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Honda S2000 Prices Paid and Buying Experience
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Comments
By the way, were there 2007's available and, if so, what were they asking on those?
There are 2007's available. Since there are no differences between the 2006 and 2007, and I tend to keep cars a long time , I didn't seriously price a 2007. At $29,000 I had reached about the limit of what I was willing (and able) to pay for a car I won't be driving every day.
What dealership do you work at? I'm in the market.
With the current S2K promotion the best deal I have been able to get so far today is:
0 down, 36 month lease, 12k per year, $470 month + tax
0 down, 48 month lease, 12k per year, $430 month + tax
Price of vehicle: $30,787.16
These payments are based on Honda Finance leasing, with super preferred tier.
If I can get the car at Invoice - $2000 + $595 lease acquisition fee = $423.66 + tax, I would lease it right away. Anyone know where I can get a deal like this? Thanks in advance for any input.
You are paying $16,520 for three years / 36k miles of use on a car that you could buy outright for $29,000 + taxes. I bought a 2002 S2000 in November 2001 and traded it in May 2004 w/ 18,000 miles for $23,200. If you actually keep the car for 3 years and put $36k on it, you might not get that on resale, but I'd be shocked if you couldn't get at least $20-$21k, probably more. Meaning that if you buy or $29k and (guessing) your taxes and fees are $2k for a total of $31k, you should be able to drive the car for three years for a total of around $10k in depreciation.
I'd buy under that scenario.
To do an even comparison, you have to assume that you are borrowing the purchase price, less any downpayment. Even with that, I'd buy as well..
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I know how to figure Tax but what about the Title, License, and other fees... is there a precent ratio or a dollar amount that you can figure? Typically, I use 10% of the selling cost to account for TTL and other fees.
e.g.:
In Texas, the tax is .0625%
so if a car sells for $20,000
Sales Tax: $20000 * .0625 = $1,250
Title/License/Other Fees: $2,000 - $1,250 = $750
Does this work for you guys?
I think some dealers are willing to sell at invoice less the $2,000 or even willing to cut into holdback if they have lots of inventory. Unfortunately when I purchased my S2000 a couple weeks ago I was unaware of the $2k incentive (not listed on the Edmund's page of incentives for the car, whereas the $750 for the Accord is listed), so thought I was getting a good deal at about invoice less holdback (~$30,400). I knew they were still making money on me somehow, but had no idea it was $2000... Lesson learned, always check with the Costco dealer first, even if they don't have a single car on the lot.
But it looks like there's at least $2000 available. Is that Marketing Support?
Honda Dealer Holdback is only 3% of MSRP.
Any other discounts out there?
if you get a good enough lease deal...you have the ability to play the "market" so to speak. if at the end of the lease, the car is worth MORE than your residual - then buy it. you could techincally then sell it privately and make a buck or two. if the car is worth LESS than the residual, turn it in.
here is why leasing is attractive to me. to buy a new car -given the prices of cars - most people can't afford to finance them over 3-4 years. i bet MANY people are doing 6+ years financing. then the car depreciates, and when they are 3 y ears into their car they are LUCKY if they have broken even...they may still be upside down.
the cars warranty has now expired, and now you are making car payments on a car AND you are making repairs.
why not just get a good lease term, and know what you car payment is. the car is under warranty - your only expense is gas, tires, brake pads, and the payment. when the lease is up you turn it in. no timing belts, no water pumps, no clutches, no nothin'.
if you only keep the car three years and you BUY - you'd need to buy a car that REALLY holds it's value - to not wind up upside down if you buy and do traditional financing with little to no money down.
The S2000 HAD strong resale value - so the 2001 I got used for $24,500 brought me $19,500 trade in for my 2005 after 2+ years and 15k miles of driving. You can't count on that type of return NOW - they are just too plentiful on the used market and Honda can't sell the new ones without lease deals and/or dealer incentives. I got my 2005 almost 2 years ago for invoice including dealer fees - and they gave me what I wanted for the 2001 and Honda leased it to me for less than 2% MF. Can't hardly beat that. If I had purchased the new S, it would be a lot more money out of pocket each month and at a much higher rate - even with the acq fee factored in.
You have a choice at lease end, buy for residual, turn in, or sell it (via a dealer) to someone else if it is worth more than residual. You can also sell it to a dealer or even trade it in at any time for no harm IF the current lease buy out is less than or equal to the market value. Back when the resale was strong, this was just about any time during the lease
With the current $2k dealer money, but high "normal" lease rates you either need to do a 3rd party lease or just do a purchase.
Sales hurl and are getting worse - even with the $2k dealer money. I expect to see either more money and/or the return of the cheap lease.
BTW, depending on which price guide you use the current buy out on my 05 lease is within $200 of trade in value. So if they bring back the cheap lease, I might be able to upgrade without any negative equity. I would not do it with the current high rate - even with $2k under invoice.
Dennis
April 07, April 06, % change, YTD 07, YTD 06, % change.
S2000 533 645 -10.5% 1,378 1,987 -30.6%
Even with the $2k dealer money they only moved 533 cars last month, down 10.5% from last year. YTD is even worse, down nearly 31%.
Either more dealer money, cheap financing/lease, or both may be coming this month?????
