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Honda S2000 Prices Paid and Buying Experience

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Comments

  • kyfdxkyfdx Posts: 28,475
    So.. does that make three new lease/purchases in the last six months? :surprise:

    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • dwynnedwynne Posts: 4,018
    But who is counting :D ? I did the same thing back in 05 - a new Accord for my wife and a new S2000 and RX-8 for me....

    So I am a car nut, what can I say?

    Dennis
  • legendguy1legendguy1 Posts: 15
    What specific features of the 2008 make this such a compelling decision to upgrade from your 2005? I am shoppiong both used and new. I like the seats better in the 2006+ models and perfomance-wise, the VSA w/traction control and drive-by-wire seem compelling. The year 2004 had to be the biggest change for the s2000 though. Your 2008 has new wheels and tire pressure monitoring. I am not sure how the minor changes to seats and instrument panel would affect a person's decision to upgrade now. What do you like best about your new model? Thanks, Joe
  • dwynnedwynne Posts: 4,018
    My 05 lease ends next month, so my choices were to buy it at the end of the lease (which I had planned to do) or get something (I looked, nothing comes close to the performance for the money) or lease a new one. With the new lease deals, dealer incentive, and low price I got it was a pretty easy choice.

    Compared to my 05 the 08 has drive by wire, VSA, headrest speakers, different wheels, maintenance minder, outside temp display, different interior metal trim, different wheels, DRLs, retuned suspension, a new (and longer) warranty, TPMS, seats, little shelf under the dash on the PAX side, and no windshield tape.

    The DRLs and VSA would probably be the best changes to me, many things I don't care much about, and a few things I like better on the 05.

    If the cars had been identical I MAY have still leased the new 08 anyway :D .

    Dennis
  • joree85joree85 Posts: 4
    Hi Dennis,

    I was wondering a few things about your S2000 lease (I am considering leasing one very soon). If you don't mind, of course.

    What was the money factor and residual? Also, how did you find out about the S2000 having a $1,000 dealer incentive? I did not find any information about that anywhere.

    Thanks a bunch!

    Joriz
  • dwynnedwynne Posts: 4,018
    I thought I had posted it, but I don't see it.

    In any case, here are the details:

    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.

    About the $1k, it is sort of obvious if you look at the lease deal online. The deal calls for a sales price of $31,698.46 (take the net cap shown and add the cap cost reduction). Invoice is shown as $31,769 so the deal calls for the dealer to sell the new car for under invoice. No way, says I, they must have incentive money on them. So I asked and was told they have $1k on lease deals or cheap money (0.9% to 2.9%) but no incentive for sales.

    Dennis
  • joree85joree85 Posts: 4
    Thanks Dennis!

    I am having trouble finding the numbers to get from the invoice price of $31,689 to your price of $30,247.37. Did you get holdback and the lease incentive? Was the holdback 2% or 3%?

    Thanks a bunch...Sorry for being difficult!
  • dwynnedwynne Posts: 4,018
    to get from the invoice price of $31,689 to your price of $30,247.37

    I said I got a great deal on my S2000, didn't I :D ?

    The $1k lease incentive takes it down to $30,689 There should be $698.70 in hold back (2% of MSRP) and I got all but $257 of it off in my deal.

    My wife and I leased a Pilot a few months ago from this same dealer and the price was below invoice and incentives into the hold back leaving < $150 of the hold back for the dealer.

    I did have to do a little travelling to get such a great deal, but would do it again in a heartbeat.

    If you live near the Atlanta area or are willing to fly or drive to save money you should be able to lease one for the same price, I can ask them and see. They should still have a couple of the new "Chicane silver" cars (I like that new color), a couple of blacks and a white one left. No more NFRs, that is why I went ahead and picked up mine :D .

    Dennis
  • joree85joree85 Posts: 4
    I said I got a great deal on my S2000, didn't I ?

    You sure did!

    Thanks for taking the time to break down your deal in further detail for me. I really appreciate the time.

    Congrats on the deal! I'm looking at a CSM..

    Joriz
  • dizzy007dizzy007 Posts: 7
    ^^^^ see what i did there?

    ....anyway is there still incentives on a new s2000 MY 2007?
    If i could get an invoice deal on an '08 + tax + dest (and I think I can). could i do better on a 2007? I know there was dealer cash in the past up to $2,500 but I don't know if it's still out there.

    I'm not that concerned with the differences between the two model years and I think I'll put enough miles on it and own it long enough that the difference in resale isn't much of a factor.

    This was to be an all cash buy not a lease although with cheap finance offers it's silly not to finance.

    Your thoughts? Thanks in advance.
  • dwynnedwynne Posts: 4,018
    They probably had a final buy down on them from Honda so no more incentive. They have received $2,500 or maybe even more, no way to tell. I would think that any dealer with 07s still on the lot is not much of a dealing dealer so you may not be able to get such a great deal in any case. The 07s could have some "lot rash" or "demo miles" on them by this time, so check them out before you decide.

