I have 3 months on my 2K Accord Coupe left and decided to walk into the dealer today and see the new coupes (which are very hot btw). I told the dealer that I was thinking about an S2000. He said he would take my car and eat my last 3 payments and give an S. Im leasing for $399 a month with $2200. Is that a good deal? Please let me know.

I left a 500 refundable deposit if I decide to change my mind. If all goes well and insurance isnt too much I can pick it up a Suzuka Blue on friday. MY first choice was silver w/red but they didnt have it.

 

399 for how long? Remember, you pay for those last 3 payments, since a loan is a loan. Any claim of "eating" those payments should be translated into "you pay for them as part of the new car".

If I'm not mistaken, they get the car back when your lease is up. Therefore, their profit is 399 * number of months + 2200 - depreciation. On a 24-month lease, that is almost $12,000, and I know that the S doesn't depreciate *that* much in 2 years!

My read is that he's getting your accord for free, piling your "last 3 payments" into your lease, getting you to pay for the S's depreciation, *and* making some more money off the top.

For more info on how some of this stuff works (and some of the typical scams dealers try to pull), visit http://www.carbuyingtips.com , they have some good info.

 

The lease is 39 months....the same as it is for my Coupe. These guys make money no matter what. From what I have heard it *seems* I am getting a good deal. I have heard of others forking over 4000 to get a low lease payment

 

I put $3500 down on my S for $306 a month for 36 month with a $19000 residual. Make sure you know what the residual is too because if you dont then at the end of the lease you may have no chance of seeing that $2200 again...but if it has a $19000 residual and you can sell it for lets say 24000 in 3 years then you just made a cool $5000 you can can put towards you next car....I have leased three cars and always make money on them in the end, you just have to make sure the numbers are right so you dont get screwed...but $399 is definatly better than alot of dealerships were quoting me! Good luck!!

 

The coupe is leased? Well that changes things a bit. They get the car anyway (or someone does), all that happens is the last 3 months get piled into your new lease. As far as leases go, I guess that isn't bad. 17,800 for 39 months of S2000 + 3 months of accord payments.

BTW, I'm curious why you went with a lease on the coupe vs buying it?

 

I hate dealers! I drive my cars into the ground. I have had two pickups since 1980. I therefore never have a trade in. I refuse to lease. Just want to know what the total price is to me. I arrange for my own loan and take none of their add-ons or offers. Otherwise no deal. I swallowed really hard to pay list for the S but plan to keep her for as long as the pickups but with a lot less miles. None of these cars have been to a dealership for repairs or service and none will ever be.

 

On your estimates...what should my residual be? I am leasing cause I cant afford the $600 payments to buy the damn thing. I gotta lot on my plate right now so buying would kill me.

 

I'm not a lease expert, but I suspect the residual is equal to how much you'd have chipped away at the overall price, factoring in an interest rate (probably higher than a flat-out loan), and some profit. Someone else would have to give you a good figure to expect/demand for residual on that package. However, if you don't ever plan to buy the S you're leasing, the residual value should not be a factor, since the dealership takes the car at the end regardless of residual.

I'm in a different, but possibly equally difficult situation. I'm starting school on my masters in two weeks, thus my current $575/mo payment isn't such a hot idea. However, since I chose a 7-year loan (2 years into it), I'm upside down by about $5-8k. Thus, whether I want to or not, I'm going to school with a convertable =) Even buying a new Toyota Echo would still yield a $16k-$19k car loan after factoring in the difference between my S's worth and how much I still owe.

Basically, my suggestion is that if you plan to eventually own an S (this one or another), don't lease. Figure out some way to buy it. Maybe a 7 year loan will work for you (it worked for me until I chose to change careers). A 7 year loan might save you $100-$150/month (vs a 5 year loan), at the expense of higher total cost of the loan. But if you want to be driving an S this week at the reduced monthly rate, and don't care that you can't buy it later without being ripped off, then leasing is probably a good deal.

At 5% interest, a $30,000 loan is about $566/mo for 5 years, at 7 years that's $424/mo (according to my quick calculations). If you work at it, you should be able to get a car for close to $30,000 out the door (minus sales tax), meaning you can own a S for $450/mo (for 7 years) if you play your cards right. However, that might mean waiting 3 months until your coupe's lease is up, and that puts it into the spring (where it'd be harder to get a rock-bottom price on a convertable).

At 7%, the numbers work out to be $594/mo (5 years) and $452 (7 years) for $30,000.

Either way, you'll probably love the S! I've loved mine, and I'm kinda glad that I'm keeping it

 

Guys,

I've said this before, but hoof is right. You shouldn't lease if you plan to keep your car. Leasing is all about temporary "ownership." Think of it like paying rent vs. buying a house/apt.

There are, of course, lots of good reasons for leasing if you're the kind of person who trades in every few years. Another factor is how good resale is on these cars (and it's pretty good, from what I can see). Along those lines, one big question (to be answered) with the S2000 is how will it will hold up long-term (i.e., do you really want to drive it until the wheels fall off). I get worried about some of the engine problems I read about around here, and I only have the standard warrantee. If I were buying again, I think I'd consider extending it.

Anyway, best wishes, all. And welcome aboard, Matt!

 

[QUOTE]Originally posted by Chazmo
[B]Guys,

I've said this before, but hoof is right.