Dennis
In some ways, it's a testiment to the S2000 that it could be introduced in 1999 and still be considered a highly competitive serious sports car in 2007 with only a few minor changes in the intervening 8 years. It's too bad Honda as a company wasn't more committed to the sports car segment. Had they continued to develop and upgrade the S2000 the way Porsche has with the Boxster, they would probably still be selling them at full MSRP+. It's kind of hard to get the press to continue to gush over the S2000 when an 8 year old road test is still current.
Personally, in the words of Neil Young, I'd rather see the S2000 "burn out" with a big final year model push than "fade away" with scaled back production, rebates and lethargic sales. The NSX suffered an undignified death as well. Seems that Honda/Acura did great in producing two superlative cars, but lost focus/interest in the later stages of their lifecycle.
I know you and I have been chatting regularly here so I wanted to run this by you....
Two scenarios
1) 2003 Red S2000 with less than 3000 miles and is in pristine condition with an asking price of $23,999. I can probably get them to come down 500 but I imagine that would be it.
2) 2006 Laguna Blue with less than 4500 miles and it too is perfect, no blemishes, tires still have the little "strings" on them. No rubber stuck to the wheel wells, etc. Very well taken care of care (customer broke 3 year lease, 2 years early and I verified it). Asking $25,250 through a wholesaler. I might be able to get him to come down $500 but I really doubt it; we haven't discussed numbers yet.
My question is which is the better deal/value? Blue is my preference but red is my second choice. I wont be auto crossing. And the 2006 has the VSA, 2 cup holders and is still under warranty. The 2003 has the infamous 9k red line and stiffer suspension, and cheaper to insure. I've talked with many many many s2000 owners and the ones that have taken care of their cars have all had the same result with excellent quality so I'm not toooooo terribly concerned about the warranty. I'm thinking the 2006 would be best for me but monthly payment is higher... oh what to do... I'm waiting until tomorrow (05/03/2007) to see if Honda announces any new incentives and if they do, then there may be a 3rd option to consider.
My salesperson did say the manufacturer to dealer incentive ($2000) has been extended but he didn't say how long. Has Honda ever done both an dealer incentive AND a lease incentive concurrently? My dealer is passing the incentive to the customer.
You may have to fish through my ramblings to figure out what I'm asking.
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In a recent AutoWeek they reported from the NY auto show the S2000 CR "The CR hits dealerships this fall". So maybe the S2000 will live on? Hopefully in more than just the track version CR.
Link to story with pic
The new lease deals are up on the Honda page and the S2000 deal is not hot. It comes in at 6.84% effective rate. I was shocked it was not more. The pre-figured deal has the car going for under invoice, so they are probably still doing the $2k dealer money.
Dennis
The newer cars have larger wheels and tires and better stability (even without the electronic assist). Even driving at less than ten tenths the older S2000s could sneak around on you. Just out goofing off I went into a decreasing radius corner a little too fast and the next thing I know I am fighting to keep the rear of the car behind me :surprise: . A lot better in the newer design. The upgraded interior is nice too.
The new lease numbers are up and the effective rate is 6.84%, so no big help there.
I would buy a new 07 with the $2k off - you might could get it for invoice less the whole $2k if you find the right dealer. That puts you not that much more than a used one, and if you are financing you save on the interest rate (usually a good bit cheaper rate on a new car than a used one).
Of the choices you have here, the 06 is the one to get.
Dennis
This is good news - looks like prices are dropping into the invoice less $3000 range. What part of the country are you in?
Back to the toic, I went to look at the 06 and apparently it was car going to auction. It turned out to have 4500 miles instead of 7500 miles and was in prestine condition... on the outside. Inside, the speakers were blown, the compartment between the two seats were broken and the kicker, the vin tags on the fenders appeared to have been scratched at. The trunk and the hood didn't seem to close tightly so I figure 1) somebody abused the hell out of it or 2) it was a theft recovery. The small items were no big deal, but the fact that the vin tags were scratched at really concerned me. Anyone ever hear of this before? Why might a person do this?
Sure. Post an address or if you prefer you can email me your address. (My email address should be visible in my profile.)
Can anyone give me an idea of what they've been able to negotiate for an S2000 base without any options (eg - bodykit or other junk)?
I'm thinking this car should be going for closer to $28k or lower given this is the last year of an unpopular car (considering year-over-year & month-over-month sales have been negative).
I admit, my deal was amazing and even better than I expected. Keep in mind there are other factors that will allow the dealer make the deal; heck, my dealer had 11 S2K on the lot! When I bought mine, I told the dealer I was going to go look at a Sky Redline and viola, that statment save me an additional $500 off of the S2000. I had no intention of buying a Sky over the S2000 but dealership like to keep you on the lot.
3000 miles later, I now have laugh lines on my face from grinning so much. I love this car.
This is the second car I have bought from this dealership and it is a pleasure to deal with them. No hard sell, polite and willing to negotiate. The car listed for 35K, with the obligatory "dealer fee" of about 600.00. They are anxious to move the 07s and after a little negotiation I paid 29,500 for it. I might have done better, but I was happy with the buying experince and the deal. Hope this helps someone.
Cookster 3
they must want to get rid of these things.
anyone know what the current incenties are on an S2000? could you get a remaining 07 below 28k?