Honda S2000 Prices Paid and Buying Experience

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Comments

  • vinnynyvinnyny Member Posts: 764
    You can still lease a 2007. In fact, you can lease a used car. The main difference on the 07 lease will be a lower residual versus an 08 lease. Interestingly, 08s could actually cost you less to lease than an 07 because of this fact. However, the 07 would generally be cheaper due to higher incentives and greater willingness by the dealer to negotiate.
  • sofr310sofr310 Member Posts: 3
    I'm just recently buying a 2003 S2000. In fact I'll be signing the contract next Monday. I searched around for a while and found this deal. It's blue on blue, good condition (no scratches or dents on the exterior, broken antenna but the dealer will fix it for $25, and a very minor tear on the passenger door which they fix for $125, like new rims, about 65% left of tires life, clean engine, everything else looks very good). It's one owner. Mileage is 63,580. It was listed for $17,475 and I negotiated it down to $15,500. Is it a good deal? OK deal? Bad deal? It's my first manual car, first sport car, and most expensive car I've purchased so I'm a little nervous. +) Any input is appreciated. Thanks.
    P.S.: I'm from austin, texas.
  • vinnynyvinnyny Member Posts: 764
    High miles AND fair condition on a high-revving four cylinder sports car are not a good combination. I say "fair condition" because minor broken parts and wear that could be fixed inexpensively probably don't say much for how the car was maintained in general. The price is probably $2-3k too high if you wanted to take a chance on it. I did a quick search of cars.com and found 20 S2000s in TX with less than 50k miles and priced below $20k.

    You could probably find a very low mileage example that somebody kept covered in his garage as his weekend driver. Look for "individual owner" listings and you'll eventually find the one that the guy dried with baby diapers after he washed it with distilled water. Cars.com showed a "weekend driver" in Rockport with 14,700 miles for only $18,900. Call him and talk him down!
  • sofr310sofr310 Member Posts: 3
    vinnyny, thanks for the research. Unfortunately, the car that you mentioned in Rockport has a salvage title. Here's the description: "This car does have a salvage title and was repaired to like new condition in the rear quarter panels". I did call seller a while back and he said the previous owner drove the car into a ditch. Salvage title means impossible to get a loan for it, means cash buyers only. I don't have that kind of cash and I don't really trust salvage title...

    ----------------
    Edit: I just realized that the Rockport car you mentioned was a different one, not the salvage title one. The one you talked about is a 2001, with 14,7000 mi, selling at $18,900. So basically it's 2 years older, $3.5K more expensive, lower miles. Is that worth it? I do have a budget of $18K max :(
  • vinnynyvinnyny Member Posts: 764
    Personally, I would take the lower mileage car that has been well taken car of. (I'm assuming this because of the description--you'd have to verify). The 01 should cost about the same as the 03 (and the Edmunds private party value is about $15k). I'm betting you can talk the seller down to that range if you show up armed with facts.

    I don't know the specifics on the differences between the 01 and 03 models but maybe one of the S2k fans will jump in to offer some thoughts. Good luck!
  • acceleratoraccelerator Member Posts: 136
    Major differences that come to mind or the plastic/glass rear window... the 2003 might have glass depending on what portion of the year of 2003 it was produced. Glass was used in the latter half of the year, iirc. That said, there are kits to convert the plastic to glass which I believe runs around $350 to do the conversion.

    As far a which one to get, you'd be best to talk to the person and get a vibe from him. If either owner says, "yeah man, this thing is fast!" He probably didn't wash it was diapers with distilled water. :) I'm a member of the s2ki.com forum and there are lots of s2k fans who do baby their cars and in fact, I'd suggest you hit www.s2ki.com and find the local chapter. There is almost always someone selling their S.

    Oh, also see if they'd let you have the car inspected by a mechanic you trust. If they say they are not comfortable with that, run. If they say sure, get the inspection done. Just because they agreed, doesn't mean they aren't trying to hide something. I've sold many cars before and people have asked if they could have a car I was selling inspected... only 1 person actually got the car inspected. People think if the seller of a car is willing to have their car inspected that the seller's car must be okay. This isn't always true. It could simply be they are bluffing and/or calling your bluff if you will.

    Check out s2ki.com. You'll find a wealth of information and maybe your first S! Let us know how it goes.
  • sofr310sofr310 Member Posts: 3
    Thanks for your opinion, accelerator. I'm buying this car from a dealership (not Honda dealership). They do let me get the car inspected though I haven't gotten it inspected yet. I will try to do it today.
  • nomisnynomisny Member Posts: 11
    2005 s2000 w10k miles

    This car is certified...any idea what a good price would be from a Honda dealer...input from anyone would be appreciated.

    Going to look at it this weekend...thanks in advance.
  • dwynnedwynne Member Posts: 4,018
    Edmunds says $20,386 trade, $22,229 private party, and $23,667 dealer retail, and $25,077 certified. I think that last number is WAY too high. KBB says $27,180 - also way too high.

    You can go here at the Honda CPO page a do a search of all S2000s in your area and what various dealers are asking for them.

