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Honda S2000 Lease Questions

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Comments

  • dwynnedwynne Posts: 4,018
    I would not sweat the miles. There have been thousands of S2000s sold with test drive miles on them and the car is still reliable.

    Sure, we would all like to get 2-3 mile car or 10 or something - but it is just not going to happen for most folks.

    My 01 S2000 I got used with over 1,000 on it and my 05 was new with 30 or so on it. Both ran/run flawlessly (knock on wood). If there was some "harm" done in those early miles, it would surely show up before the Honda factory warranty runs out - but I would not think it will.

    Insisting on low miles is like folks you see in the store some time - they open the package to check out the item, then when they decide to buy they put back the package they opened and get a sealed item. Having one's cake and eating it too, I guess :D

    Dennis
  • dwynnedwynne Posts: 4,018
    Congrats on the new ride!

    I like Rio Yellow, but I am afraid my wife would never ride with me if I had gotten that (both of mine have been NFR).

    Get the break in miles in quick so you can start revving to your heart's content.

    Dennis
  • acceleratoraccelerator Posts: 136
    Dennis,

    We took it for a short trip (300 round trip miles). I annoyed my wife because after about 10 minutes at a speed, I would adjust the speed by 5-10 mph to avoid breaking the engine in at a constant speed (not really sure if this matters but...). After today, I am at 402 on the odometer.

    Getting on the freeway, I did run the tach past 7k, do you think I "broke" anything? It wasn't a hard accerlation and it was downhill so the engine rev'd up quicker than I had expected (Honest officer) so there wasn't a huge weight load put on the engine. I keep hearing how crucial it is for proper break-in so I'm nervous.

    The car performed beautifully on the trip. I have a slight sunburn on the top of my head to show for it! Can you put sun-tan lotion in your hair? :confuse:

    Regarding the NFR and Rio Yellow, I was actually looking at an NFR and the wife suggested the yellow! :shades:
  • dwynnedwynne Posts: 4,018
    I hate interstate driving, if you take the back roads you will naturally vary your speed and gears. If you have to travel on the interstate/freeway just don't set the cruise and lock it in at one speed. Vary your speed up and back and even drop it into 5th for a bit.

    Vtec'ing the car on the ramp should hurt nothing.

    I think the owner's manual does not even mention not revving the engine nor does it mention not driving at a constant speed. I think they just recommend no hard braking for the first xxx miles and no full throttle acceleration for the first xxxx miles.

    I think it is a good idea to avoid prolonged steady speeds and on the S maybe avoiding a lot of redline runs. In fact the engines seem to handle pretty much whatever is done to them. There is a cold motor redline (4-4.5k?) that you will find if you try to rev up too much before the engine is fully warmed up. It does that all the time, not just for break in.

    The service manager at my local dealership also said no reason to change the initial oil out early, just do it around when you normally would. Honda states 10k in the book, I think, and 5k for harsh driving. I usually change mine about 4-5k, but that can be about once a year :D . If the build date on your car is pretty old (so it has been sitting on the lot a while) you might do the first change a little earlier.

    Dennis
  • acceleratoraccelerator Posts: 136
    Now that you mention it, I think the manual talked about redlining it, not vtec'g. I'll have to go back and read that again. The hard breaking was 200 miles so I'm good there. The dealer told me 7000k miles for the first change for this climate but stressed not to change it too early, too.

    This is the first car I've started and allow to idle for a minute or two before just taking off. Usually, I crank and go. :) I've never had a car make me feel quite like this car does... Is this odd? :) Does Honda sponsor a therapy group for S owners? :blush:

    I cannot wait to go find some twisties...
  • dwynnedwynne Posts: 4,018
    Idling just wastes gas, start it up and go. Just do not drive hard until the motor is fully warmed up. I usually short shift a bit until the car warms up.

    I got ScanGuage II car computers for all the cars. I leave mine showing MPH, MPG, RPM, and Water temp. Then I can see how much warmed up the motor is at any time - hard to tell what 1 bar, 2 bars, 3 bars means.

    My office is on a road with a 45mph speed limit that changes to 55mph just in maybe 1/4 mile. So if I am leaving work during rush hour I do tend to warm whatever car I am in up a bit before I try to pull out. No traffic light, which means see and opening and GO! I try to leave either before or after it gets too bad - but at peak time having the motor up to speed means I can go when I need to.

    Dennis
  • acceleratoraccelerator Posts: 136
    Leaving work here is the same way, except it is 55mph service road. Absolutely nuts that a parking lot dumps into something so quick but I digress.

    I'll look into the ScanGuage II, thanks for the link! Texas gets hot so I'm sure this would come in handy.
  • Thanks for your comforting words. I test drove the car today, opened the hood and listened to the engine, also did check the exhaust. The car passed the test, whatever that means. At any rate, I signed the papers and should be picking it up this weekend.

    Cannot believe I bought a red car. NFR (red/black contrast) looks terrific on the S2000, in my opinion

    Thanks again.
  • dwynnedwynne Posts: 4,018
    Congrats to you too! I would have driven it home and not waited for the weekend :D .

    Remember a new S2000 will have 3/36 bumper to bumper and 5/60 powertrain factory warranty. You can also purchase a HondaCare extended service contract for a reasonable amount (7yr/80k miles for $765 for example) - unless you live in FL. A few test drive miles should not harm anything and even if they did any problem should show up long before the warranty is out.

    NFR does look nice. The paint (and the body panels) are really thin and easy to dent and scratch so you do have to take care of the finish. I put a car cover over my S when I am not going to be driving it soon.

    Dennis
  • acceleratoraccelerator Posts: 136
    You are going to love it! The NFR's finish almost looks like wet paint, too me. :)

    Congrats!

    Now that you have your S, don't stop posting! ;)
  • 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: 11
    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
  • yinzer1yinzer1 Posts: 11
    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: 11
    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
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    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
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  • 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
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    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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