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Honda S2000, Convertible
#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.
#333 of 420 Re: buy 07 or lease 08? [accelerator]
Feb 13, 2008 (10:16 am)
Mine as well, too bad Honda will not negotiate the buy out price with us. If I knew they would not truck it someplace else, I might be tempted to turn mine in end and see if I could snag it at the local auction (via someone who is a dealer) for the auction price, plus some profit for the dealer.
If the deals are still on for the 08s I will likely just turn it in (or sell it retail) and lease an 08 while I can. If the lease deals are gone, then I would probably buy the 05 I have now one way or another.
I always say this is my "you can have this car when you pry the keys from my cold, dead hands" car . So the only thing I would replace it with is another S.
I should go look in the forums about the unlock hack, that drives passengers (mainly my wife) nuts since I always lock the doors once we are in the car. It would be nice to have a button I could hit to unlock one or both doors with the key in and the car running.
#334 of 420 Price for 2008 s2000?
May 27, 2008 (3:56 am)
I am interested in a new 2008. What price have people paid? What would be a fair price? I am here in colder climates (Chicago) so would it be better to wait and see what is left in the fall?
#335 of 420 Re: Price for 2008 s2000? [legendguy1]
May 27, 2008 (5:42 am)
No more than invoice, I would say. If you are leasing, then there is a $1,000 dealer lease incentive so invoice - $1k. I don't think the incentive applies if you purchase the S2000, but you can get 0.9% to 2.9% financing from AHFC.
As slow selling as S2000s are, you should be able to find a dealer who will dip into hold back as well.
#336 of 420 Re: Price for 2008 s2000? [dwynne]
May 27, 2008 (9:12 pm)
Thanks for the reply. I wonder if there will be selling prices coming up in the low $28s like some listed late in the 2007 year for 2007 model cars? This has been a tough year in the economy and luxury/elective purchases may not be popular. As an example I see where on http://www.s2000enthusiast.com/ it lists a total of 1130 s2000s sold through April compared to 1378 by the same time last year and 3417 sold in by end of April in 2002. What kind of prices have folks here actually paid on a 2008? Thanks, Joe
#337 of 420 Re: Price for 2008 s2000? [legendguy1]
May 28, 2008 (4:41 pm)
There was dealer money on them last year, IIRC, which made the cheap prices possible. If you find an 07 still on a lot now, you may can get one for really cheap - but that is a "used car" and > 1 year old as soon as you drive it off the lot.
I just picked up my NFR 08 today, as coincidence would have it, and it was $30,247.37 for the car, destination, and dealer doc fee. I think it was a smoking deal (for right now) since invoice is $31,769. With the $1k dealer lease incentive this put the dealer's cost at $30,769 less 2% hold back of $698.70 equals $30,070.30 . So my price was $177.07 over the ASSUMED dealer cost including hold back and known incentives. The lease MF was pretty low as well.
Now, to find someone to buy my 05 NFR S2000 .
#338 of 420 Re: Price for 2008 s2000? [dwynne]
May 28, 2008 (6:30 pm)
Did $30, 247 include sales tax? What was your out the door price? Real good deal you made. I wish that Honda was not selling the Club Racer as well as this dilutes the number of standard s2000s available (assuming that they all come from the same plant in Japan). Also, I don't think the CRs are selling well. On ebay there is a yellow CR and a black CR with starting prices of 29K (on a car that lists at 38K!!). So if just one person bids the starting price they will be gettin 9 grand off the list price of the CR. Would be quite sweet to get that off a regular s2000! But my point is that there will be fewer regular s2000s available because of the CRs Honda is building.
#339 of 420 Re: Price for 2008 s2000? [legendguy1]
May 28, 2008 (6:51 pm)
The price was for the car, destination, and dealer fee. TTL would be extra.
S2000 sales are so slow the CR should have no effect on them, every dealer is likely to have several to choose from - and some do have 07s sitting on the lot.
You can get cheap financing (2.9% for 60 months, IIRC) on the S2000 right now. If you were planning on financing you would have to run the numbers to see if waiting for a lower price but higher interest would save you more than getting the cheap money now.
With the cheap lease rate and the $1k dealer lease incentive, you could lease your S and then (if you want) buy it for the residual at the end of the lease and come out pretty good.
I went ahead and pulled the trigger because the price was so insane and the lease was cheap and this was the last NFR they had at this dealership (and probably would not be getting in more in).
New, still in the plastic with 9 miles on it - from the factory and the PDI at the dealer - and of course bright red.
I was afraid if I waited someone else would get it and I would be stuck with another color or having to pay more from another dealer.
This is my 3rd S, after the 01 and 05, and I love it. On the long drive back home with the top down I got 28.67 MPG for a new car, going 65-75. I got 23-24mpg commuting in the others and expect the new one to get about the same.
#340 of 420 Re: Price for 2008 s2000? [dwynne]
May 29, 2008 (5:15 am)
Hey Dennis, you finally did it! Congrats on the repeat purchase! I just passed the one year mark since getting mine and I still love the car. This is the first time EVER that I haven't been tired of the car or looking for something else by now. You were very helpful to me when I was shopping so I cannot thank you enough.