    You could buy mine (NFR 11k with HondaCare warranty until 2012 or something) for $22k or so :D. I would not mind upgrading to a new 08.

    Dennis
  • acceleratoraccelerator Member Posts: 136
    What is their asking price?

    On a 2005, White with about 25000 mile on it, edmunds has the following:
    Private Party: $20,282
    Dealer Retail: $21,644

    You can also look on AutoTrader for a comparison to see how they are priced for the mileage similar to the one you are considering. Before my S, I had a Jeep and comparing autotrader gave me more credit at the dealership than citing KBB or Edmunds (no offense Edmunds). Dealerships have canned responses for when a customer mentions KBB or Edmunds but it is hard to argue with the asking price that other sellers are listing their cars at, granted the others probably are not certified***.

    *** As for the certified part, be sure you understand what certified means. I had a friend buy an immaculate white 2005 S, certified. He owned it about a year and had to have the battery replaced. The battery was replaced by the dealership at no cost, but the battery WAS a lawn tractor battery!!!! :D He had to go around a little bit with the dealership since they accused him of swapping batteries but in the end, the dealership did replace the battery. All I'm saying is be sure to inspect the car despite being certified.

    You can also check out www.s2ki.com. This site is the international S2000 forum. You may be able to find a well maintaned S in a local chapter or in the Fro Sell section. Be sure to ask if the car was tracked or not.
  • lee271lee271 Member Posts: 1
    I just purchased a new 2007 S2000. After going to a couple of dealers in Dallas (and being totally disappointed with their prices), I took a ride up to a dealer in Irving. They had four 2007 models marked to what I thought was an unbelievable price in light of what I've read on this board. They had two red cars that were marked at $27896.00 + "fees". They also had two blue models marked $28896.00 + "fees". The fees were $660 for destination charges and a $55.00 document fee. I told the salesman I wouldn't pay the fees period. I told him those "fees" should already be reflected in the price.

    To make a long story short, the agreed upon price for one of the red cars was $27,675.00. Therefore, there are deals out there. The blue cars were asserted to be higher because they had been on the lot less time than the red cars. However, they would undoubtedly deal on those as well. They were clearly trying to get the cars off the lot.
  • dwynnedwynne Member Posts: 4,018
    Congrats on the new car and welcome to the club!

    NFR is the best color anyway, they should have priced it for MORE than the blue ones :D .

    Sounds like a sweet deal to me. I paid $30k for my 05 in 05 and that included the dealer fees and I did the cheap lease.

    I think there was/is $2,500 in dealer money on the left over 07 cars and nearly $1k in hold back, so they can afford to get pretty cheap on them.

    The only bad thing about the S is that the resale value is in the toilet. They USED to be really strong on resale value but now that Honda has to deep discount to sell the new ones the used market has "adjusted" to not good prices (for a seller). I was told my '05 with 11k on the clock was worth $17.5k to $19k trade toward a new 08. I got $19.5k for my 01 when I traded it 4 years old with a lot more miles on it back in 05.

    Dennis
  • acceleratoraccelerator Member Posts: 136
    Hey a fellow Dallas person! Welcome to the S2K Club! I got mine back in May of 07 and paid 27,800 (if I recall correctly?) so you did very well. :) Now, head over to the s2ki.com. Go to the forums and you'll see the http://www.s2ki.com/forums/index.php?showforum=10. This is a pretty active chapter with monthly drives. I haven't been to one yet due to conflicts but they sound like fun. I believe one of the popular meeting places may be over in Irving so that might be in your neck of the woods!

    Oh, I do have to tell you one thing for sure... you are going to hate having this great car and not being able to put the top down, just yet... :) Hang in there, the car is even better with the top down.

    Again, welcome to the club! :shades:
  • 23109vc23109vc Member Posts: 218
    i read on another forum that Honda added dealer cash to some models. what about any new incentives on the s2k? anyone hear anything new?
  • dwynnedwynne Member Posts: 4,018
    Edmunds shows nothing new. There is/was money on the all the left over 07 cars sitting on the lots. If you find one in a color you like you should be able to get it several thousand under invoice. Of course, you can get an 08 for a bit under invoice as well.

    Dennis
  • 23109vc23109vc Member Posts: 218
    my local dealer has an 07 in white - my favorite color. how cheap you think I could pickup a leftover 07 for? much cheaper than an 08?

    i'm still not sure if i'm better off to buy an 07 or lease an 08?
  • dwynnedwynne Member Posts: 4,018
    I don't remember now, but I think Honda was doing $2,500 in dealer money on the left over 07s. Look bad in the older messages here, I would think someone had mentioned the amount. I would say the 07 could be had for invoice less the incentive less nearly all of holdback. The last quote I got for an 08 S was either invoice or $500 or so under for the car, destination, and dealer fee.

    You have to get firm prices for both from several dealers and then run the numbers. If you want to end up owning the S, then buying either is probably a bit cheaper. The current 08 lease deal is fairly cheap (1.3% effective), but if you do the lease then buy at this rate it will probably cost you a little more - since you have to pay the $595 bank fee and will have to finance the lease buy out at a higher used car rate.

