New 04 lease even more money down

[nsxtacey]

2004 NSX SPECIAL AHFC LEASE

Special lease rates available on all 2004 NSX models. *Featured lease: 2004 NSX (Model NA2164PKW) for $799.00 per month/36 months/$1,999.00 down payment. $3,598.00 total due at lease signing (includes security deposit, excludes tax and license). Subject to limited availability. *The specific featured lease listed is not available to New York residents. New York residents should contact their dealer for New York featured lease. Terms and conditions vary for New York residents. In addition, AHFC limits leasing terms to 39 months or less to residents and dealers in the State of Rhode Island. Offer valid from July 7, 2004 through August 2, 2004.


Offer valid only on approved credit by Honda Financial Services through participating dealers. Honda Financial Services' standard credit criteria apply. See your Acura dealer for details. Featuredlease for 2004 NSX Manual Transmission (Model# NA2164PKW). MSRP $89,765.00 (includes destination). Actual net capital cost $80,574.26. DEALER PARTICIPATION MAY AFFECT ACTUAL PAYMENT. Taxes, license, title, registration, documentation fees, options and insurance extra. Total monthly payments $28,764.00. Option to purchase at lease end $59,244.90. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 7,500 miles/year. Lease rates are subject to change without prior notice. Offer valid from July 7, 2004 through August 2, 2004.


I can't figure why honda added another grand to the downpayment

 

[mlambert890]

Only semi-related, but the lease deal has annihilated the value of the NSX.

I've recently been trying to work a trade-in for my 03 and the BEST number I have been quoted is $60k!

I know dealers screw you on trades, but in this case, all THREE dealers that made the offer were really embarrased to make it and knew it would kill the deal. They said that the lease deal has basically eradicated the market for the new NSX and that wholesalers don't want to touch them.

Morale of the story... The lease is really the only way to go on a NEW NSX.

Oh, and by the way, the terms on that new lease are totally different. Residual is higher, cap is lower and there is the $2k down.

The 03 lease was $0 down, $83k cap, $57k resid. There was no down payment at all when I did the lease. All that was due at signing was security and fees.

 

[awsomr1]

Oh damn, I paid more on my 04 lease. Oh well, my Z3 did not end till May 04, no chance of me paying for 2 leases at the same time for over 6 month

 

[WingZ]

Excuse my ignorance ,but does this mean that the price of used 02,03 NSX's will be lower as well?

I'm in the market as you know SpookyP and wanted an 02 now I'm curious if an 03 will be cheaper?

 

[mlambert890]

I would assume it pushes them all down. I mean if "no wholesaler" is willing to "touch" my car for more than $60-$61k (and they said that if it were 6 speed it would "add a couple of grand tops), then I can't imagine what an 02 or lower would go for.

Keep this in mind when shopping, I guess, and negotiate accordingly. My 03 is pristine with 2900 miles on it.

 

[WingZ]

So auto's are cheaper?

Man I feel for you guy's losing so much on your purchase. Thankfully you didn't pay cash.

 

[NSXNXT]

Man, I just bought a 2001 with 17k miles on it for 58k plus 2 k for lojack and extended waranty. Financed 40k, the rest was basically cash/trade-ins. I thought I had a good deal. Now I feel crappy about my deal. )C=

I thought about leasing, but I didnt like the idea that I would have to finance 59k more after the 3 yr lease. I figured if I bought a used one, i would end up keeping it at the end.

I do believe the lease hurts us buyers in a way, but im sure value will go up if they stop making the NSX. I dont know if thats a good thing though.

Calvin

 

[mlambert890]

So auto's are cheaper?

Man I feel for you guy's losing so much on your purchase. Thankfully you didn't pay cash.

Doesnt really matter. Unless I keep the NSX through the end of the lease (not going to happen), I'm going to have to take a very, very big cash hit. I'll have to either go through with buying it (which I was RIGHT on the verge of doing when I decided to hold off), and then selling it at a healthy loss, or paying the dealer big numbers to take it off my hands. Either way we're talking about a >$20k loss.

A few months back I had much better offers on it from the wholesalers and should have jumped on it. You snooze you lose I guess. Currently, a local Benz dealer still has a very nice offer out to me, but the AMG is a second choice car for me, so I'm not sure which direction I'll head.