    With the lease incentive I was able to get my 08 for my than $1k under invoice and leased and a very low rate. A new 08 could be leased cheap or financed with a discount rate, no cheap money for the 07. To me, it would have to be REAL cheap before I would think about it.

    Let us know kind of prices you find dealers are asking for the 07 models. To get the best deal on an 08 you will need to work with a good dealer - one that has no 07s to sell. So get your best price from the ones with the lest over cars and new 08 prices from other dealers.

    Dennis
  • dwynnedwynne Posts: 4,018
    Civic sales are through the roof, Accord and Fit sales are strong. It is a good time to be Honda or a Honda dealer.

    S2000 sales still hurl and are down 40% compared to last May and down nearly 25% YTD compared to last year. 1 of the 316 sold in May was me, so I did my part :D .

    Dennis

    image
  • dizzy007dizzy007 Posts: 7
    Yeah s2000 sales are weak but they must be producing less too. At the dealers near me their are are only 1 or 2 per lot so it isn't like the 40% reduction in sales is leading to stuffed lots and crazy below invoice deals.

    Supposedly the '07 doesn't have much demo miles. I'm not sure what "lot rash" is. I'll have to research. The car isn't that close to me and in far-to-often dealer fashion my request for a price quote from the internet sales manager was responded to with a form letter having no relevant information and a promise that someone else will give me the pricing info I have requested.

    Thanks for the help. If they got $2,500 I'd love to take a shot at an '07 buy at Invoice - Hold Back - $2k. So is Honda holdback officially 2% now?

    Thanks again,
  • dwynnedwynne Posts: 4,018
    "Lot rash" is just a term for little dings and scrapes that can be on a new car that has sat on the lot a long time.

    I always use 2% now, who cares if they make more than that by a bit?

    When I leased an RX-8 back in 05 I was offered a left over 04 on a "no money" deal. The guy pulled the invoice and would do invoice less incentive less 100% of hold back and would even eat the dealer doc and ad fees - just to move it off the lot. I ended up leasing an 05 for $500 under invoice less $2,500 in rebates and incentives and about a 1% rate :D .

    I would say any 07 would be invoice less incentive less all of hold back and no doc or prep fees in order to get me to take it. As I said, my price was $1,400 or whatever under invoice including doc fee - so I would still probably get the 08 since you would not be saving a that much more.

    Dennis
  • dizzy007dizzy007 Posts: 7
    I understand. With the $1k incentive on lease and artificially high residual by 6 or so points it kind of pushes you towards an '08 lease. The inflated residual and the Honda Finance policy of no negotiation is not where I want to be in 3 years. Although, 3 years is a very long time from now.

    No call from dealer. I call and they tell the '07 sold on Saturday... it's all a moot point I guess. So I'll shoot for an '08 lease at invoice - $2k on lease or - $1k on finance with the .9% financing they offer. What is the MF on the lease deal?

    Thanks again.
  • dwynnedwynne Posts: 4,018
    I don't think you can get a new S for $1k under invoice on a purchase or $2k under on a lease. The hold back is 2% of MSRP (we are told) and that does leave nearly enough to get to those numbers, unless something changes.

    Mine was $1,400 or whatever under invoice due to the $1k lease incentive and some of the hold back. Had I done a purchase, it would have been $1k more - I guess.

    I posted the details on the lease in the S2000 lease forum.

    The $1k lease incentive would offset the $595 bank fee and make the car still $405 cheaper than buying it. The effective lease rate is 1.752% so higher than the 0.9 and lower than the 2.9% . A high residual means cheaper payments now and higher payments later if you buy it out. Buying is more money out of pocket or each month. Even with the low lease MF the "rent charge" (interest) on the lease will be about $1,300 by the end of the lease, plus tax on the interest (depends on the state). So if you save $1k doing the lease - $595 bank fee - $1,300 interest - $tax on the interest and compare that to a cash deal or financed deal and see how it looks.

    I will likely buy mine off end of lease - if Honda has quit making them at that time and I don't find anything else I like better. If the lease then buy compared to just buy comparison works out pretty close, that can be a smart way to "try" the car and let AHFC take all the risks on future value. Honda can't sell them and resale values are falling - so if you buy it then you have to worry about how to get rid of it down the road if you change your mind or something changes.

    I would just run the numbers both way and if lease / buy is within $1k of just buy then *I* would do the lease first. If lease / buy is more than $1k over the just buy and finance and your goal is to end up owning the S2000, then just go ahead and buy it now.

