31, 2008 (1:25 pm)
Congrats on the new car and welcome to the club!
NFR is the best color anyway, they should have priced it for MORE than the blue ones .
Sounds like a sweet deal to me. I paid $30k for my 05 in 05 and that included the dealer fees and I did the cheap lease.
I think there was/is $2,500 in dealer money on the left over 07 cars and nearly $1k in hold back, so they can afford to get pretty cheap on them.
The only bad thing about the S is that the resale value is in the toilet. They USED to be really strong on resale value but now that Honda has to deep discount to sell the new ones the used market has "adjusted" to not good prices (for a seller). I was told my '05 with 11k on the clock was worth $17.5k to $19k trade toward a new 08. I got $19.5k for my 01 when I traded it 4 years old with a lot more miles on it back in 05.
#324 of 420 Re: 2007 S2000 - Price paid recently [lee271]
Jan 31, 2008 (1:33 pm)
Hey a fellow Dallas person! Welcome to the S2K Club! I got mine back in May of 07 and paid 27,800 (if I recall correctly?) so you did very well. Now, head over to the s2ki.com. Go to the forums and you'll see the http://www.s2ki.com/forums/index.php?showforum=10. This is a pretty active chapter with monthly drives. I haven't been to one yet due to conflicts but they sound like fun. I believe one of the popular meeting places may be over in Irving so that might be in your neck of the woods!
Oh, I do have to tell you one thing for sure... you are going to hate having this great car and not being able to put the top down, just yet... Hang in there, the car is even better with the top down.
Again, welcome to the club!
#325 of 420 dealer cash?
Feb 11, 2008 (10:31 pm)
i read on another forum that Honda added dealer cash to some models. what about any new incentives on the s2k? anyone hear anything new?
#326 of 420 Re: dealer cash? [23109vc]
Feb 12, 2008 (6:04 am)
Edmunds shows nothing new. There is/was money on the all the left over 07 cars sitting on the lots. If you find one in a color you like you should be able to get it several thousand under invoice. Of course, you can get an 08 for a bit under invoice as well.
#327 of 420 buy 07 or lease 08?
Feb 12, 2008 (10:43 am)
my local dealer has an 07 in white - my favorite color. how cheap you think I could pickup a leftover 07 for? much cheaper than an 08?
i'm still not sure if i'm better off to buy an 07 or lease an 08?
#328 of 420 Re: buy 07 or lease 08? [23109vc]
Feb 12, 2008 (11:18 am)
I don't remember now, but I think Honda was doing $2,500 in dealer money on the left over 07s. Look bad in the older messages here, I would think someone had mentioned the amount. I would say the 07 could be had for invoice less the incentive less nearly all of holdback. The last quote I got for an 08 S was either invoice or $500 or so under for the car, destination, and dealer fee.
You have to get firm prices for both from several dealers and then run the numbers. If you want to end up owning the S, then buying either is probably a bit cheaper. The current 08 lease deal is fairly cheap (1.3% effective), but if you do the lease then buy at this rate it will probably cost you a little more - since you have to pay the $595 bank fee and will have to finance the lease buy out at a higher used car rate.
#329 of 420 Re: buy 07 or lease 08? [dwynne]
Feb 12, 2008 (5:55 pm)
say i can get 2500 AND holdback....is holdback 3% of MSRP??
if so, thats another $1k...
invoice is about $31k
so 28k or so??
i figure on the lease.....when you factor in all the fees and crap... you'll be around $475-500/month with NO MONEY down at all. sign and drive.
if you BUY and finance it over 6 years... your payment is about the same....
so 3 years into the lease.... you turn the car back in. 3 years into the 72 month term... are you upside down or do you have any equity int he s2k?
i still think they will make the deals better. i'm literaly seeing houses foreclose around me left and right... home prices are plummeting like crazy. the unemployment is gonna go up...and as all this crap adds up... the big D is going to be unavoidable and then good luck to Honda to try and sell a two seat sports car when half of America is worried about making the bottom line..
i say deals will sweeten over the next 12 months. what do you say?