Either way though, I'd haggle VERY hard if I were buying an 02, 03 or 04 right now. I'd seriously advise pushing dealers down into the mid to low 60's on a pre-owned 03. Tell them you know what the wholesalers are paying

If I had paid cash for it last year, I'd be in basically the same boat with a net loss of right around $30k from the time of purchase/lease assuming I had paid $83k + tax on the purchase.

 

[RPM217]

you've got to be tough from the start!!!

Doesnt really matter. Unless I keep the NSX through the end of the lease (not going to happen), I'm going to have to take a very, very big cash hit. I'll have to either go through with buying it (which I was RIGHT on the verge of doing when I decided to hold off), and then selling it at a healthy loss, or paying the dealer big numbers to take it off my hands. Either way we're talking about a >$20k loss.

A few months back I had much better offers on it from the wholesalers and should have jumped on it. You snooze you lose I guess. Currently, a local Benz dealer still has a very nice offer out to me, but the AMG is a second choice car for me, so I'm not sure which direction I'll head.

Either way though, I'd haggle VERY hard if I were buying an 02, 03 or 04 right now. I'd seriously advise pushing dealers down into the mid to low 60's on a pre-owned 03. Tell them you know what the wholesalers are paying

If I had paid cash for it last year, I'd be in basically the same boat with a net loss of right around $30k from the time of purchase/lease assuming I had paid $83k + tax on the purchase.

I leased my 02 in Feb of 03, my negotiated cap cost was 74k, and the residual is 55k, with the lease deal, I'm only financing the difference of 19k over the 3 years, overall, not a bad deal. Granted, at the time I made my deal, Acura was giving the dealers 7.5k cash back, and the rest was just nobody buying in February, the car had been on the lot for a few months, and the dealer was willing to deal. When you buy/lease or sell, it pays to do your homework before you sign on the line. JMHO, but hey, everytime you put the key in the ignition, I bet you're grinning!!!

 

[WingZ]

Hey Spookyp

I did some research and it looks as though location might be the primary. Using autotrader for cars and Kbb for trade in values shows cold weather states ( NY and Pa for example ) showing a 4k hit for trade-in vs west coast cities. Also autos didn't change the value of the car when I did back to back value checks. Of course I know when I go in to the dealer they'll say something different

I still can't believe this car takes this much of a hit!!!!!

I think I'll keep shopping as I'm starting to notice lower prices on the 02,03's hopefully coming 05's will drop their price a little more.

 

[SCdS2K]

Re: you've got to be tough from the start!!!

I leased my 02 in Feb of 03, my negotiated cap cost was 74k, and the residual is 55k, with the lease deal, I'm only financing the difference of 19k over the 3 years, overall, not a bad deal. Granted, at the time I made my deal, Acura was giving the dealers 7.5k cash back, and the rest was just nobody buying in February, the car had been on the lot for a few months, and the dealer was willing to deal. When you buy/lease or sell, it pays to do your homework before you sign on the line. JMHO, but hey, everytime you put the key in the ignition, I bet you're grinning!!!

What did your payment come out to?

 

[RPM217]

Re: Re: you've got to be tough from the start!!!

What did your payment come out to?

I paid the taxes up front, and also put down some $, my monthly payment as a result is only $630, but that's only because of the $$ I put down up front. It would have been about $940 per month with 0$ down, and no up front taxes being paid. I don't like paying finance charges on tax, and psychologically the lower monthly $ feels better. It's the same dollars, just spread out differently. I have almost 13,000 miles on the car in 17 months, and still smile everytime I step on the right pedal

 

[Eric5273]

I have the '03 lease deal. I put some money down, so my payment is $700/month, but it would have been $835 + tax if I had not put any money down. The advertised deal at the time was $0 down, $799/month, but that did not include that CD changer and keyless entry which I added.

I'm actually hoping the value drops, because I would like to purchase the car at the end of the lease. It would be nice if I could bargain on the $58k residual figure in my lease agreement. If wholesalers are only paying $60k now, then it should be significantly less in 2 more years.

