lease new or buy used s2000?
07-04-2008, 07:54 AM
#1
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lease new or buy used s2000?
hi all.
i'm researching s2000 deals. I'm also considering buying a used boxster or boxster S. i've test driven both s2000 and the boxster - and I like them both. different cars, each neat in their own way.
for me the BIG draw of the s2000 is the reliability and lower upkeep costs. there are guys on the boxster board posting they have had motor failures..and if they are out of warranty, they are jacked. $11-15k for a new engine. ouch.
anyway...i have seen some guys on edmunds.com posting that they successfully negotiated a lease on a new 08 s2000 for nothing down, jus first months payments. with tax..yes WITH tax, their payments for a starnda 12k/36mo lease was $395/month. NOT BAD. under 400 with NO cap cost reduction.
if I buy, i want to stay at or under 20k, which means I coudl probably find a nice 05 ofr maybe an 06. i'd finance over 60 months. so i can lease for 3 and have a total cost of about $15000. OR finance, and over 5 years i'd pay about 20k to own.
at the end of 5 years - assuming i bought an 05/06 with 20k miles or less..the car would have 70-100k miles depending on how much i drive it. what woudl it be worth then? i estimate ballpark..say 8000? maybe more? so i would have spent 12k to buy it. seems like buying might in the end be less actual cost.. unless of course i get hit with lots of nickel / dime repairs. i dont' thin i will with a honda..
if i buy aporsche. i am goin to have to have a big fund ready for repairs as they cost an arm and a leg to work on. but i have to say that wail of the porsche motor is so cool sounding.....
anyway - would you guys lease the new one or buy an 05 or 06 for 20k/? think i can buy a good low mileage used 05/06 for even less?
i'm researching s2000 deals. I'm also considering buying a used boxster or boxster S. i've test driven both s2000 and the boxster - and I like them both. different cars, each neat in their own way.
for me the BIG draw of the s2000 is the reliability and lower upkeep costs. there are guys on the boxster board posting they have had motor failures..and if they are out of warranty, they are jacked. $11-15k for a new engine. ouch.
anyway...i have seen some guys on edmunds.com posting that they successfully negotiated a lease on a new 08 s2000 for nothing down, jus first months payments. with tax..yes WITH tax, their payments for a starnda 12k/36mo lease was $395/month. NOT BAD. under 400 with NO cap cost reduction.
if I buy, i want to stay at or under 20k, which means I coudl probably find a nice 05 ofr maybe an 06. i'd finance over 60 months. so i can lease for 3 and have a total cost of about $15000. OR finance, and over 5 years i'd pay about 20k to own.
at the end of 5 years - assuming i bought an 05/06 with 20k miles or less..the car would have 70-100k miles depending on how much i drive it. what woudl it be worth then? i estimate ballpark..say 8000? maybe more? so i would have spent 12k to buy it. seems like buying might in the end be less actual cost.. unless of course i get hit with lots of nickel / dime repairs. i dont' thin i will with a honda..
if i buy aporsche. i am goin to have to have a big fund ready for repairs as they cost an arm and a leg to work on. but i have to say that wail of the porsche motor is so cool sounding.....
anyway - would you guys lease the new one or buy an 05 or 06 for 20k/? think i can buy a good low mileage used 05/06 for even less?
07-04-2008, 10:06 AM
#3
for performance, the two cars are extremely comparable. looks, aesthetics, etc, that's all personal, and the value is personal too. but strictly for performance, there's not a lot of difference.
If you'll keep it after the term, i'd buy. the S2000 will run well long after 5yrs/100k miles, and it would be a great second car after it's paid off.
if it would go up for sale at ~100k, i would consider both buying and leasing seriously and determine what you value more. if you lease, it costs more, but after 3 years you get to buy a new car with no strings. i think leasing makes sense if you change cars frequently or aren't sure you want to keep it, but if you know you'll be happy and stay happy with it for a long term, buying makes more sense.
if you're driving it through the winter and it actually snows sometimes wher you live, 06+ get traction control, and that with snow tires make the car a decent winter vehicle. otherwise, just get the best deal.
--edit: palm springs... no winter, no worries. but seat theft is big in florida, so be sure you can garage it at night if possible. if not, i'd consider a hardtop.
one other thing: forced induction (supercharger/turbo) is a $3k-10k+ option that will make an s2000 a real screamer, but that's more money, and if you cant afford to buy new, it's probably not your smartest financial decision. then again, the porsche may be a similar price point after 2-3 years of ownership, so maybe it's worth thinking about.