#330 of 420 Average price for 2008 Honda S2000 or S2000 CR
Feb 12, 2008 (9:30 pm)
First of, new to the forums and I am amazed by the posts here, Everyone is very helpful and I would like to thank everyone in advance for any help I will be getting.
I am thinking about leasing a 2008 Honda S2000 or S2000CR. My brother just leased 2008 Honda S2000 CR with Audio and AC for $37000, $2000 down and $480 a month paymonth. A couple questions please.
1. Get Honda S2000 or S2000CR? I love the look of CR and hate the look of S2000 regular, not sure if it makes sense. Haven't seen either one of them in person, Brother is picking up his on Thursday. Could anyone go a run down on the comparsion? I looked up on Honda.com but any easier explanations with just important notes that would explain to a newbie in cars would help.
2. Did my brother pay too much for it? Average price for 2008 Honda S2000 CR would go around how much? Think I can push the sales man down to $35000 or $36000 with 3 years lease and $2000 down?
3. This car is going to take one of my paychecks as I got my license in U.S. not even 2 years ago. So do you think it is worth it?
4. I have a 2001 Ford Focus SE right now and still have about $1300 payment left on it and the other day, a dealer offered me $2000 for it if I wanted to trade it in. And today driving in the snow, I almost got into an accident, ended up on the sidewalk with a flat and not sure how much damaged I did to it.
So is this the best time for my trade? Should I wait for this car price to go down (maybe it might go down?) and just keep my ford focus and keep fixing it and dealer might pay less than $2000 in the future?
Again, this is too much and I feel like i a taking advantage of people' kindness on this forums but I just had to ask as I am running out of ideas here.
Thank you very much.
#331 of 420 Re: buy 07 or lease 08? [23109vc]
Feb 13, 2008 (8:24 am)
Edmunds states Honda hold back is 3% but I have been told it is now 2%.
On a left over 07, I would not pay more than invoice less all of hold back less dealer incentive. If I had to pay more, I would just get an 08.
If you want to lease, you need to get the 08, the either will not lease you the 07 or it will be at a higher price.
If you look at the lease special at Honda's web page:
2008 S2000 Featured Special Lease
$349.00 per month for 36 months. $2,499.00 total due at signing.
Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
FEATURED SPECIAL LEASE: Closed-end lease for 2008 S2000 Manual Transmission (Model AP2148ENW) for $349.00 per month for 36 months with a $1,555.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,499.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction; with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 01/03/2008 through 3/3/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 S2000 Manual Transmission vehicles (Model AP2148ENW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $34,935.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $31,141.79. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $12,564.00. Option to purchase at lease end $19,563.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details
It calls for $2,500 at signing but also prices the car at $32,696.79 . Invoice is $31,689 so the dealer is looking at $1k profit plus hold back. So if you negotiated the price down to invoice including destination and dealer fees, then your payment would be $349 plus tax per month if you paid $1,500 at signing (not $2,500) plus taxes and tags. You can put down less and just have a larger payment, but I don't think it would be THAT much more since this lease is at 1.3% effective interest.
S2000 resale values are in the toilet. A couple of dealers told me my 05 with 11k on the clock is worth about $17,500 in trade toward a new 08 S. Ouch. Lucky for me I leased it.
If you lease, the lease bank takes the risk and not you. The lease term is 36 months, do not sign a longer lease - they stink and are a rip off.
If you finance that is OK too, but you will likely find you are upside down in the car for most all of the loan term. So if you decide you need/want something else you will have to pay to get out of it.
#332 of 420 Re: buy 07 or lease 08? [dwynne]
Feb 13, 2008 (9:12 am)
I leased mine and based on the trend of the current resale values, my car will be worth less (market wise) than what Honda says it will be worth so I feel I am sitting pretty should I decide to purchase mine at lease end. Which I totaly expect to purchase.
P.S. I've had mine for about 10 months (and 10k miles) and I have no real regrets, not one (okay, a door unlock button would be nice, but there are "hacks" to overcome that - oh, and the sun visor doesn't move but there are fixes for that, too). I've owned 11+ cars (that I can remember) throughout my life and this is the first car I can honestly say I've never had a moment of regret; it is just that good.