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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: rd1ofakind (Oct 08, 2007 7:05 am)  . Thanks for taking the time to stop in and let us know how everything turned out. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: rd1ofakind (Oct 08, 2007 7:05 am) 
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Replying to: mehman (Oct 19, 2007 11:31 am) Congrats on the great price! Keep us posted on the developments...
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Replying to: mehman (Oct 19, 2007 11:31 am) I am on my 2nd NFR S, I love the color - but I DID consider yellow but just could not pull the trigger on it  . Dennis |
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Hi everyone, I was wondering if some one can help me with getting a great lease deal on a 08' S2000. I have a quote of $32,300 for the car 36mon. 12k miles and $2,900 total drive offs. $339 + tax of $26.27 = $365.27 a month. money factor is .00054 and residual is 56% $19,570. I am in San diego, Ca. tax is 7.75%. Any help would be much appriciated. Thank you, cicilbri
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Replying to: cicilbri (Jan 10, 2008 2:33 pm) is this a new lease special? |
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ok... this new lease deal has the MF at .00054 the residual value on a 12k / year lease is based on a 56% residual. that's using the advertised MSRP of 34935 and a residual value of 19563. now the website says the buyer must put down $2499 in cash. 1500 of it is cap cost reduction the rest goes to drive offs? i'm not 100% sure on that. they say the actual cap cost is 31141. i KNOW people have been buying S2000s AT invoice. and that is 31000 I think. if you just ignore their numbers about how much you put down or what the cap cost is ... once you know the MF and the residual and invoice..you can calculate a potential payment. using the honda website figures for MF and residual. and assuming i bought the car for 500 over invoice which is roughly 31500 I get a monthly payment with CA 7.75% sales tax of $400. that's WITH tax. now assume I just plunk down say $1500 to cover drive offs. that brings the payment down to $355/month. that's not bad for an s2000!
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Replying to: 23109vc (Jan 11, 2008 3:12 pm) That said, you should be able to get one at invoice or a little over. So if you run the numbers at that price you come out with a little higher payment with the $595 bank fee, first payment, security deposit (if applicable), and TTL due at signing. This deal calls for a net cap cost of $31,141.79 and invoice is $31,689 or $547.21 more. So the payment would be higher unless you put in that much as a cap cost reduction, paid the $595 bank see, and first month's payment and TTL at signing. One problem you have is that many dealers still have a bunch of 07 S2000s and this lease does not apply to those. They may not have many 08s to choose from or might not be willing to deal as low to move them when they have 07s to move. If you want to go 3rd party lease or finance, the 07s should be a couple grand under invoice, maybe a little better. Dennis
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Replying to: dwynne (Jan 11, 2008 4:00 pm) My local dealer has one or two 2008s. they have FOUR 2007's left. I was over at the dealer a few days ago just looking and saw them sitting there. I'd be interested in either buying OR leasing. My goal is to keep my monthly cash outlay low. Not sure if I'd keep the car long term or not. Assuming I can buy at or below invoice vs this lease special, it still seems like the lease is cheaper. I'm confused a bit by the lease special on the Honda website. it says the cap cost is 31141 and the residual is 19563, and MF .00054. $2499 due at signing. I believe that $1500 goes toward cap cost reduction, the rest goes toward first month payment, bank fee, etc. so if you use those numbers on the edmunds.com lease calculator.. use 31141 as the selling price, plug in residual, MF, etc....and you figure that $1500 goes to pay down the cap cost, you wind up with a monthly payment with tax that seems about 25-30 less than what Honda is advertising. I'm thinking if I go to the dealer to lease an 08 and pay $2500 out of pocket, the total payment WiTH tax should be about $350. not 350 + tax. to me that seems like a good deal. now if I compare that to a PURCHASE of a left over 2007, that I can buy for say $28500. my cash outlay will be way more to buy. I don't have a ton of cash to put down. i could put donw $5000. if you assume i put down only 2500...so that the cash out of pocket is similar to the lease...i'd be paying over $600/month. assuming I got 6% for 84 months...stretch it out as long as they woudl let me do it... and you still get payment of like $577. what's the car worth in 7 years??? not sure that's really worth it. putting 5k down the payments come down to 541. and that's at 84 months!! if I finance for say 60 months..still a long time, but more reasonable.. and assume I get 3.9% or some low rate..it's $680/month. geez. sorry. i don't want to pay 680/month. i think i'd rather put down a couple grand, no more, then enjoy the car for 3 years with a relatively low monthly payment. at the end of the lease, if i love the car, and it's worth more than my residual i can buy it. or just give it back and buy the next hot toy i can't live w/out.  so overal - is this lease deal about as good or as good as what's been offered in the past? scouring old posts. it looks like there was a $299/month deal back in 05, but that required more money down. like $3600 or so. so overall, this deal seems pretty good. i know that the economhy is not doing great, and car sals are slow, so it's possible that the lease deals will improve in another 3-6 months...but how much better could it get? Dennis - you think this current lease deal is good? you think they'd sell the car for even less than $31? i can't find invoice pricing on the 2008 models.
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Replying to: 23109vc (Jan 11, 2008 4:26 pm) If you figure it, they say $2,499.00 total due at signing and of this $1,555.00 is a cap cost reduction and the net cap is $31,141.79. If you add the new and the CCR you get $32,696.79 - this is the selling price for the car and destination. So if you got the car for invoice ($31,689) you would save $1,007.79 over the deal as posted. So you could get the payment of $349 if you paid $1,491.21 at signing plus TTL. Does that make sense? The difference between the amount they show down and the CCR is $994, this is the $349 first payment and the $595 bank fee. The shown deal is just a sample, that sets the payment for a given selling price and money down. Once you know the MF and residual you can do anything you like - sign and drive, first payment only at signing, $5k at signing, etc. The other variable is how cheap you can deal on the car. So you get your best price then run the numbers and see how they look. I will tell you this, it is not wise to sink much money into a lease - if your car was stolen or totalled you lose your investment completely. In this case the rate is 1.3% effective which is CHEAP money so I would roll everything into the lease and either do sign and drive or just pay the first payment only. Roll in the TTL, the bank fee, etc use THEIR money at 1.3% and not yours. If you want a low payment, then stick your money in the bank and each month draw upon it to make the effective payment lower - you will be better off and if you find you don't need to draw on the extra money it will be saved for a rainy day. Where are you located, your profile does not show? Some dealers don't deal much on the S2000 others will deal more. Maybe we can point you to a better dealer if yours will not work with you. You could also ask about any lease deals on the leftover 07 cars and see if there is anything, but probably there is not. If you price out leasing cheap then buying at residual you will probably find that due to the low rate now you come out OK VS just buying now. Your used car rate to buy out the lease at end will be higher than a new car rate now, but you will have the first 3 years at the cheap lease rate. In the end it would be cheap PROBABLY to buy the car outright if you plan on keeping it, but in this case you will not be out much if you lease then buy - or lease and turn in and move on. Dennis
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