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Honda S2000 Lease Questions

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  • We are a small business we are planning to buy or lease a car soon. Do you have the pros and cons of the two choices? Are there any companies with more than 12000 miles with a lease? shirlgurl1
  • My dealer has an 05 S2K that he supposedly "really wants to sell." I drive a lot and the deal is 18,000 miles per on a 3 year lease with no money down for $500.00 per. He started at $536.00 and is using invoice on paper as the starting point. Is it a deal?
  • I leased an '03 for 4 years and the lease will be up in July of '07. I'm thinking of buying the car even though I've had an accident in it and even though I don't use it that much, 11k in 3 years. I just love the car and have never enjoyed driving one so much. I'm been trying to research how to best negotiate with American Honda and not get ripped off again. My residual is 19+. Any major pitfalls I should be on the lookout for when the time comes?
  • Hi shirlgurl1. There are tons of banks out there that lease vehicles with more than 12,000 miles per year. In fact, most banks base their residual values for leases on 15,000 miles per year. If you want to drive a Honda more than 15,000 miles per year, you will have to purchase additional miles on a per mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    I am not an accountant, so I hesitate to comment on the pros and cons of leasing for your specific business. You should consult your accountant to find out what the best way to finance your new vehicles is tax-wise.

    Car_man
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  • Hi godot1066. If you are getting this car for dealer invoice, you are getting a decent deal. The dealer isn't doing you any special favor though. They are still making the $750 dealer cash that Honda is providing on the '05 S2000 on a leftover convertible in the middle of winter. I would be happy to give you my opinion on the lease payment that you were quoted, however in order for me to do so I need you to tell me this car's full MSRP and exact selling price.

    Car_man
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  • 500 BUCKS A MONTH TO LEASE? :surprise:

    Just for comparison, I BOUGHT my S2k for 28k and my payments are almost the same... You should be able to pick an 05' leftover for about 29k and have your payments be around $500 - 550 per month (60 months) to BUY it.
  • richstarichsta Posts: 1
    Hi all, I'm gonna try my best to lease a 2006 s2000 this weekend, and I need your help with some lease figures. Is this quote the going rate these days? Or can i get better?

    Sale price: $500 below invoice (invoice is $31,183)
    Months: 36
    Mileage: 12k/yr
    Money factor: .00265
    Residual: 57%
    Down payment: $2,000
    Monthly Payment = $426 + tax

    I would preferrably like to pay $0 down and low $400's a month, but it doesn't seem like this is possible.
    Also, the $426 after computing these numbers doesn't seem right for some reason.

    Can you help me out? Btw im located in SoCal
  • jb2005jb2005 Posts: 2
    You are correct in thinking the $426 number is wrong. Plugging in the numbers given above yields a payment of $385. Dropping the 2K down payment brings it up to $445.
  • kurtosiskurtosis Posts: 3
    Hi all:

    So my younger brother goes out to lease a S2000 excited about their $299/month $3,693 total due at signing promotion. He was so excited that he signed the papers for $0 down, $445 a month (including NY tax and all that) right there after inquiring about no money down option. He calls me up and asks me to help him pick the car up tomorrow and told me about his "wonderful" deal. However, after reading this forum, it doesn't seem that way. So basically he signed the lease papers and is supposed to pick the car up tomorrow.

    My question is, is there any way to "return" the car since he didn't drive it off the lot yet? Someone told me there is a 24 hour or 3 day return law (i live in NY if state laws matter). I just want to be able to negotiate a better price for him.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi kurtosis. The 3 day return law that you mentioned is an urban legend. Once a consumer has physically taken delivery of their new vehicle they are basically stuck with it. Having said this, your brother may be able to get out of this deal if he has not driven his S2000 off the lot yet. The fact that he did not put any money down actually works to his advantage in this situation because the only thing that the dealer can do to try to force him to finalize this deal is threaten to keep his money. Of course, needless to say the dealer that he is working with is going to be less than pleased when they thought that they had a deal and all of a sudden a third person barges in trying to renegotiate it.

    Car_man
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  • tac379tac379 Posts: 6
    I just went to drive an S2000. 2006 Silverstone, all the options, $34,600 on the sticker. I got them down to $350 a month, $1300 total out of pocket on a 3 year lease, 12K/year. They said 57% residual and .000659 money factor and that they were doing an "invoice deal". After doing some calculations, I figure if it was based on invoice (according to edmunds) that I should be able to have it for $350/mo, $0 out of pocket.