If you'll keep it after the term, i'd buy. the S2000 will run well long after 5yrs/100k miles, and it would be a great second car after it's paid off.
if it would go up for sale at ~100k, i would consider both buying and leasing seriously and determine what you value more. if you lease, it costs more, but after 3 years you get to buy a new car with no strings. i think leasing makes sense if you change cars frequently or aren't sure you want to keep it, but if you know you'll be happy and stay happy with it for a long term, buying makes more sense.
if you're driving it through the winter and it actually snows sometimes wher you live, 06+ get traction control, and that with snow tires make the car a decent winter vehicle. otherwise, just get the best deal.
--edit: palm springs... no winter, no worries. but seat theft is big in florida, so be sure you can garage it at night if possible. if not, i'd consider a hardtop.
one other thing: forced induction (supercharger/turbo) is a $3k-10k+ option that will make an s2000 a real screamer, but that's more money, and if you cant afford to buy new, it's probably not your smartest financial decision. then again, the porsche may be a similar price point after 2-3 years of ownership, so maybe it's worth thinking about.
07-04-2008, 01:13 PM
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A factory subsidized lease like a factory subsidized interest rate can be a very good deal. In fact it can be a better deal than an outright buy if you're going to finance a good portion of the purchase. And Honda has just such a lease program right now for the S2000. $349/mo with $2,500 up front. That's not a bad deal.
I went for the lease 2 months ago and after the three year term I have the option to buy the car for $18,864. If I like it as a long term vehicle, I'll pay the cash at end of lease. If not, I'll return it to Honda and move on. I don't put high mileage on the car and don't intend to mod it.
Things must be a bit different in Palm Springs. Here in the northeast, an 05/06 with less than 20K miles will sell for $23-$26K in spring and summer. To get an 05/06 with a clean history around here for $20K, you'd be looking at 50,000+ miles.
I went for the lease 2 months ago and after the three year term I have the option to buy the car for $18,864. If I like it as a long term vehicle, I'll pay the cash at end of lease. If not, I'll return it to Honda and move on. I don't put high mileage on the car and don't intend to mod it.
Things must be a bit different in Palm Springs. Here in the northeast, an 05/06 with less than 20K miles will sell for $23-$26K in spring and summer. To get an 05/06 with a clean history around here for $20K, you'd be looking at 50,000+ miles.
07-05-2008, 01:34 PM
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Only lease if you don't plan on keeping the car for more than a couple of years. You are almost always better off buying a used car in excellent condition. If you need peace of mind, then get a Honda CPO. If you absolutely must have the new car smell, then go with a new car.
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07-05-2008, 05:45 PM
#8
Originally Posted by SDSILVERM3,Jul 5 2008, 10:18 AM
Lease it if mileage is not a problem. The subsidized deals are very good right now and that figure of $395/month with no money down is very possible.
07-05-2008, 06:57 PM
#9
Be sure you will use up the allotted mileage (12K per year) if you lease. Many people lease S2Ks but never come close to the mileage limits, and that's a colossal waste. The thing to remember about leasing is that you are paying for usage of the vehicle during the lease term. If you don't use the allotted mileage, then all you're doing is covering the depreciation for Honda!
I leased an 05 for three years and used it as a daily driver. It was a great car. When it came to decision time at the end of the lease, it made more sense for me to purchase a new 08 rather than buy the 05 for $20K at the end of the lease. I bought this time around because I intend to keep this S for a long time, and not put as many miles on it (maybe commute with it 2 days a week instead of 5).
I had a great lease deal for the 05 -- it was about $275 a month. Back in 05, the car stickered about $1500 less than new 08s go for, yet the residual value was about $1500 higher at lease end. That combined to make the 05 lease deal quite good compared to the current 08 lease (the money factor is the same). It's kind of telling that the 08 costs more yet is worth less at lease end, by about a $3K spread.
I leased an 05 for three years and used it as a daily driver. It was a great car. When it came to decision time at the end of the lease, it made more sense for me to purchase a new 08 rather than buy the 05 for $20K at the end of the lease. I bought this time around because I intend to keep this S for a long time, and not put as many miles on it (maybe commute with it 2 days a week instead of 5).
I had a great lease deal for the 05 -- it was about $275 a month. Back in 05, the car stickered about $1500 less than new 08s go for, yet the residual value was about $1500 higher at lease end. That combined to make the 05 lease deal quite good compared to the current 08 lease (the money factor is the same). It's kind of telling that the 08 costs more yet is worth less at lease end, by about a $3K spread.
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