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Honda S2000 Lease Questions

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Comments

  • yinzer1yinzer1 Posts: 10
    Probably the best time to negotiate is when the 08's start rolling onto the lots, right? When would that be?

    I got some internet prices - should i just use lease compare with the internet prices?
  • yinzer1yinzer1 Posts: 10
    Wow - it looks like leasing is not strong on the s2000 anymore. I just did the numbers on the leasecompare.
  • dwynnedwynne Posts: 4,018
    I would say if your dealer has left over 07s they should be dealing on them now. Hopefully Edmunds will show there is still dealer money on them.

    Once you have a good price, you get the lease numbers from the dealer - then compare them at leasecompare (get it, lease compare?) . If LC has a better deal, you can lease it through them - and they buy the car at your price from the dealer and lease it to you. On cars that have not trouble selling, like the 08 Accord (right now) and the new G37 from Infiniti the LC lease price is probably a big money saver. When sales are slow and the manufacturer has to offer special rates (like they did on the 07 Accord earlier this year and the Infiniti M34/M45) and normally no third party bank can touch.

    Dennis
  • dwynnedwynne Posts: 4,018
    Did you check the 07 or 08 numbers? Once the model year ends the rates go up on the "old" cars since they are now considered used to the lease bank.

    The S used to be a strong lease car due to high demand, low supply, and high resale value. They have been on the market for so long and there is a lot of competition so they don't hold value nearly the way they did - the result is a more expensive 3rd party lease.

    Honda is having a lot of trouble selling them and has lately not had many cheap leases. That seems strange, but if you think about it they want to sell the cars since if they lease you one cheap they are likely to get it back then have to sell it again. I am hoping they will get motivated to offer cheap leases again, but I keep watching and they don't have anything nearly as cheap as I got on my 2005.

    Dennis
  • Hi bvance. Let's work up a lease payment on this car for you and see what we come up with. According to my calculations, if you were to lease a 2007 Honda S2000 that has an MSRP of $34,885 and a selling price of $31,995 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $514 assuming that you qualify for its top credit tier and pay a security deposit at lease signing.

    Having said this, given the $2,000 dealer cash that Honda is currently providing on the '07 S2000 you should be able to do better than $31,995 on one right now.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi yinzer1. You really need to find out what selling price these leases are based upon because the monthly payments that you were quoted look a little high to me. The selling prices of leased vehicles are negotiable, just as if you you were paying cash for or financing them. Given the $2,000 dealer cash that is currently available on the 2007 S2000, I would not be surprised if you were able to negotiate a discount of $4,000 to $5,000 on one right now. Shop around for the lowest possible selling price that you can find and then have the dealer that you are working with calculate your lease payment using Honda Finance's current buy rate lease money factor of .00275 (for "Super Preferred" tier customers who pay a security deposit at lease signing.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I was looking to lease my second S2K, but the leases are terrible now. So I ended up buying one last Thursday, got an '07 Silverstone and paid $29,000+ tax, alarm included. I have heard of deals a bit cheaper too in different states, I'm in CO. They still had the 2k incentives, and were advertising the car at 5k under msrp, so I negotiated a bit more.

    If at all possible, I recommend buying an '07 right now, thats where the best deal can be found.

    Robert :)
  • Robert,

    Nice Job! I'd love to bring mine up there to the hills just outside of Manitou Springs... there are some twisties that would just be a blast in the S! If you get a chance to head up that way, hit the VTech in the canyon once, just for me! :shades:
  • Congratulations on your new S2000, Robert. Get out there and enjoy it before it gets too cold :shades: . Thanks for taking the time to stop in and let us know how everything turned out. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • mehmanmehman Posts: 2
    Lease on S2000 is really horrible. Honda tries hard to sell it instead of giving it for lease, they don't want to buy back this car after lease. It is really great car. I got the lowest possible quote on this car: $28,000 including destination. Now waiting for dealer to give really good rate for financing this car. If anybody interested in NJ let me know. They still one more left in red. I am getting in yellow. :lemon:
  • Yellow is the fastest color! I got mine in yellow, too! :shades: Congrats on the great price! Keep us posted on the developments...
  • dwynnedwynne Posts: 4,018
    I have a nice, cheap lease on my 05 S. I keep waiting and hoping Honda will bring back a cheap lease sometime before my lease is up - if they do I will probably upgrade to a new S. As it is, I would probably just buy mine at lease end and not get a newer S due to the unfavorable current lease rates.

