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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
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Replying to: 23109vc (Jun 20, 2008 9:32 am) Now, pardon me while I go look at the '09 RX8 to see what exactly you are talking about!  I'll have to see it in person but not too bad. 
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i wonder if it makes more sense to do the lease of a new 08 or find a leftover 07? i would think an 07 could be had for 28k or so...at most. mylocal dealer said they woudl sell their leftover 07s for 28k and that was just off the phone. if i was there, willing to sign up and take it away, they might go even lower. how cheap can you buy an 07 for now? would it make more financial sense to buy at the cheaper price for an 07 or lease an 08? even wiht a great APR, I would think the monthly payment for a purchase is goig n to be quite a bit higher unless you do some sort of crazy long payment plan... i think the lease is the way to go. anyone disagree? i would assume the cost of a 36 month least, double it and then compare that to financing the 07 over 72 months. although hard to say you could lease the same car for the same price in 3 years. but to make an apples/apples comparison in terms of total costs... i would think that the lease would be better as the monthly payment on a 6 year loan woudl be close to the lease payments...and the lease would never really need much repairs..while the s2k will start costing to repair in years 4-5-6. although in the end of the loan you own something, vs own nothign on the lease. anyone care to figure that one out??
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Replying to: 23109vc (Jun 20, 2008 9:32 am) I had an 05 RX-8 GT 6mt w/Nav and while I like the car, it drank gas like a Hummer (15-16 mpg commuting) and drank a good bit of oil. On a trip, all Interstate, to pick up my daughter's new Civic I got about 19 mpg and that was fill, Interstate, fill. Truly terrible miles for a car with not much power and not large or heavy. Resale value was as bad as a Suzuki or Kia. Smooth motor, but no torque. Classy looking interior, but crummy Bose stereo that can't be easily upgraded. Way out of date Nav (my 05 came with an 03 disc) with non-existent upgrades. Nice handling without a stiff ride. I returned it lease end as I could not find a buyer and did not want to over pay for it buying it out and didn't want to own something with such a sharp decline in value. Long term worries about the motor as well, but this has been eased somewhat by the new long rotary powertrain warranty from Mazda. It would cover by 05 retroactively, if I still had it. I replaced the 8 some months later with a G37. More power, gobs more torque, better everything (except weight). Gets 17 mpg around town and well into the 20's on the road. I am now on my 3rd S2000, a new 08 after the 05 and 01 cars I had previously. I get 23-24 mpg commuting and around 28 mpg on the highway - all with the top down. With the $1k lease incentive I got mine "real cheap" and the lease rate is low as well. I little more sparse in the sound deadening and luxury appointments, but that is OK. Stereo is pretty good and uses normal DIN head unit and standard size speakers so upgrades are easy. Not much room, not much space. True sports car handling and (to me) not that rough of a ride. Staggered tire sizes front and rear mean no rotating possible and super soft tires mean 12k to 16k and you will be buying new rear tires (unless you just poke along). Resale value, once very, very strong for S2000s is more normal now and is on the decline. I have not driven the r3 and probably will not. The differences might make a little difference, but it looks like if you get the package you miss out on things (like heated seats) you would get if you got the GT model. Is it a limited production model? If so, then no deals. Even if not, they just launched so probably no deals or incentives for quite some time. If I were looking for a coupe today, I might wander down to the BMW dealer and test drive the 135 . If I wanted a convertible, I would find a Honda dealer willing to price a new 08 down into the hold back (as I did)  . Dennis |
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Replying to: 23109vc (Jun 20, 2008 3:50 pm) MSRP: $34,935 Invoice: $31,689 My price for the car, destination, and dealer fee: $30,247.37 and that is with a cheap lease too. If you buy, the price would be higher by $1k but you could do the 2.9% financing for 60 months. Run the numbers for yourself and see how it looks. $31,300 at 2.9% for 60 would be $561 per month. $28k at 5.29% is $532. If your credit union has a lower rate, then you could get a lower payment. That is ASSUMING they will give you new car rate money on a left over 2007 car - many banks will not. You will be upside down on the loan no matter if you do an 08 or 07, but will stay upside down a lot longer (and for more money) on the 07. You will not be able to get a good lease on a left over car, so that is out. If you lease an 08 then the $1k dealer incentive applies but you have to add the $595 bank fee. Still, the net is $405 CHEAPER in cost if you lease. Since the lease MF has a low interest rate (1.75%) you should come out just fine leasing the car, then buying it in 3 years if you decide to keep it. You start out at a cheaper price and pay less interest now - but you will likely have to pay more interest to buy it out (again depending on your bank or credit union's rate at that time). If you decide it is time for something else, no worries about the eroding resale value if you lease - just turn it in at lease end and walk away. Dennis
