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Prices Paid: Buying & Leasing Experiences Honda S2000 Lease Questions
270 messages, Last post on Dec 01, 2008 at 5:20 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 22, 2007 5:54 am) total money out of pocket? you said you had almost $1000 of negative equity - was that factored into it or did you kick in another $1000 that is not reflected in teh deal.. assuming we could duplicate your "deal" and we did NOT have any negative equity, and we did a similar 48month lease...we'd be able to shave another $20/month off the price...getting to $340.... not bad... i've actually got a $5000 trade in...so i'd be able to not only have NO negative equity...and get $340/month..but i'd shave another $5000 off theprice if i rolled my trade into the deal and effective be at $240/minth???? give us all the details on yoru deal!!!
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Replying to: 23109vc (May 22, 2007 4:31 pm) I'll get the contract this afternoon and post the info for you here. In Texas, if you have a trade-in, you get a sales tax break. For example, instead of paying taxes on $30,000, you would pay taxes on a $25,000 ($30,000 - $5,000 = $25,000) effectivly making your $5,000 trade-in worth more like $5,400 (depending on your tax rate). The dealers will know the trade-in benefits so if you are expecting $5,000, they may try and offer you $4,600 and then telling you with the tax savings that is equivalant to the $5,000 you were expecting. If you are happy with that, great, if not, stand firm. I had my trade-in evaluated at 5 different places and then used the highest quote as reference to prove why I expected the number I expected on the trade-in value. |
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Replying to: 23109vc (May 22, 2007 4:31 pm) Cap Cost: $31,896 (this includes ~ $700 of negative equity) Cap Cost Reduction (cash down): $2,860 (includes first payment leaving 47 more payments of #360). MF: .00240 / 5.76% Payment: $360.00 (AFTER taxes so your payment may vary) This deal also came with a service contract (42months/42k miles) valued at $704 |
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Replying to: dwynne (May 22, 2007 5:05 am) Jack |
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Replying to: accelerator (May 22, 2007 5:54 am) Regards, Jack |
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Car Man, I'm so confussed with how to calculate a lease payment. I read all the posts and just can't get it through my thick skull. Could you tell me what a fair monthly lease payment would be for a 2007 S2000, 36 month lease, 0 down, (first months payment and security deposit) through Honda? The sales price is 30,000 plus 7.75% tax. Also what percentage should the residual be and what is the percentage based upon, sales price or MSRP. Thank you so much for any help you can provide!!!! Lee
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Replying to: hlv (Sep 08, 2007 4:06 pm) Residual: 51% Money Factor: .00266 Down Payme: $0.00 Term: 36 months Mileage: 36K (I assumed this) Payment W/O TAX: $494 If you have a trade-in, that will affect how much tax you actually have to pay. If you are trying to prepare before you go see the dealer, you need to know all the different scenarios (e.g. before tax is figured in, after, how much your trade-in is worth, etc). If you have a trade-in, take your car in and have them appraise it so you know if the dealer is offering a fair deal. They do this all day and if they know you know the numbers for one sceanrio, they'll simply present you with another scenario and you lose your advantage. When I shopping for my S2000, the dealership I worked with gave me all the numbers I needed (and asked for) AND allowed me to leave and validate what they were stating was true... It was and I bought it.  Don't be afraid to go in there with pencil, paper, laptop, palm pilot, what ever tools you need. They have them, why not you? Don't get frustrated, it is a learning curve. My recommendation is to study and understand where the values are coming from and how they are figured... You absolutely have to understand the leasing jargon or you will get taken for a ride. I got my lease payment below $400 but it seems the average is around $450-500, from the postings I've seen here. Oh, if you are in Texas, on a lease, you DO pay the taxes on the entire price of the car and not just the depreciation like you do in some states. If you get a lease quote from your dealer (either from their print out or you jot them down on paper) feel free to post the numbers here and we'll give you our opinions on their offer. There are quite a few of us who monitor the S2000 forums.
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Replying to: hlv (Sep 08, 2007 4:06 pm) I bought a 2002 S2000 for $33.8k (including 5.75% taxes) in November 2001, drove it for 2.5 years and 18,000 miles and traded it in on an Acura TL in May 2004 for $23,200. Had I wanted to go through the effort, I likely could have gotten $24,000+ in a private sale. I have heard of deals as much as $5-6k off MSRP on a new S2000. At that kind of discount, and with the likelihood that they won't be around after this year, I'd be willing to bet a well maintained one will sell for well over $20k three years from now. I think I'd rather buy for $30k or less, than do a 3 year lease that will cost $18k over that time. |
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Replying to: hlv (Sep 08, 2007 4:06 pm) I would be happy to estimate what this car's current lease payment should be for you. I need both its MSRP and selling price to do so. In your post you mentioned that its selling price is $30,000, but you never mentioned its MSRP. For now I will assume that the MSRP is $34,885. According to my calculations, if you were to lease this Honda S2000 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $436. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Car_man What would the approx payment be going with 15,000 miles. Selling price would be $31,995 and msrp of $34,885, zero down 36 months. Thanks
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