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Honda S2000 Lease Questions - READ ONLY

270 messages,  Last post on Dec 01, 2008 at 6:20 AM

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What is this discussion about? Honda S2000, Car Leasing, Convertible

Messages Page 23 of 27

#221 of 270 Re: The March / April S2000 lease deal [dwynne] by 23109vc

Apr 03, 2008 (11:26 pm)

Replying to: dwynne (Mar 04, 2008 8:24 pm)
i test drove a used boxster. OMFG. so much nicer. the sound alone was intoxicating. i know honda is more reliable...but wow. decisions.

#222 of 270 Re: The March / April S2000 lease deal [23109vc] by dwynne

Apr 04, 2008 (6:47 am)

Replying to: 23109vc (Apr 03, 2008 11:26 pm)
No doubt they are nice cars, but you have to be rich (or a mechanic) to own and maintain one. IIRC they have to drop the motor to change spark plugs, for example .
 
If you are just looking for a sunny day car that will not see a lot of miles, then you might be OK. If you are looking for a daily drive that you will have to depend on and maintain then the "total cost of ownership" for any Porsche is something to consider.
 
BTW, it looks like for April the S2000 lease deal is carried on the same as it was. Pretty nice, but they have had better deals (but not in a while).
 
Dennis

#223 of 270 My lease deal for May, but still should work in June by dwynne

Jun 02, 2008 (10:03 am)

Vehicle: 2008 Honda S2000 in New Formula Red and black leather
 
Options: none
 
MSRP: $34,935
Invoice: $31,689
 
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.
 
Dennis

#224 of 270 Re: My lease deal for May, but still should work in June [dwynne] by 23109vc

Jun 08, 2008 (10:38 am)

Replying to: dwynne (Jun 02, 2008 10:03 am)
Dennis-
 
so did you get a new one??? I've seen you post here several times - a few times replying to my threads.... i know you had an older model and were thinking of upgrading to a new S2000.
 
I am very much interested in a two seat roadster. at the moment i'm torn between leasing a new S2k or buying a used boxster. my dad is selling his 2000 base - highly optioned including 18" wheels, heated seats, full leather, upgraded lights/tails, and M030 (super stiff suspension package) - it's only 217 hp, but having driven an S2k, the 217hp base boxster feels faster due to having more torque... the sound of the boxster is musical....amazing. but buying a car with 50-75k miles means itw ill require repairs. i could buy his car for 14-15k and have a payment lower than the s2k lease... but i've make up the difference with repair costs,e tc.
 
decisions.
 
maybe i'll have to test drive an s2k again.
 
you think there is any more room to improve on the deal you got? your deal sounds very good. you put essentially nothing down..or just the payment + tax so lets say $500 or so.
 
last time i went in they wanted something like 2-3k down and then they quoted me a monthly about what you are paying.
 
i would lke to think I could get the car down to about 350 with tax... so shave another 50/month off... but over a 36 month lease, that's almost another $2000... not sure i can shave THAT much off the car.
 
$400/month with virtually nothing down for a brand new s2k lease and 12k/year..is a great deal. it will run like a top... and after having driven a bone stock s2k, i can say that while you COULD modify it to make it faster/handle better - the car does NOT need it.
 
i've modified a lot of my former cars...and the s2k is one that you really coudl drive bone stock and love it every minute. same for the boxster. they are amazing cars right out of the box.
 
i'm gonna have to look into the s2k lease some more. the deals sound pretty tempting.
 
how is the new car Dennis??? better than the old one or is it the same, just all new?

#225 of 270 Re: My lease deal for May, but still should work in June [23109vc] by dwynne

Jun 09, 2008 (4:44 am)

Replying to: 23109vc (Jun 08, 2008 10:38 am)
I think my car was priced into all but $250 or so of the hold back. Unless the incentives get better, the lease rate gets cheaper, or both I would not think you could do much better leasing an 08 S2000.
 
I posed the residual and the money factory, you should concentrate on negotiating the lowest possible selling price on the car. Keep in mind the $1k dealer lease incentive. Once you have that, you plug that number into a lease calc and work out your payments.
 
The boxster is a nice car, the boxster s is a VERY nice car - but a whole lot more money than an S. Yes a used example is cheaper but would probably still be about as much as a new S. Get a used S, and things really start to get inexpensive. My 05 could be had for maybe $21,500 for example .
 
The newer car has different seats, drive by wire throttle, stability control, and several other changes but it basically drives and feels the same to me - just newer.
 
Dennis

#226 of 270 Re: My lease deal for May, but still should work in June [dwynne] by accelerator

Jun 09, 2008 (10:16 am)

Replying to: dwynne (Jun 09, 2008 4:44 am)
And that new car smell! Don't forget the new car smell!

