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Prices Paid: Buying & Leasing Experiences Honda S2000 Prices Paid and Buying Experience
409 messages, Last post on Oct 06, 2008 at 6:34 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: accelerator (May 29, 2008 6:15 am) The only thing wrong with leasing the same car 3 times in a row is that is does not really seem like I am getting a new car  . I thought I would keep the 01 when I got it, but the cheap lease and invoice selling price I got on the 05 (plus getting early lease buyout money for the 01 as a trade) convinced me to upgrade the car. I said then it was a keeper and I could not see getting something else. This time the high residual / buy out price on the 05 and the insane low price and low lease numbers coupled with the 08 upgrades and longer factory warranty convinced me to upgrade again. I am thinking in 3 years there may be no more temptation as I don't think they will still be making the S by that time (but we said that 3 years ago). Also the buy out price on the new car will be $1k or more less than the 05 . If I can pass the 05 on to another enthusiast before the lease ends next month, that would be nice, but if not I will just drop it off at a local Honda dealer and enjoy the 08. The scene in my back yard this morning:  Dennis
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Replying to: dwynne (May 29, 2008 7:53 am)  kyfdx
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Replying to: kyfdx (May 29, 2008 9:03 am) ? I did the same thing back in 05 - a new Accord for my wife and a new S2000 and RX-8 for me.... So I am a car nut, what can I say? Dennis
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Replying to: dwynne (May 29, 2008 9:12 am)
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Replying to: legendguy1 (May 29, 2008 4:47 pm) Compared to my 05 the 08 has drive by wire, VSA, headrest speakers, different wheels, maintenance minder, outside temp display, different interior metal trim, different wheels, DRLs, retuned suspension, a new (and longer) warranty, TPMS, seats, little shelf under the dash on the PAX side, and no windshield tape. The DRLs and VSA would probably be the best changes to me, many things I don't care much about, and a few things I like better on the 05. If the cars had been identical I MAY have still leased the new 08 anyway . Dennis
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Replying to: dwynne (May 29, 2008 7:09 pm) I was wondering a few things about your S2000 lease (I am considering leasing one very soon). If you don't mind, of course. What was the money factor and residual? Also, how did you find out about the S2000 having a $1,000 dealer incentive? I did not find any information about that anywhere. Thanks a bunch! Joriz
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Replying to: joree85 (Jun 02, 2008 12:53 am) In any case, here are the details: Vehicle: 2008 Honda S2000 in New Formula Red and black leather Options: none MSRP: $34,935 Invoice: $31,689 My price for the car, destination, and dealer fee: $30,247.37 Acquisition Fee: $595 Final Cap Cost: $30,842.37 Lease term: 36 months Allowed Miles: 12k per year Residual: $18,864.49 (54%) Money Factor: 0.00073 Security Deposit: Waived Base Payment: $369.00 With State Tax: $394.84 Amount paid at signing: first payment and $83 in tax Note that there is a $1,000 dealer incentive for AHFC leased S2000s that is not available if you purchase the car. They do offer 0.9% to 2.9% financing, but the lease is at 1.752% effective interest and the $1k incentive wipes out the $595 bank fee and lowers the price $405 (in effect) so I think you would be nuts to buy the car . The lease deal shown on the Honda web page runs from 5/1 to 7/7 so I assume the MF and residual will be the same through that time. About the $1k, it is sort of obvious if you look at the lease deal online. The deal calls for a sales price of $31,698.46 (take the net cap shown and add the cap cost reduction). Invoice is shown as $31,769 so the deal calls for the dealer to sell the new car for under invoice. No way, says I, they must have incentive money on them. So I asked and was told they have $1k on lease deals or cheap money (0.9% to 2.9%) but no incentive for sales. Dennis
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Replying to: dwynne (Jun 02, 2008 10:02 am) I am having trouble finding the numbers to get from the invoice price of $31,689 to your price of $30,247.37. Did you get holdback and the lease incentive? Was the holdback 2% or 3%? Thanks a bunch...Sorry for being difficult!
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Replying to: joree85 (Jun 02, 2008 11:02 am) I said I got a great deal on my S2000, didn't I ? The $1k lease incentive takes it down to $30,689 There should be $698.70 in hold back (2% of MSRP) and I got all but $257 of it off in my deal. My wife and I leased a Pilot a few months ago from this same dealer and the price was below invoice and incentives into the hold back leaving < $150 of the hold back for the dealer. I did have to do a little travelling to get such a great deal, but would do it again in a heartbeat. If you live near the Atlanta area or are willing to fly or drive to save money you should be able to lease one for the same price, I can ask them and see. They should still have a couple of the new "Chicane silver" cars (I like that new color), a couple of blacks and a white one left. No more NFRs, that is why I went ahead and picked up mine . Dennis
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Replying to: dwynne (Jun 02, 2008 1:39 pm) You sure did! Thanks for taking the time to break down your deal in further detail for me. I really appreciate the time. Congrats on the deal! I'm looking at a CSM.. Joriz |
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