lease quotes on 04 s2000's
Joined: Apr 2003
Posts: 1,256
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From: Austin
Interest rates are so low that leasing is a waste of your money unless your credit sucks ass.
Example: Lease Vs Buy right now on a $25K car is about $20 different with 12K miles on the lease (Interest rate on buy calculated at 3.9%)
Example: Lease Vs Buy right now on a $25K car is about $20 different with 12K miles on the lease (Interest rate on buy calculated at 3.9%)
Registered User
Joined: Mar 2002
Posts: 403
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From: Charlotte
Run all the numbers before you decide to lease. I have never seen a lease that worked better then a purchase when you factored everything in. The one exception is if the car can be written off as a business deduction. I don't think the S2000 will fit in that category.
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Joined: Oct 2003
Posts: 448
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From: Madison
We're leasing for 4 years. Needed to keep the payments lower for the next couple of years. Put 3 grand down (including deposit and first month).
I'd be suprised if you can get a car payment for $20 more than the lease payment. And no, our credit doesn't suck. Our bank gave us a significant line of credit at 4%, unsecured. But for a car loan they wanted 5%, secured. This is the lowest rate on car loans they offer. Leasing lowered the payment and the amount of taxes due as we only pay taxes on the value of the car being leased.
There are no lease incentives on the 04 S2000, but may be some on the 03.
The past ideas about leasing versus buying may not apply today. For one thing, when you go to trade in a car you may lose anything you had saved. Dealerships are giving less than wholesale on trade ins, and the used car market is not strong to quickly sell the car yourself. If you lease, then you know what the residual is and can just turn the car over. Also, it may be possible to renegotiate the residual if you want to buy the car at the end of the lease, depending on what used car sales look like when the time comes. Given the high cost of maintenance these days, most of us are nervous to have a car without a warranty. Given that the longest warranty available from Honda is 7 years, you'd only get a year of the car without payments before you'd need to buy a new car, in order to have a warranty. So if you're always going to have a payment to make, why not have that payment be as low as possible?
One reason to buy rather than lease is to have the freedom to modify the car as you like. You could be forced to remove modifications from a leased vehicle.
I'd be suprised if you can get a car payment for $20 more than the lease payment. And no, our credit doesn't suck. Our bank gave us a significant line of credit at 4%, unsecured. But for a car loan they wanted 5%, secured. This is the lowest rate on car loans they offer. Leasing lowered the payment and the amount of taxes due as we only pay taxes on the value of the car being leased.
There are no lease incentives on the 04 S2000, but may be some on the 03.
The past ideas about leasing versus buying may not apply today. For one thing, when you go to trade in a car you may lose anything you had saved. Dealerships are giving less than wholesale on trade ins, and the used car market is not strong to quickly sell the car yourself. If you lease, then you know what the residual is and can just turn the car over. Also, it may be possible to renegotiate the residual if you want to buy the car at the end of the lease, depending on what used car sales look like when the time comes. Given the high cost of maintenance these days, most of us are nervous to have a car without a warranty. Given that the longest warranty available from Honda is 7 years, you'd only get a year of the car without payments before you'd need to buy a new car, in order to have a warranty. So if you're always going to have a payment to make, why not have that payment be as low as possible?
One reason to buy rather than lease is to have the freedom to modify the car as you like. You could be forced to remove modifications from a leased vehicle.
Registered User
Joined: Oct 2000
Posts: 3,653
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From: Honolulu
Mpower,
I have no idea what the resduals are for the '04 S2000, but I can assure you that the price difference is not $20 between lease and purchase like AustinS2k2003 suggests. Using his APR on a 23,800 RSX-S I have 443/month, 60 months @ 3.9%. If I switch it to a 36 month lease with the same 1000 down, I have 348 (plus tax). Also FYI, it's harder to qualify for a lease than a purchase, good credit is a must.
I have no idea what the resduals are for the '04 S2000, but I can assure you that the price difference is not $20 between lease and purchase like AustinS2k2003 suggests. Using his APR on a 23,800 RSX-S I have 443/month, 60 months @ 3.9%. If I switch it to a 36 month lease with the same 1000 down, I have 348 (plus tax). Also FYI, it's harder to qualify for a lease than a purchase, good credit is a must.
Registered User
Joined: Sep 2003
Posts: 388
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From: Honolulu
Residual is a sky high 65% right now for 36 months on '04 s2ks. So your payment would be pretty good on a lease.
Purchase @ 3.5% Price 33,000 = 614 w/1000 down x 60 months
Lease Price 33,000= 465 x 36 months...somewhere around there
Both with $1000 outta your pocket.
Purchase @ 3.5% Price 33,000 = 614 w/1000 down x 60 months
Lease Price 33,000= 465 x 36 months...somewhere around there
Both with $1000 outta your pocket.
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Joined: Mar 2002
Posts: 129
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From: Dallas
Originally posted by 500HP..TURBO
let me know if I can help, we got in a 2004 in silver.. Tampa Fl.. It lists for $39,900.00
let me know if I can help, we got in a 2004 in silver.. Tampa Fl.. It lists for $39,900.00
