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Honda S2000 Lease Questions

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  • 23109vc23109vc Posts: 218
    what was your final MF and residual value to get the $360/month payment?

    total money out of pocket?

    you said you had almost $1000 of negative equity - was that factored into it or did you kick in another $1000 that is not reflected in teh deal..

    assuming we could duplicate your "deal" and we did NOT have any negative equity, and we did a similar 48month lease...we'd be able to shave another $20/month off the price...getting to $340.... not bad...

    i've actually got a $5000 trade in...so i'd be able to not only have NO negative equity...and get $340/month..but i'd shave another $5000 off theprice if i rolled my trade into the deal and effective be at $240/minth????

    give us all the details on yoru deal!!!
  • acceleratoraccelerator Posts: 136
    23109vc,

    I'll get the contract this afternoon and post the info for you here.

    In Texas, if you have a trade-in, you get a sales tax break. For example, instead of paying taxes on $30,000, you would pay taxes on a $25,000 ($30,000 - $5,000 = $25,000) effectivly making your $5,000 trade-in worth more like $5,400 (depending on your tax rate). The dealers will know the trade-in benefits so if you are expecting $5,000, they may try and offer you $4,600 and then telling you with the tax savings that is equivalant to the $5,000 you were expecting. If you are happy with that, great, if not, stand firm. I had my trade-in evaluated at 5 different places and then used the highest quote as reference to prove why I expected the number I expected on the trade-in value.
  • acceleratoraccelerator Posts: 136
    Based on MSRP of 34,845, 48 months/48k miles.

    Cap Cost: $31,896 (this includes ~ $700 of negative equity)
    Cap Cost Reduction (cash down): $2,860 (includes first payment leaving 47 more payments of #360).
    MF: .00240 / 5.76%
    Payment: $360.00 (AFTER taxes so your payment may vary)
    This deal also came with a service contract (42months/42k miles) valued at $704
  • Thanks and I do appreciate your tip about finish-care issues. Happy and safe driving,

    Jack
  • Thanks, and I shall keep in touch.

    Regards,

    Jack
  • hlvhlv Posts: 1
    Car Man,

    I'm so confussed with how to calculate a lease payment. I read all the posts and just can't get it through my thick skull.

    Could you tell me what a fair monthly lease payment would be for a 2007 S2000, 36 month lease, 0 down, (first months payment and security deposit) through Honda? The sales price is 30,000 plus 7.75% tax. Also what percentage should the residual be and what is the percentage based upon, sales price or MSRP.

    Thank you so much for any help you can provide!!!!

    Lee
  • I'm not carman and there or other factors, but based on your numbers, this is what I have (assuming Preferred Credit):

    Residual: 51%
    Money Factor: .00266
    Down Payme: $0.00
    Term: 36 months
    Mileage: 36K (I assumed this)
    Payment W/O TAX: $494

    If you have a trade-in, that will affect how much tax you actually have to pay. If you are trying to prepare before you go see the dealer, you need to know all the different scenarios (e.g. before tax is figured in, after, how much your trade-in is worth, etc). If you have a trade-in, take your car in and have them appraise it so you know if the dealer is offering a fair deal. They do this all day and if they know you know the numbers for one sceanrio, they'll simply present you with another scenario and you lose your advantage. When I shopping for my S2000, the dealership I worked with gave me all the numbers I needed (and asked for) AND allowed me to leave and validate what they were stating was true... It was and I bought it. :) Don't be afraid to go in there with pencil, paper, laptop, palm pilot, what ever tools you need. They have them, why not you?

    Don't get frustrated, it is a learning curve. My recommendation is to study and understand where the values are coming from and how they are figured... You absolutely have to understand the leasing jargon or you will get taken for a ride. I got my lease payment below $400 but it seems the average is around $450-500, from the postings I've seen here.

    Oh, if you are in Texas, on a lease, you DO pay the taxes on the entire price of the car and not just the depreciation like you do in some states.

    If you get a lease quote from your dealer (either from their print out or you jot them down on paper) feel free to post the numbers here and we'll give you our opinions on their offer. There are quite a few of us who monitor the S2000 forums. :)
  • habitat1habitat1 Posts: 4,282
    I'm also not Car Man or a leasing expert, but I will add my 2 cents that, if the monthly lease payment was going to be in the $500 range, you might want to consider buying.

    I bought a 2002 S2000 for $33.8k (including 5.75% taxes) in November 2001, drove it for 2.5 years and 18,000 miles and traded it in on an Acura TL in May 2004 for $23,200. Had I wanted to go through the effort, I likely could have gotten $24,000+ in a private sale.

    I have heard of deals as much as $5-6k off MSRP on a new S2000. At that kind of discount, and with the likelihood that they won't be around after this year, I'd be willing to bet a well maintained one will sell for well over $20k three years from now. I think I'd rather buy for $30k or less, than do a 3 year lease that will cost $18k over that time.
  • Hi hlv. Edmunds has a great article that provides a detailed description of how lease payments are calculated. You definitely should check it out, Calculate Your Own Lease Payment.