#227 of 270 lease new s2k vs buy used boxster... by 23109vc

Jun 11, 2008 (5:27 pm)

Dennis-
 
your deal sounds pretty good. I'm really thinking about doing another test drive.
 
the pricing right now is very attractive. I'm basically torn between the boxster or boxster S and the S2k. the boxster is the car i honestly like better - but to get a NEW boxster would be way way way out of my price range. I'd be looking at 2000-2002 models at most...and buying a used one in the 20k range. I've seen nice base AND S models in that price range with 30-50k on the car and some with extended warranties that would buy me a couple years of peace of mind.
 
the big downside to the porsche is that it's got to be more expensive to keep running. I could basically get a NEW S2k and have a payment of about $400/mnth with no out of pocket money. for a used porsche to have that total cost of ownershp...I'd probably have to stick with a used, higher mileage car...
 
the one apples/orange part of the comparo though, is that if I bought a used boxster, at the end of the loan term, say I went 4-6 years - i coudl keep the payment low by stretching it out a while, and at the end of the term, id' own it. say I did a 4 year loan on a car that cost me $20k and had roughly 50k on the car. assuming 10-12k/year driving - the car would have 90-100k on it at the end of the loan, and i honestly don't know what it woudl be worth then, but i'm guessing in the 10-12k range or so. so say it's wroth 10k....i'd spend 20-23k in total cost + financing fees, plus say another 4-5k in repairs/mainteneance...which puts my total cost at 28k worst case scenario...minus the 10k ti's wroth when the loan is over and my net cost is 18k.
 
the S2000 is less than that - and while it's "not a porsche", i'd have ZERO reliability/repair issues and my only "job" woudl be to make my payment, and drive the stink out of the car and enjoy it.
 
it's very hard to compare loans to leases.
 
I guess I always could consider a used S2k...like an 05 or 06 and try to get a sweet one for artound 20k. then i coudl do an apples/apples comparo to the boxster... you know the s2k will cost me less to maintain. not sure which would have a better residual in 4-5 years. for 20k i'd be getting a slightly newer lower mileage s2k....for sure. 05 or 06 model vs a 00-02 model porsche.
 
both cars have their pros/cons.
 
my heart wants the boxster but my pocketbook likes the s2k.

#228 of 270 Re: lease new s2k vs buy used boxster... [23109vc] by dwynne

Jun 11, 2008 (6:36 pm)

Replying to: 23109vc (Jun 11, 2008 5:27 pm)
Unless it was a factory backed extended warranty, I would worry about getting any repairs done. Without a warranty I would make sure I had lots of spare money laying around to pay for repairs. The bad news is the dealer will be silly high on parts and repairs, the good news is that the high dealer prices usually mean there and some independent shops around who can take care of the car.
 
Check insurance rates as well, a used boxster may cost more to insure than even a new S2000.
 
As a point of reference, my 05 S2000 with 12k on it and a 7 yr (4 left), 75k, $0 deductible HondaCare warranty on it would be about $21.5k or a bit less as it sits.
 
Like I said before, the boxster is a nice car and the s is a great car but they are a lot of money new or used and when they break .
 
Dennis

#229 of 270 Re: lease new s2k vs buy used boxster... [23109vc] by kyfdx HOST

Jun 12, 2008 (4:48 am)

Replying to: 23109vc (Jun 11, 2008 5:27 pm)
my heart wants the boxster but my pocketbook likes the s2k.
 
The eternal dilemma..
 
In my experience, buying a used Porsche will only save you on depreciation.. it will be as expensive to maintain as a new one (or more), and then you have the repair issues.. Even a used Boxster in the $20K-$25K range will be more expensive over 3 years than the S2000 lease..
 
The usual advice on buying used Porsches is to get the newest, lowest mileage model that you can afford, as that will be cheaper in the long run.. I think that is telling advice about how expensive owning a Porsche can be..
 
But, no point in dropping over $400/mo. on an S2000, if you regret it every time you see a Boxster drive by..
 
regards,
kyfdx
(done the Porsche thing)

#230 of 270 Re: lease new s2k vs buy used boxster... [kyfdx] by 23109vc

Jun 12, 2008 (9:54 pm)

Replying to: kyfdx (Jun 12, 2008 4:48 am)
I need to test drive the two cars back to back to see just HOW much more I really like the porsche.
 
i drove the s2000 twice. once with the top up and once with the top down. the top down trip - was a much longer test drive, on twisty roads,a nd i absolutely loved it. the only thing i HATE is the tach. that digital thing is so nasty. the boxster has a nice huge center tach which i like.
 
i'll keep you all posted!!

Messages Page 23 of 27

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