    My question is, is that too good of a deal to walk away from? Or has anyone heard of these cars actually selling for below invoice, since they are in the last year of a 7 year model run.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi tac379. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2006 S2000 is .00059 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you are able to lease a car with a capitalized cost that is equal to its dealer invoice and this money factor you are getting a very good deal.

    Car_man
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  • dwynnedwynne Posts: 4,018
    $360 + tax or without?

    I pay less than that for my lease on the 05 and I put nothing into the lease except first month's payment, IIRC.

    I would not not pay so much into a cap cost reduction to lower the payment. Pay the negative equity and maybe the first month's payment and that is about all. In the event of a total loss on the car you insurance will pay off Honda and give you nothing (for your $2,860 out of pocket).

    I still would not do a 48 month lease, but that is just me.

    Dennis
  • gdr1gdr1 Posts: 6
    I am ready to lease an '07 S2000. The dealer has quoted a purchase price of $30,838 (Edmunds shows this as invoice) plus $595 Destination - total 31,433. His quote on a 36mo lease with 12k miles per year is 508 (plus tax). DMV is only payment at signing. Can you help me evaluate this offer?
  • Hi gdr1. Dealer invoice is an excellent price for a Honda S2000. I would be happy to use Honda Finance's current lease program to estimate what this car's monthly payment should be so you can compare what I come up with to the payment that you were quoted. However in order for me to do so I need you to provide me with this car's full MSRP. Let me know and I'll crunch some numbers for you.

    Car_man
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  • gdr1gdr1 Posts: 6
    thanks car man, in the meantime my wonderful wife decided that the S2000 was too claustrophobic with the top up and I have been instructed to lease a Boxter S. I will post there for your help.
  • ysg3ysg3 Posts: 1
    Car Man:

    I really would like an S2000 but will be the first to admit it is at the top end of my price range with the #'s that I am currently seeing... That being said i do not mind a lightly used car that would afford some better lease payments...Additionally, Swapalease has had some attractive #'s in the 380's that are in my price range, but anything in the high 4's with money down is way too high, and those are the #'s i am seeing right now... Swap a lease is difficult and i havent had much response on their wiht people who are posting their cars (seems very odd to me).

    Anyway, the purpose of this message is to see if it u think it is possible to negotiate low 400-low 4's on a lease, or if i could get an 04' or newer on a buy or a lease for 380-420... My research thus far has concluded that other than swapalease this is not really possible... Please let me know what ideas you have for someone in my position (if any).

    Thanks
  • dwynnedwynne Posts: 4,018
    The new S2000 lease deal is less 2% effective interest and you should be able to lease the car for invoice or a little less. If THOSE numbers are too high for you, then you either can't afford a new S or you would not be likely to be approved to lease one.

    You can lease a used car as long as it is within a few years of new. It will have to be inspected first ($100 or so fee) and may make the payments where you can live with them. You can find your own car, make your best deal, then do the lease via www.leasecompare.com . You can go there now to get lease quotes and see payments. Note that while the cap cost will be less with a used S, the money factor will be a lot more than the Honda promo rate - so your payment may not be that much lower.

    Also note that they usually list the base rental on the swap/trade lease sites and in most states you have to add sales tax to the payment. So a $350 a month lease may be $374.50 per month if you live in a 7% tax state.

    Dennis
  • No problem, gdr1. Man I wish that someone would instruct me to lease a Boxster ;) .

    Car_man
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  • Hi ysg3. I have never personally used swap-a-lease, but you're right it does seem odd that someone would go through the effort and expense to put their car or truck up there and then not even bother to respond to inquiries.

    I'm not sure what the lease payment on an S2000 would be like right now off of the top of my head. Let's crunch some numbers and find out. According to my calculations, if you were to lease a 2007 Honda S2000 that has an MSRP of $34,845 and a selling price of $31,933 ($500 over invoice) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $469. The payment for otherwise identical 39 and 48 month leases would be around $460 and $431. Unfortunately, once sales tax is added in, you are going to be well over $400 per month for all of these terms.

    Car_man
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This discussion has been closed.