Monthly payments for a new s2000???
07-18-2002, 11:51 AM
#3
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$600/month on a 4yr lease, nothing down. I can pay $18000 after that and keep it, but the salesman told me to sell it after 4 years (presumably for around $23,000) and put the $5000 of 'equity' toward my next car.
Anyone else do a lease?
Anyone else do a lease?
07-18-2002, 11:54 AM
#4
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$611/month 60 month loan 5.4%
Oh yeah, $1k down...
I hate to say it, but your lease sounds like a shitty deal, only one year of extra payments, and I'll own mine...
Oh yeah, $1k down...
I hate to say it, but your lease sounds like a shitty deal, only one year of extra payments, and I'll own mine...
07-18-2002, 12:37 PM
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Actually, yea, it is pretty lame. I was driving a Chevy S10 ZR2. I had been paying on it for just under 3 years and I still was in negative equity! I know that Honda's hold their value, and the S2k is best car out there, so I was willing to pay the premium.
So here is what caused me to lease:
1. I had nothing to put down.
2. Your 5.4% rate is probably better than what I could have gotten. Most of the banks were advertising 6.5-9%.
3. The saleman really pushed it and I knew nothing about leases so I got burned. I'm probably going to end up paying several thousand more than I had to because of this. With the $18,000 buy out, I will easily pay $10,000 more to keep mine that you will to keep yours. Live and learn I guess.
Anyone else get burned like me?
So here is what caused me to lease:
1. I had nothing to put down.
2. Your 5.4% rate is probably better than what I could have gotten. Most of the banks were advertising 6.5-9%.
3. The saleman really pushed it and I knew nothing about leases so I got burned. I'm probably going to end up paying several thousand more than I had to because of this. With the $18,000 buy out, I will easily pay $10,000 more to keep mine that you will to keep yours. Live and learn I guess.
Anyone else get burned like me?
07-18-2002, 12:37 PM
#7
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I was just at the dealer yesterday...
6% buy, 0 down, 60-72 mos is about 525-600
lease thru dealer @msrp w/ 12k miles
-48 mos, $1100 down (that's the minimum) $460 w/ resid of 55%
-36 mos, same down, $490 per month, residual 66%
so, just buy it, even if you only plan to keep it 2 or 3 yrs. Remember, on a lease such as the 48month above, about $230 to principal and $230 to nonsense (money factor, interest...). On a buy such as 72 mos for $525, $125 approx to interest, $400 to prin. per month.
An aside - go to www.paymentshaver.com. This is a lease deal, only offered thru credit unions (check with yours), but you can do a simulation on the web. I leased my WRX thru them, hell of a deal. It works as a buy (no money factor is the key), with an optional balloon payment at the end, or just give the car back. Everything else is the same as a lease. This will give you a better lease payment than thru the dealer about 70% of the time, including with the S2000. When is the dealer better? When money factors are LOW LOW LOW - good examples currently are the Pathfinder, Boxster, and Saab conv. Their dealer deals are outstanding. My credit union just did away with this, as so few people used it, and that's why I went to the dealer yesterday. I now think I will buy instead of leasing, since the dealer lease sucks. One more thing - on payment shaver, enter the number 99 mos for the lease term, and this will show you all mos (24-72), miles (12-18k), and associated payments, so you can directly compare payment for 36 mos 12k vs 72 mos and 18k, for example.
6% buy, 0 down, 60-72 mos is about 525-600
lease thru dealer @msrp w/ 12k miles
-48 mos, $1100 down (that's the minimum) $460 w/ resid of 55%
-36 mos, same down, $490 per month, residual 66%
so, just buy it, even if you only plan to keep it 2 or 3 yrs. Remember, on a lease such as the 48month above, about $230 to principal and $230 to nonsense (money factor, interest...). On a buy such as 72 mos for $525, $125 approx to interest, $400 to prin. per month.
An aside - go to www.paymentshaver.com. This is a lease deal, only offered thru credit unions (check with yours), but you can do a simulation on the web. I leased my WRX thru them, hell of a deal. It works as a buy (no money factor is the key), with an optional balloon payment at the end, or just give the car back. Everything else is the same as a lease. This will give you a better lease payment than thru the dealer about 70% of the time, including with the S2000. When is the dealer better? When money factors are LOW LOW LOW - good examples currently are the Pathfinder, Boxster, and Saab conv. Their dealer deals are outstanding. My credit union just did away with this, as so few people used it, and that's why I went to the dealer yesterday. I now think I will buy instead of leasing, since the dealer lease sucks. One more thing - on payment shaver, enter the number 99 mos for the lease term, and this will show you all mos (24-72), miles (12-18k), and associated payments, so you can directly compare payment for 36 mos 12k vs 72 mos and 18k, for example.
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07-18-2002, 01:00 PM
#8
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Originally posted by stooxie
Sorry, gotta do this.
600 * 48mos = $28,800. So you've paid for almost 100% of the car with your 4 year lease. Add the residual value of 18,000 and you would have paid $46,800 for your S2000. I don't think there's any equity anywhere except in Honda's pocket!
-Dan
Sorry, gotta do this.
600 * 48mos = $28,800. So you've paid for almost 100% of the car with your 4 year lease. Add the residual value of 18,000 and you would have paid $46,800 for your S2000. I don't think there's any equity anywhere except in Honda's pocket!
-Dan
Do you like my math or did I miss something?
