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Honda S2000, Convertible
#347 of 420 Re: Price for 2008 s2000? [joree85]
Jun 02, 2008 (9:02 am)
I thought I had posted it, but I don't see it.
In any case, here are the details:
Vehicle: 2008 Honda S2000 in New Formula Red and black leather
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.
#348 of 420 Re: Price for 2008 s2000? [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!
#349 of 420 Re: Price for 2008 s2000? [joree85]
Jun 02, 2008 (12:39 pm)
to get from the invoice price of $31,689 to your price of $30,247.37
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
#350 of 420 Re: Price for 2008 s2000? [dwynne]
Jun 02, 2008 (2:59 pm)
I said I got a great deal on my S2000, didn't I ?
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..
#351 of 420 s2007 or s2008???
Jun 03, 2008 (4:40 pm)
^^^^ see what i did there?
....anyway is there still incentives on a new s2000 MY 2007?
If i could get an invoice deal on an '08 + tax + dest (and I think I can). could i do better on a 2007? I know there was dealer cash in the past up to $2,500 but I don't know if it's still out there.
I'm not that concerned with the differences between the two model years and I think I'll put enough miles on it and own it long enough that the difference in resale isn't much of a factor.
This was to be an all cash buy not a lease although with cheap finance offers it's silly not to finance.
Your thoughts? Thanks in advance.
#352 of 420 Re: s2007 or s2008??? [dizzy007]
Jun 03, 2008 (7:17 pm)
They probably had a final buy down on them from Honda so no more incentive. They have received $2,500 or maybe even more, no way to tell. I would think that any dealer with 07s still on the lot is not much of a dealing dealer so you may not be able to get such a great deal in any case. The 07s could have some "lot rash" or "demo miles" on them by this time, so check them out before you decide.
With the lease incentive I was able to get my 08 for my than $1k under invoice and leased and a very low rate. A new 08 could be leased cheap or financed with a discount rate, no cheap money for the 07. To me, it would have to be REAL cheap before I would think about it.
Let us know kind of prices you find dealers are asking for the 07 models. To get the best deal on an 08 you will need to work with a good dealer - one that has no 07s to sell. So get your best price from the ones with the lest over cars and new 08 prices from other dealers.
#353 of 420 Honda May sales set new record and I was 1 of 316 :-)
Jun 04, 2008 (7:54 am)
Civic sales are through the roof, Accord and Fit sales are strong. It is a good time to be Honda or a Honda dealer.
S2000 sales still hurl and are down 40% compared to last May and down nearly 25% YTD compared to last year. 1 of the 316 sold in May was me, so I did my part .
#354 of 420 Thanks Dennis
Jun 04, 2008 (10:49 am)
Yeah s2000 sales are weak but they must be producing less too. At the dealers near me their are are only 1 or 2 per lot so it isn't like the 40% reduction in sales is leading to stuffed lots and crazy below invoice deals.
Supposedly the '07 doesn't have much demo miles. I'm not sure what "lot rash" is. I'll have to research. The car isn't that close to me and in far-to-often dealer fashion my request for a price quote from the internet sales manager was responded to with a form letter having no relevant information and a promise that someone else will give me the pricing info I have requested.
Thanks for the help. If they got $2,500 I'd love to take a shot at an '07 buy at Invoice - Hold Back - $2k. So is Honda holdback officially 2% now?
#355 of 420 Re: Thanks Dennis [dizzy007]
Jun 04, 2008 (11:02 am)
"Lot rash" is just a term for little dings and scrapes that can be on a new car that has sat on the lot a long time.
I always use 2% now, who cares if they make more than that by a bit?
When I leased an RX-8 back in 05 I was offered a left over 04 on a "no money" deal. The guy pulled the invoice and would do invoice less incentive less 100% of hold back and would even eat the dealer doc and ad fees - just to move it off the lot. I ended up leasing an 05 for $500 under invoice less $2,500 in rebates and incentives and about a 1% rate .
I would say any 07 would be invoice less incentive less all of hold back and no doc or prep fees in order to get me to take it. As I said, my price was $1,400 or whatever under invoice including doc fee - so I would still probably get the 08 since you would not be saving a that much more.
#356 of 420 I hear you... So on an '08
Jun 04, 2008 (11:50 am)
I understand. With the $1k incentive on lease and artificially high residual by 6 or so points it kind of pushes you towards an '08 lease. The inflated residual and the Honda Finance policy of no negotiation is not where I want to be in 3 years. Although, 3 years is a very long time from now.
No call from dealer. I call and they tell the '07 sold on Saturday... it's all a moot point I guess. So I'll shoot for an '08 lease at invoice - $2k on lease or - $1k on finance with the .9% financing they offer. What is the MF on the lease deal?