    Dennis
  • 23109vc23109vc Member Posts: 218
    say i can get 2500 AND holdback....is holdback 3% of MSRP??

    if so, thats another $1k...

    invoice is about $31k

    so 28k or so??

    i figure on the lease.....when you factor in all the fees and crap... you'll be around $475-500/month with NO MONEY down at all. sign and drive.

    if you BUY and finance it over 6 years... your payment is about the same....

    so 3 years into the lease.... you turn the car back in. 3 years into the 72 month term... are you upside down or do you have any equity int he s2k?

    i still think they will make the deals better. i'm literaly seeing houses foreclose around me left and right... home prices are plummeting like crazy. the unemployment is gonna go up...and as all this crap adds up... the big D is going to be unavoidable and then good luck to Honda to try and sell a two seat sports car when half of America is worried about making the bottom line..

    i say deals will sweeten over the next 12 months. what do you say?
  • arkararkar Member Posts: 1
    Hello all,

    First of, new to the forums and I am amazed by the posts here, Everyone is very helpful and I would like to thank everyone in advance for any help I will be getting.

    I am thinking about leasing a 2008 Honda S2000 or S2000CR. My brother just leased 2008 Honda S2000 CR with Audio and AC for $37000, $2000 down and $480 a month paymonth. A couple questions please.

    1. Get Honda S2000 or S2000CR? I love the look of CR and hate the look of S2000 regular, not sure if it makes sense. Haven't seen either one of them in person, Brother is picking up his on Thursday. Could anyone go a run down on the comparsion? I looked up on Honda.com but any easier explanations with just important notes that would explain to a newbie in cars would help.

    2. Did my brother pay too much for it? Average price for 2008 Honda S2000 CR would go around how much? Think I can push the sales man down to $35000 or $36000 with 3 years lease and $2000 down?

    3. This car is going to take one of my paychecks as I got my license in U.S. not even 2 years ago. So do you think it is worth it?

    4. I have a 2001 Ford Focus SE right now and still have about $1300 payment left on it and the other day, a dealer offered me $2000 for it if I wanted to trade it in. And today driving in the snow, I almost got into an accident, ended up on the sidewalk with a flat and not sure how much damaged I did to it.

    So is this the best time for my trade? Should I wait for this car price to go down (maybe it might go down?) and just keep my ford focus and keep fixing it and dealer might pay less than $2000 in the future?

    Again, this is too much and I feel like i a taking advantage of people' kindness on this forums but I just had to ask as I am running out of ideas here.

    Thank you very much.
  • dwynnedwynne Member Posts: 4,018
    Edmunds states Honda hold back is 3% but I have been told it is now 2%.

    On a left over 07, I would not pay more than invoice less all of hold back less dealer incentive. If I had to pay more, I would just get an 08.

    If you want to lease, you need to get the 08, the either will not lease you the 07 or it will be at a higher price.

    If you look at the lease special at Honda's web page:

    2008 S2000 Featured Special Lease
    $349.00 per month for 36 months. $2,499.00 total due at signing.
    Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
    Show Details
    FEATURED SPECIAL LEASE: Closed-end lease for 2008 S2000 Manual Transmission (Model AP2148ENW) for $349.00 per month for 36 months with a $1,555.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,499.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction; with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.

    Subject to limited availability. 01/03/2008 through 3/3/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 S2000 Manual Transmission vehicles (Model AP2148ENW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $34,935.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $31,141.79. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $12,564.00. Option to purchase at lease end $19,563.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details


    It calls for $2,500 at signing but also prices the car at $32,696.79 . Invoice is $31,689 so the dealer is looking at $1k profit plus hold back. So if you negotiated the price down to invoice including destination and dealer fees, then your payment would be $349 plus tax per month if you paid $1,500 at signing (not $2,500) plus taxes and tags. You can put down less and just have a larger payment, but I don't think it would be THAT much more since this lease is at 1.3% effective interest.

    S2000 resale values are in the toilet. A couple of dealers told me my 05 with 11k on the clock is worth about $17,500 in trade toward a new 08 S. Ouch. Lucky for me I leased it.

    If you lease, the lease bank takes the risk and not you. The lease term is 36 months, do not sign a longer lease - they stink and are a rip off.

    If you finance that is OK too, but you will likely find you are upside down in the car for most all of the loan term. So if you decide you need/want something else you will have to pay to get out of it.

    Dennis
  • acceleratoraccelerator Member Posts: 136
    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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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
  • kyfdxkyfdx Moderator Posts: 232,939
    So.. does that make three new lease/purchases in the last six months? :surprise:

    kyfdx

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • dwynnedwynne Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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 Member 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

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  • dizzy007dizzy007 Member 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 Member 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 Member 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 Member 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_SKaren_S Member Posts: 5,092
    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 [email protected] 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.
  • luvaudi19luvaudi19 Member 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 Member 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 Member 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
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