    Dennis
  • Karen_CMKaren_CM Posts: 5,012
    A reporter would like to talk to consumers who are in the market for (or have recently purchased) a Honda as a result of high gas prices. Please respond to jwahl@edmunds.com with your daytime contact information, as well as your current vehicle and the Honda you have purchased or are considering no later than Tuesday, June 10th.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

  • luvaudi19luvaudi19 Posts: 34
    I just picked up a 2008 S2000 base model. Thanks to the information on these boards, I got a great deal. Ended up going through Goudy Honda in Alhambra, CA and am extremely satisfied with the process. Went with Eddie Wang in the fleet dept. Nice person and a straight-shooter. I highly recommend Eddie and Goudy

    -Jerry
  • acceleratoraccelerator Posts: 136
    You must post the color and change your screen name to something like luvS2000. ;)

    Congrats and to borrow from Nissan's old campaign, "Enjoy the ride!" Remember to follow the break-in procedure as outlined in the manual (I can't stress that enough). Otherwise, welcome to the club!
  • legendguy1legendguy1 Posts: 15
    Congrats luvaudi19!

    I am looking for an s2000 and can't decide on new versus used. If you don't mind me asking, what did you pay before tax, title, and license? What color ext/int did you get?

    To accelerator: What is the break-in procedure and why is it so important?

    Thanks to you both.

    Regards, Joe
  • luvaudi19luvaudi19 Posts: 34
    I was debating between the white vs yellow and ended up with the yellow. I saw pics of the white car and upon closer inspection noticed the carpets were red (to match the red leather).

    I ended up paying $1000 below invoice on a lease. I'll dig up the contract later, but so far the cars been great!

    -Jerry
  • acceleratoraccelerator Posts: 136
    Sounds like me, I was debating on white vs. yellow too. I liked the red leather but not in the footwell area so I opted for yellow and haven't regretted it since. Yellow only looks good on certain cars and the S is one of them. I cannot keep count of how many people ask me what my car is and has been mistakend for exotics! If you keep it washed regularly, that pearl shine is brilliant. Not sure if the white has a pearl coat or not (I cant remember) but the yellow is amazing in the sunshine or a moon lit night. You'll see. :)
  • legendguy1legendguy1 Posts: 15
    Jerry,

    Like the yellow A LOT also. However, I am almost 50 years old so am leaning towards the silver (family pressure). The invoice on 2008 s2000 is $3155. So you paid $3055 I am guessing? And then a lease? I would be curious to know your exact figures but that sounds very good so far.

    Regards,
    Joe
  • dwynnedwynne Posts: 4,018
    Congratulations on the new S!

    We should stop calling it the "base" model since it is not some stripper model Yaris or something :D . Just call it an S2000 and if someone buys the CR they can say they have an S2000 CR :D .

    I still do get a good number of comments about my S and every once in a while someone will call it a Miata (ouch). When I had the 01 I really got a lot of questions and comments in traffic, at the gas pump, and in parking lots. A lot of them were from "Honda folks" that wanted to look at the S2000. They are not rare cars on the road now (as much) and for sure not hard to get from a dealer, so a lot of that has died down.

    I noticed on my latest insurance that the 08 S costs MORE to insure than the 08 G37 which is something of a shock given the HP and price of each. I am guessing more S2000s are falling into the hands of folks who are wrecking them and driving up the insurance rates for us all.

    Dennis
  • bonvivantbonvivant Posts: 27
    The S also costs more to insure than a BMW 135. Given just the cost differential in parts, this seem to be wrong. But, as noted above, driving histories in this case apppear to trump all other factors.
  • dwynnedwynne Posts: 4,018
    The S used to be cheap (relatively) to insure - they were expensive and hard to get (at first) and did not wind up in the hands of folks who had a lot of accidents. Even used S2000s were spendy at first. As more and more became available and used ones dropped in price they fell into the hands of folks who have more accidents. Also, the S2000s seat is prized as a theft item to be fitted into Civics and such and often they cut the top to get in and both the top and the seats are silly high priced.

    When I have some time next week I will give my agent a call just to see what they say, but I am guess that all these factors combined to raise the rates for everyone.

    Dennis
  • legendguy1legendguy1 Posts: 15
    Hi guys,

    Just thought I would post that I picked up my Chicane Silver S2000 tonight. 2008 with 14 miles. Drove her home with top down on a warm night. Journey started when several s2000s showed up this Spring on the Acura used car lot. I got the bug then and started researching the S2000 and found our what a neat car it was. Also, that the local mechanic I use said that it would be no problem to service and repairs would be no more expensive than your average Honda. I test drove some used ones and made some inquiries for used but in end decided to get a new one because I usually keep for awhile and was worried at how some of the S2000s were being driven (most people treat the S2000 well but it is hard to know). Was able to purchase with 0.9% financing and couldn't be happier with treatment I received at MotorWerks in Barrington. Good luck to all!

    Joe
  • 23109vc23109vc Posts: 218
    what deals or incentives are there now on the s2000?
  • dwynnedwynne Posts: 4,018
    Congratulations on the new S! That Chicane silver is nice, if I did have to have another NFR that make have been my choice.

    Dennis
  • vinnynyvinnyny Posts: 772
    Joe:

    Please share the details of your deal. Thanks!
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