 

[NSXNXT]

I heard it wasnt good to put any money down on a lease. You can lose your down payment if somehting happenes to your nsx or it got stolen. This was from the dealer. Also, if you have a close end lease, wouldnt u have to pay what the buy back was? Unless you tell them u dont want to buy it back and then bargain with them. This was what the nissan dealer told me when i originally leased a brand new 3xtt back in 93. They said even if it was a closed end lease, u can tell them u dont want to buy it back. They will then relist it for sale on the current value. Not sure if thats the best idea since someone else may buy it right away.
Calvin

 

[Eric5273]

You can usually bargain on the buyback. I did it once before. If the value of the car is significantly lower than the residual, they will deal.

 

[SCdS2K]

Since these terms aren't as good as they used to be I wonder if you can negotiate an 04 lease at all...?

 

[RPM217]

depends on the car

As Eric stated, if the residual is much lower, you can bargain. With all of the Boxster deals out there, my co-worker was offered the opportunity to buy his off lease, for 5k less than the buy back, he said no thanks, and is driving a new C4-S. I tried to negotiate with the bank that had the lease on my 2000 C5, and they wouldn't budge, it did go to auction and went for a lot less than my buyback, but that was their choice, and I'm glad that they made it as I'm now driving the NSX instead!!!

 

[SCdS2K]

Ok, in that case...then what can be negotiated is the price of the NSX they base the lease off of right? Say, 83k or so??

 

[KulSecHskY]

Will this affect NSX's from 97-01?

 

[TyraNSX]

actual '02 prices??

So what do you guys think an actual selling price would be on a barely(5-7.5K mi) used '02? $60K? $62K? You guys seem to think the the market is dropping or depreciation is rising (or both). Would it be better to try & lease a used '02 so you don't get stuck owning it if the value drops further? But you would still get to enjoy the car for 3 yrs.

 

[mlambert890]

If you're definitely looking to lease (and only for 3 years), then I would say go for that deal and enjoy the brand new car. The lease terms won't be nearly as attractive on a pre-owned lease.

If, on the other hand, you're looking to buy, then definitely avoid the new cars. Think about it this way.... IF I go through with this lease buyout madness I'm contemplating, my car will be going off to a wholesaler at $60k. A saavy negotiator will probably be able to buy the thing for $63k.

With Acura moving what few cars there are almost exclusively through the lease, they aren't budging much at all on new car purchases (believe me, I had tried). So the best you're going to get out of them is prob $83k or so. That means you'd be paying $20k for the priviledge of driving a new 04 vs a <3000mi 03 like mine. Definitely not worth it at all.

I have to say that this is a sad and unusual situation. The delta between a brand new and gently used car of this caliber is never this bad. Even on high ticket, big initial depreciators like the 911 Turbo, the first year isnt leading to a 30% devaluation on a trade in.

 

[Eric5273]

I hope I'm wrong, but I would guess that this depreciation is temporary. As soon as they stop making this model (the end of this year?), there will no longer be a supply of new ones with the special lease rate, and there will be more of a demand for the used ones. The '02-'04 models are the most rare of all NSX's, so in the long run, I would expect them to retain their value better than the older ones.

 

[mlambert890]

For the sake of the brand, I hope thats true. A car can't survive on used car sales and, while unhealthy depreciation is great for the masses of fans just waiting for NSX's to be affordable, it ultimately destroys the NSX.

Personally, as someone who would be a potential buyer of the "HSC", I wouldnt go near it at this point with depreciation like this.

This is what separates true exotics like Ferrari. The rest of these cars (NSX, Viper, etc.) seem almost destined to become nothing more than the greatest used cars in history.

 

[NSXNXT]

You know what? Screw it. I love my NSX. Im going to enjoy it instead of worrying about depreciation or what it will be worth. We only worry about what its going to be worth if we plan on selling it. As of now, I do not have any plans of selling it. id like to collect cars if I could. Look at those original owners of 1991 NSX. They paid well over 100k for their NSX. Im sure they werent thinking about what it will be worth later on. We all love our NSX so lets just enjoy it.
Calvin

 

[TyraNSX]

Seriously guys, what do you think an actual sale price on a lightly used '02 would/should be? Whether it be an outright purchase or the cap cost of a lease, you must have a number in mind. The reason I ask is that I'm not made of money, and trying to get the best possible price might make it possible for me to handle the monthly pymt. I could put down $10-$15k. I'm assuming that going used gets a big chunk of depreciation out of the way so that you won't be upside down if you buy or you can have a lower pymt if you lease (assuming the residual isn't super low). Anyone know how to figure the residual on an '02 in '07? Thanks for any help.