Last post on Dec 01, 2008 at 5:20 AM
You are in the Honda S2000
What is this discussion about?
Honda S2000, Car Leasing, Convertible
#211 of 270 Re: New Lease Program in Los Angeles [bernat]
Jan 14, 2008 (2:56 pm)
It is the same as posted on the Honda web page, the numbers work out to a low 0.00054 MF (1.30% equivalent) with a so-so 56% residual. The net is a pretty good lease deal, but not quite a good (payment-wise) as they have done in the past.
#212 of 270 Re: New Lease Program in Los Angeles [dwynne]
Jan 14, 2008 (4:16 pm)
the money factor is good. I think Honda Finance can set the MF where they want. But the residual - is probably more or less something that gets set based on what their actuarial tables (or whatever you call them) predict the car will be worth. then they fudge around with what kind of a MF they can or are willing to do to get the total $$ of the lease to a level that will still profit something and attract buyers.
the deal is pretty good though. if I were READY to pull the trigger, I wouldn't not do it just to try and save another $15-20/month.
I may end up having to wait at least 30-60 more days. Honda's website said the current deal is good until 03/03/08.
It's anyone's guess if the deal will get BETTER or not after that date. If I had to guess I would suspect it will stay about the same or get slightly better.
Just before the end of the year, I was looking at the Acura TL. the MF on that was .00081. the "then" deal expired on 01/03/08. Everyone on the TL forum was guessing whether the deal would end or not after the 3rd. well the residual droped a %, but the MF was reduced even further, so that the effective price you would pay stayed almost exactly the same.
if you figure the S2000 sales stink just like the TL sales do, and the S2k is being discontinued...as is the third gen TL, due to the 09 being a redesigned model - my guess is that come 3/8, HOnda will keep the deal the same to move the remaining cars, or it might get better. the residuals may drop, but the MF may drop too. maybe they will make the deal better. maybe not. I'd be VERY suprised if they made the deals WORSE. good luck seling an s2k when a customer comes in expecting the current lease deal, only to be told "oh sorry we cancelled that deal, you'll hae to pay an extra $50/month"...customer will get that sour grapes FU attitude and say bite me and walk. so they probably will keep the deal in place. at least if I was gonna bet on it, that's what I would put my money on.
the economy sucks right now. cars are sitting on lots. and s2ks are NOT selling nearly as well as everythign else. it's a two seater impractical car that is about to get discontinue and has been around a long time...it's not exactly flying off the shelf.
don't get me wrong, I want one. but ONLY for a smokin' deal.
now what color do I want...
#213 of 270 Re: New Lease Program in Los Angeles [23109vc]
Jan 14, 2008 (4:50 pm)
The difference is when they get the cars back at the end of the lease and can't get 65% or whatever of MSRP for them. The captive lease banks usually do several points over the ALG residual the 3rd party banks do then money with the MF to make the deal sweet or sour. They know if the MF is high (like the 08 Accords) and you try to go 3rd party lease the lower real-world MF that the 3rd party bank is using will net out the same or ever higher payment than they get using an inflated residual and a high MF.
When they want to make a deal sweet they go with a really low MF, unrealistically high residual, or both at the same time.
The ALG residual on a new 08 S2000 is 50% but the AHFC residual is 56% and the couple that with a 0.00054 MF (vs 0.00230-0.00240 real world). So in this case a 3rd party lease is not even close.
We had folks wait before trying to get a better rate and it never happened. Other times a great rate would get even better. Unless they bump up the residual they can't lower this rate by much - and if they did it would not change the payment by much. If they dropped it to the 0.00014 they have on the Pilot the S payment would go down about $20 per month. Which is not all that much, in the grand scheme of things.
I got mine in the summer of 05, which you would THINK would not be the good time to get a deal on a convertible. I would think spring is the WORST time since in most place it is top down time with only the far north being still too cold. Once summer hits it is too hot in the south to sell lots of convertibles. Right not is a too cold (for most folks) for top down driving in most parts of the country so sales will be slow and we think deals good.
If I lived where I could drive top down NOW and didn't already have a convertible, I would try to find a dealer willing to go invoice including fees on an 08 and do the lease. Then not only do you get a nice deal you start driving NOW. In 3 or 4 months if the lease deals are a LITTLE better you will have been enjoying driving all those months. If the deals don't get better, then you wasted the time you could be driving a convertible. If you live where it is way too cold for top down driving, you may can get one for even less - the dealer is looking at several on the lot and months before warmer weather arrives so may be willing to take more of a beating on the price to make a sale NOW rather than hang on to try to make a little more months down the road. I once leased a new 'vette convertible sight-unseen from a dealer north of Green Bay in December. He even paid 1/2 the haul charge to have to brought to me. I guess he knew if I didn't take it he could be looking at in (on his showroom floor) for 6 months or more .