    I am on my 2nd NFR S, I love the color - but I DID consider yellow but just could not pull the trigger on it :D .

    Dennis
  • Hi everyone, I was wondering if some one can help me with getting a great lease deal on a 08' S2000. I have a quote of $32,300 for the car 36mon. 12k miles and $2,900 total drive offs. $339 + tax of $26.27 = $365.27 a month. money factor is .00054 and residual is 56% $19,570. I am in San diego, Ca. tax is 7.75%. Any help would be much appriciated. Thank you, cicilbri
  • 23109vc23109vc Posts: 218
    that seems pretty low! I called a local dealer just a week or so ago and he claimed that with minimum drive offs I'd be OVER $500/month to lease.

    is this a new lease special?
  • 23109vc23109vc Posts: 218
    ok...

    this new lease deal has the MF at .00054
    the residual value on a 12k / year lease is based on a 56% residual. that's using the advertised MSRP of 34935 and a residual value of 19563.

    now the website says the buyer must put down $2499 in cash. 1500 of it is cap cost reduction the rest goes to drive offs? i'm not 100% sure on that.

    they say the actual cap cost is 31141.

    i KNOW people have been buying S2000s AT invoice. and that is 31000 I think.

    if you just ignore their numbers about how much you put down or what the cap cost is ... once you know the MF and the residual and invoice..you can calculate a potential payment.

    using the honda website figures for MF and residual. and assuming i bought the car for 500 over invoice which is roughly 31500
    I get a monthly payment with CA 7.75% sales tax of $400.
    that's WITH tax.

    now assume I just plunk down say $1500 to cover drive offs.
    that brings the payment down to $355/month.

    that's not bad for an s2000!
  • dwynnedwynne Posts: 4,018
    Folks have been paying at invoice or less with dealer incentives, for sure. However, when they have cheap lease deals the incentives usually do not apply.

    That said, you should be able to get one at invoice or a little over. So if you run the numbers at that price you come out with a little higher payment with the $595 bank fee, first payment, security deposit (if applicable), and TTL due at signing. This deal calls for a net cap cost of $31,141.79 and invoice is $31,689 or $547.21 more. So the payment would be higher unless you put in that much as a cap cost reduction, paid the $595 bank see, and first month's payment and TTL at signing.

    One problem you have is that many dealers still have a bunch of 07 S2000s and this lease does not apply to those. They may not have many 08s to choose from or might not be willing to deal as low to move them when they have 07s to move. If you want to go 3rd party lease or finance, the 07s should be a couple grand under invoice, maybe a little better.

    Dennis
  • 23109vc23109vc Posts: 218
    Dennis-

    My local dealer has one or two 2008s. they have FOUR 2007's left. I was over at the dealer a few days ago just looking and saw them sitting there.

    I'd be interested in either buying OR leasing. My goal is to keep my monthly cash outlay low. Not sure if I'd keep the car long term or not. Assuming I can buy at or below invoice vs this lease special, it still seems like the lease is cheaper.

    I'm confused a bit by the lease special on the Honda website. it says the cap cost is 31141 and the residual is 19563, and MF .00054. $2499 due at signing. I believe that $1500 goes toward cap cost reduction, the rest goes toward first month payment, bank fee, etc. so if you use those numbers on the edmunds.com lease calculator.. use 31141 as the selling price, plug in residual, MF, etc....and you figure that $1500 goes to pay down the cap cost, you wind up with a monthly payment with tax that seems about 25-30 less than what Honda is advertising.