    I would be happy to estimate what this car's current lease payment should be for you. I need both its MSRP and selling price to do so. In your post you mentioned that its selling price is $30,000, but you never mentioned its MSRP. For now I will assume that the MSRP is $34,885. According to my calculations, if you were to lease this Honda S2000 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $436.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • bvancebvance Posts: 2
    Car_man

    What would the approx payment be going with 15,000 miles. Selling price would be $31,995 and msrp of $34,885, zero down 36 months.

    Thanks
  • You can do better than $32,000!
  • bvancebvance Posts: 2
    Actually the price would be $29,500 for the S2000 but I am figuring any neg equity we may have on our 06 Accord coupe.
  • dwynnedwynne Posts: 4,018
    I have not seen the October Honda incentives yet, but I would ASSUME there would still be "marketing assistance" for S2000s. I was surprised that Honda continued to make them for 2008 since they sell so slowly and have to have a lot of "help" to move off the lots.

    Love mine, though.

    Dennis
  • Hey dwynne, this forum has been so quiet lately... Good to "see" you again.

    I'm 5500 miles into mine (I actually had my first oil change today thanks due to the maintenance minder system). I am still in love with this car. No regrets.
  • dwynnedwynne Posts: 4,018
    If they bring back the cheap lease deals before mine is up, I will replace my '05 with a new car. If not, then I am planning on buying mine off the end of the lease.

    I was able to swap my first S (2001) for the 2005 by getting enough out of it to pay off the lease early with no negative equity and get the cheap deal on the newer car.

    No regrets from me either, but I do wish I had the DSC/VSC/whatever Honda calls it (skid control) which is the one thing my "old" model lacks.

    Dennis
  • I'm glad I have the "whatever Honda calls" it. It is not overly instrusive and kicks in just when I would have lost it. On a day when it is just starting to rain, you can have one harrowing experience, or fun experience, depending on your take. :) I'll admit, when the traffic is at its absolute minimal and it has just started sprinkling, I'll turn off the "whatever Honda calls it" and kick the rear end out from time to time; for the most part though, I do leave it turned on just to protect me from myself. :)
  • dwynnedwynne Posts: 4,018
    The first gen S2000s needed it a lot more, I was just goofing around (driving maybe 8/10) on a country road in the 2001 and went into a decreasing radius turn a little too hot and "snap" it started around and got about half way there before I caught it. Lucky for me no one was coming or behind. The newer design is a lot more stable and I have never really had an issue, but having the electronic safety net would be nice.

    Rain? You drive in the rain? I only drive mine when the weather suitable for top-down driving :D . Bad weather fins me in something else.

    Dennis
  • My S is my daily driver so yeah, rain or shine, I'm in it. Needing only 3 seconds to get the top up/down, the moment it stops raining, the top is back down. :)

    My S is my escape from reality, rain or shine. :shades:
  • yinzer1yinzer1 Posts: 10
    Wonder if a lease guru could help me out...

    I am playing around with an idea of trading up to a new s2000 because of the falling demand. I have a 2004 silverstone with red/black interior. It has 30,000 miles and i have pay off of 19,500 which seems to be in the neighborhood of trade in value. I'm thinking of leasing rather than my current finance to get one of the last of the great breeds. My payments are $400 and i have four years left - got it last year at a great price.

    Here is one quote i got...

    "2007 Honda S2000 Lease with 12K mi/yr, all tax (7%) and fees included. You're right, need to appraise trade-in here.

    36 month lease with only 35 payments of $583.61, and just $658.61 due at pickup
    42 month lease with only 41 payments of $530.21, and just $605.21 due at pickup
    48 month lease with only 47 payments of $505.00, and just $580.00 due at pickup"
  • dwynnedwynne Posts: 4,018
    I did this - traded in my 2001 for a new 2005 2.5 years ago. They gave me what I needed for the 01 and sold me the 05 for invoice (at that time there were no dealer incentives). If Honda brings back cheap S2000 leases again I would try to do the same deal again to get a newer car.

    Trade in value for a 2004 with 30k in excellent condition is about $20k, depending on who you ask. You can bet the dealer's book will be lower.

    Right now Edmunds is showing no incentives on either the 07 or 08 S2000s - but there was up to $2k in dealer money on the 07s earlier.

    You need to break the deal down into its component parts:

    Negotiate the price on the new car - either 07 or 08 as close to invoice as you can get, below invoice if there is dealer money. You may be able to get one below invoice since there is a lot of holdback in a $35k car.

    Negotiate the lease terms separately only after you have gotten the price you can live with. Check sites like www.leasecompare.com to see if they can offer you a better rate and to make sure the dealer is giving you a fair deal.

    Negotiate the trade in last - you should be able to maybe get enough to cover the buyout on your current car if it is in great shape, but maybe not. If you deal down low on the new car they will want you to deal down low on the trade.

    Don't play payments - deal on the price, the lease terms, the dealer fees, and the trade and see where the payments fall once you know you have good deals in each part of the transaction. If you can live with the payments, then do the deal.

    Dennis
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