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Replying to: dwynne (Jun 21, 2008 7:40 am) I lived with an MGB and Alfa Spyder in the 60s, but I was in my 20s. The SF Bay Area, I think, may still be one of the stronger regions for the S, so it'll be a test to see if I can find a dealer who wants to make a quick sale at low profit. I bought an M3 in '99 from a dealer group which owns the local Honda store, and they screwed with the money factor in the fine print of my lease. I didn't pick up on it till I went home and ran the numbers. They were dinking me for about fifty bucks a month by claiming the disparity in what was quoted verbally and what emerged in writing was the result of mysterious fees, and that it would somehow be made up with lower residual. (My first lease: I was a babe in the woods.) The good news is that after some internal churning and several spirited talks with the GM and a letter to the CEO, they reissued the lease with the correct figures. I was lucky, I guess, but needless to say the prospect of buying from this closest outlet gives me pause. I intend to see who'll work with me by email and phone, because I just can't do the on-site dealer dance one more time. |
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Replying to: bonvivant (Jun 22, 2008 12:11 pm) maybe you meant 60k for the PORSCHE?? and half for the s2k?! a new porsche - yeah. big costs. i'd never buy a new porsche, not NOW. i'd be looking at a used one if I got one at all. you can get nice low mileage used boxsters for about the cost of a new s2k. if you have 30k to BUY - you could get yourself a nice boxster. probably an 04-05 base with low miles. get one with an extended warranty, and you'd be doing pretty well. if you compare buying a used porsche vs leasing a new S2000 - however, you stat to get monthly costs that come near close and the s2k has the benefit of NO repair bills at a porsche dealer. the big unknown on a used porsche is the repairs. could be low and could nickel and dime you to death. given my situation - i am interested in something with a high bang / buck value. a used porsche boxster would be perfect if I had a crystal ball and knew I could pickup a nice 2000 model with 65k miles, and have MINIMAL repairs... you can buy these for 15k. (although you can buy USED s2ks in this price poijnt too that are 05 model - with very low miles like 25-40k on them. the porsche is a neat car. the one i drove had an upgraded suspension, 18s,a nd the sound of that motor is amazing. go to youtube and put in boxster and exhaust and listen to some of the clips of those things. the sound is intoxicating. very cool. the s2k sounds okay, but the s2k is almost obnoxious sounding if you compare it to a boxster. sorry. the s2ks big appeal is that it does everything the boxster can do in terms of performance for half the money with bullet proof reliability. if you can live without the "porsche" image - it is a lot of car for the money. one nagging thing is the s2k dash. I am not kidding - I FRICKIN HATE the bargraph dash thing. i think it's an eyesore and disgusting. the boxster has a nice big basic tach which I love. every second you sit in the car and look at the dash you see that . the S2000 dash just drives me up the wall - why they did that awful bargraph thing is beyond me. do any of you like it, love it? did you hate it then get used to it? does it have ANY benefit in terms of visibility or redline notification..does it all flash at you to shift or something... i still think it's fugly. |
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Replying to: 23109vc (Jun 22, 2008 1:32 pm) ive never put a penny up front except dmv and first months so i am hoping to get this car in the 300's somewhere with 300-400 upfront total with everything. my mother actually has a civic that is on an extended lease that i am currently driving. i just got out of an 06 infi m45 sport last month and being that my mom had a few months left on an extended 03 civic lease and she got a new jetta so i figured i can take a few months to decide what to get and save some money as the payment on th civic is like 200 a month. so hopefully if she co-registers there will be additional discount since the s2000 is coming out of a civic lease so honda -> honda. based on this business do you think the MF and such will be better after the july 7th promotion because im probably not going to be able by july 7th to get this car and that is when the promotion expires. any thoughts?
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Replying to: 23109vc (Jun 22, 2008 1:32 pm) The one car I owned which was hard to drive this way was an RX-8. The rotary was so SMOOOOOTH and pulled right up to and through redline that the factory added a pre-redline shift alert. Once you got close to redline it would beep to tell you that you were about about of RPMs. That came in very handy for driving without watching the tach. One thing I really like now is a digital speedometer. I had a heads up display in my C5 'vette and it was so much nicer than the analog gauge. Then the S2000s I have own have all been digital readout as was the RX-8. I love it, I want to know I am going 58 and not "something between 55 and 60" and you can tell with a digital gauge at a glance. I put ScanGauge IIs in all the cars so they all have a digital (and correctable) speedometers. I can share the desire for the boxster. Heck, I have wanted an NSX every since they launched and I have a nice scale model of one on my desk (along with some others) but I have given up on owning one. By the time the price drops to what I would pay they are all really old and / or really high mile. I had a friend that had a couple so I have been able to drive one, just not in the cards to own one. If you can get your dream car, then you should. Just get a good deal on a nice example so if your dream turns into a nightmare you can unload it without losing too much. Dennis
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Replying to: aramism (Jun 22, 2008 9:25 pm) Dennis |
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Replying to: dwynne (Jun 23, 2008 9:31 am) It isn't in my cards to own an NSX either but holy cow do I still love them, even if they are what, 14 years old? I could almost afford to timeshare one! I also have a scale model at my office! Mine is black but anyway, back to the point... I've always loved the digital readout, the tach's bar graph I personally find helpful, especially in the beginning of ownership. There is no staring at the dash to obtain speed or RPMs, just a quick glance and then you can focus on the road again. |
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