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Honda S2000 Prices Paid and Buying Experience

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Comments

  • I leased mine and based on the trend of the current resale values, my car will be worth less (market wise) than what Honda says it will be worth so I feel I am sitting pretty should I decide to purchase mine at lease end. Which I totaly expect to purchase.

    P.S. I've had mine for about 10 months (and 10k miles) and I have no real regrets, not one (okay, a door unlock button would be nice, but there are "hacks" to overcome that - oh, and the sun visor doesn't move but there are fixes for that, too). I've owned 11+ cars (that I can remember) throughout my life and this is the first car I can honestly say I've never had a moment of regret; it is just that good.
  • dwynnedwynne Posts: 4,018
    Mine as well, too bad Honda will not negotiate the buy out price with us. If I knew they would not truck it someplace else, I might be tempted to turn mine in end and see if I could snag it at the local auction (via someone who is a dealer) for the auction price, plus some profit for the dealer.

    If the deals are still on for the 08s I will likely just turn it in (or sell it retail) and lease an 08 while I can. If the lease deals are gone, then I would probably buy the 05 I have now one way or another.

    I always say this is my "you can have this car when you pry the keys from my cold, dead hands" car :D . So the only thing I would replace it with is another S.

    I should go look in the forums about the unlock hack, that drives passengers (mainly my wife) nuts since I always lock the doors once we are in the car. It would be nice to have a button I could hit to unlock one or both doors with the key in and the car running.

    Dennis
  • legendguy1legendguy1 Posts: 15
    I am interested in a new 2008. What price have people paid? What would be a fair price? I am here in colder climates (Chicago) so would it be better to wait and see what is left in the fall?

    Joe
  • dwynnedwynne Posts: 4,018
    No more than invoice, I would say. If you are leasing, then there is a $1,000 dealer lease incentive so invoice - $1k. I don't think the incentive applies if you purchase the S2000, but you can get 0.9% to 2.9% financing from AHFC.

    As slow selling as S2000s are, you should be able to find a dealer who will dip into hold back as well.

    Dennis
  • legendguy1legendguy1 Posts: 15
    Thanks for the reply. I wonder if there will be selling prices coming up in the low $28s like some listed late in the 2007 year for 2007 model cars? This has been a tough year in the economy and luxury/elective purchases may not be popular. As an example I see where on http://www.s2000enthusiast.com/ it lists a total of 1130 s2000s sold through April compared to 1378 by the same time last year and 3417 sold in by end of April in 2002. What kind of prices have folks here actually paid on a 2008? Thanks, Joe
  • dwynnedwynne Posts: 4,018
    There was dealer money on them last year, IIRC, which made the cheap prices possible. If you find an 07 still on a lot now, you may can get one for really cheap - but that is a "used car" and > 1 year old as soon as you drive it off the lot.

    I just picked up my NFR 08 today, as coincidence would have it, and it was $30,247.37 for the car, destination, and dealer doc fee. I think it was a smoking deal (for right now) since invoice is $31,769. With the $1k dealer lease incentive this put the dealer's cost at $30,769 less 2% hold back of $698.70 equals $30,070.30 . So my price was $177.07 over the ASSUMED dealer cost including hold back and known incentives. The lease MF was pretty low as well.

    Now, to find someone to buy my 05 NFR S2000 :D .

    Dennis
  • legendguy1legendguy1 Posts: 15
    Dennis, thanks!!

    Did $30, 247 include sales tax? What was your out the door price? Real good deal you made. I wish that Honda was not selling the Club Racer as well as this dilutes the number of standard s2000s available (assuming that they all come from the same plant in Japan). Also, I don't think the CRs are selling well. On ebay there is a yellow CR and a black CR with starting prices of 29K (on a car that lists at 38K!!). So if just one person bids the starting price they will be gettin 9 grand off the list price of the CR. Would be quite sweet to get that off a regular s2000! But my point is that there will be fewer regular s2000s available because of the CRs Honda is building.
    Joe
  • dwynnedwynne Posts: 4,018
    The price was for the car, destination, and dealer fee. TTL would be extra.

    S2000 sales are so slow the CR should have no effect on them, every dealer is likely to have several to choose from - and some do have 07s sitting on the lot.

    You can get cheap financing (2.9% for 60 months, IIRC) on the S2000 right now. If you were planning on financing you would have to run the numbers to see if waiting for a lower price but higher interest would save you more than getting the cheap money now.

    With the cheap lease rate and the $1k dealer lease incentive, you could lease your S and then (if you want) buy it for the residual at the end of the lease and come out pretty good.

    I went ahead and pulled the trigger because the price was so insane and the lease was cheap and this was the last NFR they had at this dealership (and probably would not be getting in more in).

    New, still in the plastic with 9 miles on it - from the factory and the PDI at the dealer - and of course bright red.

    I was afraid if I waited someone else would get it and I would be stuck with another color or having to pay more from another dealer.

    This is my 3rd S, after the 01 and 05, and I love it. On the long drive back home with the top down I got 28.67 MPG for a new car, going 65-75. I got 23-24mpg commuting in the others and expect the new one to get about the same.

    Dennis
  • acceleratoraccelerator Posts: 136
    Hey Dennis, you finally did it! Congrats on the repeat purchase! I just passed the one year mark since getting mine and I still love the car. This is the first time EVER that I haven't been tired of the car or looking for something else by now. :) You were very helpful to me when I was shopping so I cannot thank you enough.
  • dwynnedwynne Posts: 4,018
    Thanks!

    The only thing wrong with leasing the same car 3 times in a row is that is does not really seem like I am getting a new car :D .

    I thought I would keep the 01 when I got it, but the cheap lease and invoice selling price I got on the 05 (plus getting early lease buyout money for the 01 as a trade) convinced me to upgrade the car. I said then it was a keeper and I could not see getting something else.

    This time the high residual / buy out price on the 05 and the insane low price and low lease numbers coupled with the 08 upgrades and longer factory warranty convinced me to upgrade again. I am thinking in 3 years there may be no more temptation as I don't think they will still be making the S by that time (but we said that 3 years ago). Also the buy out price on the new car will be $1k or more less than the 05 :D . If I can pass the 05 on to another enthusiast before the lease ends next month, that would be nice, but if not I will just drop it off at a local Honda dealer and enjoy the 08.

    The scene in my back yard this morning:

    image

    :D

    Dennis
  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,898
    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.
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