Funny story, the "Internet sales manager" at a Honda dealership e-mailed me today saying it was "taking too much time answering all my questions and e-mails" and I needed to "come in and pick out a car and they would make me the best possible deal" on it. Give me a break. I don't go onto a car lot without a deal in place - that is WHY I deal with the Internet folks - I want the rock bottom price and THEN I come in, pick out a car, and sign the papers. I don't start negotiating on the lot.
#214 of 270 Re: New Lease Program in Los Angeles [dwynne]
Jan 14, 2008 (10:52 pm)
you are so right about NOT making the deal on the lot.
I learned that with my MDX. I had plenty of dealers refuse to deal via the phone or internet and insisted I "come down and then I will give you a great deal". I politely told them I had a great deal in writing from dealer X, and I'd like them to beat it to earn my business and fax me the deal in writing. Some played and faxed the offer, but many gave me "you have to come down" line.
One guy was upfront. he said "you probably aren't in my immediate area, and you're just using me to drive down the price, then you'll take my offer to some other dealer, and they will get your business". that's almost exactly what he said. he was sort of right..but i guess they get enough guys like us that some of them get fed up with it. oh well, that's their job - to make offers, and try to sell cars. some just want some sucker to come ont he lot and tell them "how much they have to have this car".
I'm sold on the s2k. i just need to finish selling my wife on it. she's not 100% thrilled at the idea of me getting a two seater. I think she assumes that I'll drive off into the sunset and not come home all day - and leave here home with the kids.
I just want something cool to drive to/from work so each day I get a sports car "fix".
#215 of 270 Did anyone get a new S2000 lease?
Jan 31, 2008 (1:28 pm)
Several folks were talking about it when the new deals showed up, but I didn't see anyone post that they pull the trigger on a lease deal.
I talked to the dealer we just leased our Pilot through (super deal) and they would lease me the new S for $500 under invoice (IIRC) but would only allow $17.5k to $19k trade on my 05. So I will have to wait for my 05 lease to end and see there are any good deals at that time, or just sell my S retail, or do as I had originally planned and buy my S at lease end.
#216 of 270 Re: New Lease Program in Los Angeles [23109vc]
Jan 31, 2008 (1:37 pm)
Good luck with that! 7 months later and my wife (no kids) are still not thrilled with the car. You can try the gas mileage angle but with so many other cars now getting 30+ mpg, it might be a bit hard.
#217 of 270 Re: New Lease Program in Los Angeles [accelerator]
Jan 31, 2008 (4:48 pm)
My wife love riding in the S, what is not to love ? She does not care for driving it, but if the weather is nice she is always willing to go for a ride. Though it is smaller inside and trunk space, she likes it more than the C5 'vette I had and for sure better than the Miata M.
#218 of 270 dealer cash change?
Feb 11, 2008 (10:30 pm)
i saw on another board that this past friday, Honda bumped up the dealer cash incentives on some models. not sure which ones.
did the s2000 get more cash behind it to sweeten the deals?
#219 of 270 Re: dealer cash change? [23109vc]
Feb 27, 2008 (3:29 am)
Hey 23109vc. Honda did raise its dealer cash on the 2008 Pilot and Ridgeline a couple of weeks ago, but unfortunately it did not introduce any on the 2008 S2000. At least there is a special lease program on it.
Prices Paid: Buying & Leasing Experiences Forum
#220 of 270 The March / April S2000 lease deal
Mar 04, 2008 (7:24 pm)
is up. Not much change. The MF is down to 0.00035 (from 0.00054) but the residual has dropped 1% to 55% from 56%. The net effect is the "special" pre-figured lease is the same as last month. $2,500 and signing gets you $349 per month - plus taxes, etc.
Just like before, the deal as figured is OK but you can negotiate the price of the car down and you certainly do not have to put down $2,500. Once you have a nice price, then roll everything into the lease except maybe first payment and see how it looks. Don't sink your money into a lease at 0.84% effective financing - keep your money in the bank and use Honda's cheap money. So what if the payment is higher? You are still driving and S on the cheap .
Now if Honda would put some dealer money on these on TOP of the cheap lease, then we would have something.