Rob,

I did the same thing that you did, but my reason was not knowing how well this engine would stand up to the 9,000 RPM use that it gets.

It sounds like you have already made up your mind to buy this car to me.

 

Another option: depending on family finances and such, you could give Andrew the option to buy it at the lease closeout price, and get a new one for yourself. Of course, that's assuming Andrew's taste in cars is like your own ... for all I know, he'd rather have a Taurus station wagon.

 

Turn it back in and buy a new one my friend. That way you can undo the mistake of getting that blah gray one and get...

 

[QUOTE=OhioRacer,Feb 27 2005, 12:13 PM] Turn it back in and buy a new one my friend. That way you can undo the mistake of getting that blah gray one and get...

 

You really have only two options.

Buy her, and keep her in the family since she is so well cared for.

Sell her, and use the extra money to put down on your next car. If you decide to go with this option, get ahold of your dealer and see if they will do the transfer of sale for you. Some dealers will do this for a $200 to $400 fee, and save you from paying the sales tax.



The S2000 has been a very good car to lease due to the very high lease end value. However don't get screwed on the Money Factor (Interest Rate) or your lease payment will be inflated and you will have a very happy dealer .

To calculate MF to IR, multiply MF by 2400 = IR.

When my lease is almost over, I will sell my S and use the extra money after my buy out to put down on my next lease. My buy out is just shy of 15G and hopefully the car will be worth more than that at the end of my lease. If she is worth less at that point I'll turn her back in to the leasing company and they can take the loss.

 

Rob, as one CPA to another, if you write off most of the lease payment, we both know what you should do. Turn it in and lease a new one. I'll bet that's what you have planned.

 

Dean,

I agree except its not really an issue as we are going to lease a new TSX in April.

 

Bob

That was one of the reasons (not the only one) I opted to lease also. I knew it was a Honda, and I'd owned 6 Hondas before, but I wasn't absolutely sure that the engine would last or that the car wouldn't be burned out by the time the lease was over. Remember, I had a Triumph TR-6 and a Fiat X-1/9, neither of which was worth much by the third year. As a matter of fact, the Triumph only made it two years.

When I started looking at the car I had intended it to be my daily driver, I never imagined that it would become a prize.

Like you, I wanted to be able to give it back at the end of three years if I had to.

 

Warren,

There are a number of reasons I don't want to do this. When Andrew gets his license in April, I am going to give him the use of my 4Runner. It is 7 years old and will have about 108,500 miles on it. It is built like a tank and it is in excellent condition. It is probably good for another 50,000 miles. It is, in my opinion, the perfect first car for a 17 year old.

I don't want to give him the S because I fear that it is too much car for an inexperienced driver. He doesn't have much interest in cars except as a form of transportation and freedom. My youngest son, Adam, whose pictures you've probably seen and who you'll meet at some of our meets, is a car nut like I am. Adam would love to get the S. Fortunately, he's only 11 and has 6 years to go before he can get behind the wheel.

Andrew would like to have a Civic EX two door, and I think he would love an RSX (not a type S). He prefers the Civic because he doesn't want to spend the extra for premium gas. Some time, next year, I will help him buy either one, but only after he gets some driving experience in the 4Runner.

 

Does this mean you are giving up your S? Are you leaving us?

We should compare TSX notes. I'll be buying one in April as well.