QUIKAG

A local dealer is offering me a brand new '05 S2000 with $5,000 down (including tax, title, license fees, 1st month payment) and 35 subsequent payments at $400/month for a total of 3years/36k miles.

In Texas you pay 6.25% sales tax on the total price. Is this a good deal or is it crap?

CrazyCracker82

do you know what the residual will be after the 3 yrs is up?

spapdx

From the looks of it, that is a horrible lease deal... The residual is set by honda so that doesn't really matter as it is not a variable.

I put 1k down and pay $370/mo on a 4yr lease...

bposeley

Many people will tell you a lease is a bad idea as you pay all this money, and after the set lease length, you have nothing to show for it. I'm paying less than that with no money down for a used one, and in three years, I'll have actual equity... something I can use as a trade in, or whatever, after my payments are done.

It's just something to consider. I know I'd be very excited about the possibility of having a brand new S2000, it's enough to make anyone a little light-headed... and possibly giddy enough to rush into a purchase.

It's not a bad deal, especially if you could reduce the down payment, but I'd consider the following:

$5,000 - Down Payment
$4,800 - Year 1 Car Payments ($400 a month)
$4,800 - Year 2 Car Payments ($400 a month)
$4,800 - Year 3 Car Payments ($400 a month)
------------
$19,400 - Total Spent after 3 years

You end up spending a good chunk of change on a leased vehicle at that price.
Why not consider something perhaps a year old and finance it.

I know I am paying way less on a $23,000 loan for my 2002 S2. If you still put the $5000 down, you could be looking at a $28,000 S2. That would allow you to get a 2004 model and afterwards own it to boot!

Good luck with whatever you decide to do.

Bass

35*400 = $14000.00
1*$5000.00

TOTAL $19,000.00 / 3 = $6,333.33 a year for a car that you don't own and you can only put 12k miles on it a year?

spapdx

Of course everyone would turn this into a lease vs. buy thread, like there havn't been enough of those

xxjdxx

that dose not seem to be a great deal. i put down $8000 and pay $400 a month for 4 years on a purchase of a 02 with 11,000 miles on it.

Karl O.

You don't want a lease deal that requires money down, that really erodes the value of the lease. You're probably going to get stuck with sales tax, tag, etc but other than that you want a sign and drive deal.

Otherwise you might as well just buy the car.

ksdaoski

well I put $5k down and pay $386/month, 5years.

lease seems high

mic_crispy

i agree. i dont think leases are the devil.. but if you're going to do one, i wouldnt put anything down other than TTL.