    I'm thinking if I go to the dealer to lease an 08 and pay $2500 out of pocket, the total payment WiTH tax should be about $350. not 350 + tax. to me that seems like a good deal.

    now if I compare that to a PURCHASE of a left over 2007, that I can buy for say $28500. my cash outlay will be way more to buy. I don't have a ton of cash to put down. i could put donw $5000. if you assume i put down only 2500...so that the cash out of pocket is similar to the lease...i'd be paying over $600/month.

    assuming I got 6% for 84 months...stretch it out as long as they woudl let me do it... and you still get payment of like $577. what's the car worth in 7 years??? not sure that's really worth it.

    putting 5k down the payments come down to 541. and that's at 84 months!!

    if I finance for say 60 months..still a long time, but more reasonable.. and assume I get 3.9% or some low rate..it's $680/month. geez. sorry. i don't want to pay 680/month.

    i think i'd rather put down a couple grand, no more, then enjoy the car for 3 years with a relatively low monthly payment. at the end of the lease, if i love the car, and it's worth more than my residual i can buy it. or just give it back and buy the next hot toy i can't live w/out. :)

    so overal - is this lease deal about as good or as good as what's been offered in the past? scouring old posts. it looks like there was a $299/month deal back in 05, but that required more money down. like $3600 or so. so overall, this deal seems pretty good.

    i know that the economhy is not doing great, and car sals are slow, so it's possible that the lease deals will improve in another 3-6 months...but how much better could it get?

    Dennis - you think this current lease deal is good? you think they'd sell the car for even less than $31? i can't find invoice pricing on the 2008 models.
  • dwynnedwynne Posts: 4,018
    The lease deals posted all the dealer to make enough profit for almost all of them to allow you to do the deal.

    If you figure it, they say $2,499.00 total due at signing and of this $1,555.00 is a cap cost reduction and the net cap is $31,141.79. If you add the new and the CCR you get $32,696.79 - this is the selling price for the car and destination. So if you got the car for invoice ($31,689) you would save $1,007.79 over the deal as posted. So you could get the payment of $349 if you paid $1,491.21 at signing plus TTL.

    Does that make sense?

    The difference between the amount they show down and the CCR is $994, this is the $349 first payment and the $595 bank fee.

    The shown deal is just a sample, that sets the payment for a given selling price and money down. Once you know the MF and residual you can do anything you like - sign and drive, first payment only at signing, $5k at signing, etc. The other variable is how cheap you can deal on the car. So you get your best price then run the numbers and see how they look.

    I will tell you this, it is not wise to sink much money into a lease - if your car was stolen or totalled you lose your investment completely. In this case the rate is 1.3% effective which is CHEAP money so I would roll everything into the lease and either do sign and drive or just pay the first payment only. Roll in the TTL, the bank fee, etc use THEIR money at 1.3% and not yours. If you want a low payment, then stick your money in the bank and each month draw upon it to make the effective payment lower - you will be better off and if you find you don't need to draw on the extra money it will be saved for a rainy day.

    Where are you located, your profile does not show? Some dealers don't deal much on the S2000 others will deal more. Maybe we can point you to a better dealer if yours will not work with you. You could also ask about any lease deals on the leftover 07 cars and see if there is anything, but probably there is not.

    If you price out leasing cheap then buying at residual you will probably find that due to the low rate now you come out OK VS just buying now. Your used car rate to buy out the lease at end will be higher than a new car rate now, but you will have the first 3 years at the cheap lease rate. In the end it would be cheap PROBABLY to buy the car outright if you plan on keeping it, but in this case you will not be out much if you lease then buy - or lease and turn in and move on.

    Dennis
  • 23109vc23109vc Posts: 218
    Dennis-

    took an s2000 out last night for a test drive. :) wow. loved it. verynice very tight. handled like it was on rails. noisy and rough, but with the top down, it was NICe. the vtec wail was great and if you shift fast enogh it never falls out of VTEC and really moved nicely. quick.

    i test drove an 08 RX8 and i must say the s2000 is quicke.r the rx8 is more "comfy"...but the s2000 is the choice for hardcore driving.

    anyway..after the test drive i talk to the finance guy, told him I was interested but was not buying right then. it oldhim i would make my calls, chck around local dealers b/c i knew there was some wiggle room int he sellin price to get mymonthly payment down a bit more.

    he acted like he was 100% positive that there was NO wiggle room AT ALL. he said that's thenational deal and we can't change it. i politely told him that i leased a 2007 MDX about 10 months ago,and that another dealer had told me that 100% they could NTO deviate formt he advertised national lease and with about 3 hpone calls I had people knocking 2000 off. I told him that same dealer that said "no way" was begging me to come back so he could match the deal I found elsewhere. i was polite, told them i knew they were in business to make money, but that I was a buyer would would do myhomework..and would get back to them.

    i am near san diego, CA. a bit north by about 45 minutes. Temecula, CA. i havea honda dealer 5 min from my house.

    so the big question is - how much cheaper can they go on the advertised lease special??

    if i call up 5 dealers and say I'l come down in 1 hour and sign the paperowrk and drive an s2k off the lot BUT I want the car at $30k or $30500... or whatever...

    where is the lowest i'm goin to find someone going?

    my guess is if I said i'll pay $31500...or right around invoice, they would go for it.

    that would save me another $1000 and bring the payment down anothe 25-30/month.

    if I could put down $2500 and then have about a $350/month payment WITH CA tax...i'd bite.

    BTW, i checkd into RX8 leases. FORGETABOUT IT. on a 36mo lease iwh 12k, the residual is like 50% and the MF is terrible. payment with 2500 down would be in the mid to high 400s. almost 100-150 higher than i can get on the s2000.

    mazda better do something or their 08 RX8s are goin to sit and rot.

    can I get $2500 out of pocket and $350/month WITh tax? that's a smokin deal.

    the s2k is driving nirvana.
  • dwynnedwynne Posts: 4,018
    The S is a fun car, no doubt about it. It is not for everyone, as you do put up with a sports car experience (stiff suspension and no sound insulation to speak of). You should test drive a used S2000, it would give you a better idea what it is like as things free up after a few thousand miles on the clock.

    Used to have an 05 RX-8 and it was a nice car, the rotary is SMOOOOOOTH and the shifter may be even better than the S2000 gearbox. But it drank gas like is was water (14-15mpg around VS 23-24 in the S2000) and you have to keep the oil topped up. I got mine on a special lease deal from Mazda - $2,000 in incentives to take it plus another $500 rebate I had plus a 1% of so MF made it worth the payments. The resale value on them is nothing, that is the only lease car I have ever had that I turned back in. Every other one I could trade off or sell over and make some money on before lease end. Even at the residual amount I had no takers and MAC does not negotiate the buyout price so I let them have it back - and I was way under miles on it.

    My guess is around invoice + dealer fee or a little more would be a nice price. Invoice looks like $31,689 on the "base" (non CR) S2000 for 08. The deal calls for a net cap cost of $31,141.79 so in order to get the $349 promo payment you would have to put down the $2,499 shown in the promo and the difference between the deal cap and your price + fees. Let us say you get invoice and there is no dealer fee, then you are looking at $3,046.21 plus TTL at signing to net a payment of $349 per month shown in the promo. I think CA taxes the payment at 8%, don't they? They would net you a payment of $376.92.

    The thing to do is just contact the Internet sales departments at all the Honda dealerships within a radius of where you live and tell them you are interested in an 08 S2000 (no 07s will do) and you want their bottom line price for the car with destination and any dealer fees included. Get one at or real near invoice and you are ready to go. Once you have the price set, then you worry about the lease. Just make sure they charge you the proper bank fee ($595) and give you the buy rate (0.00054) if you qualify and you are all set. Some of the Hondas have dealer money on them which can't be combined with the cheap lease. In those case you have to disclose pretty early on your are doing the cheap lease, since they will give you a "cash" price on the car and then be unable to let you have it at that price if you do the cheap lease. The dealer simply does not get the incentive money on the cheap lease cars so can't price them as low. The S2000 as far as I know has no such incentive on it, so deal low on the price and once you get that then worry about the lease.

    Remember, you don't have to put down anything or put the amount shown in the promo lease. You can put down less or nothing and just have a higher payment - which is what I recommend.

    Dennis
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