03 BLUE NSX LEASE-DOESN'T SEEM BAD

[PFORPAUL]

Just got back from the acura dealer-He has a brand new 03 blue automatic-would give me
$5000 off msrp-which to me is no big discount. While talking-he gave me the following lease rates from Acura. 5000 cap cost reduction plus 1st month and 595 bank
fee.12,000 miles per year--$1062 per month for 42 months-residual 49,300

Here is the interesting part-the over mile
cost is 15 cents per mile but you can buy
the extra miles up front for 10 cents

I did not press for a better deal-as I
was not ready to buy today and especially
not an 03. I would think that with some
good negotiating a person could drive a "BRANDY NEW NSX" for about a dollar a mile.

Don't let Terry Bradshaw in on this . Who
says you don't get much for a buck anymore!

Chase rates were a bit lower but higher
residual and mileage expense. FYI

 

[NSX-GUY]

Originally posted by PFORPAUL:
Just got back from the acura dealer-He has a brand new 03 blue automatic-would give me
$5000 off msrp-which to me is no big discount. While talking-he gave me the following lease rates from Acura. 5000 cap cost reduction plus 1st month and 595 bank
fee.12,000 miles per year--$1062 per month for 42 months-residual 49,300

Here is the interesting part-the over mile
cost is 15 cents per mile but you can buy
the extra miles up front for 10 cents

I did not press for a better deal-as I
was not ready to buy today and especially
not an 03. I would think that with some
good negotiating a person could drive a "BRANDY NEW NSX" for about a dollar a mile.

Don't let Terry Bradshaw in on this . Who
says you don't get much for a buck anymore!

Chase rates were a bit lower but higher
residual and mileage expense. FYI

I'm a little confused.

You say $5K off the MSRP and then you say $5K cap cost.

So your deal is (disregarding for a moment the "selling price" of approx $84K (5K off the 89K MSRP))

Cap cost $5K, $1062/mth for 42 mths, 12K mi/yr, right ?
www.leasecompare.com, with a "selling price" of $84K, for 48 months, 0 down gives $962/mth with a residual of $44,500. ($920/mth if you keep it just 3 extra months (51 mths total)

It's tough to compare different term leases. Kinda like apples and oranges, but the quote you got seems a bit out of line.

Did the Acura dealer tell you the money factor. leasecompare's is .00185 which translates to an interest rate of roughly 4.4% ?

 

[RPM217]

Originally posted by NSX-GUY:
I'm a little confused.

You say $5K off the MSRP and then you say $5K cap cost.

So your deal is (disregarding for a moment the "selling price" of approx $84K (5K off the 89K MSRP))

Cap cost $5K, $1062/mth for 42 mths, 12K mi/yr, right ?
www.leasecompare.com, with a "selling price" of $84K, for 48 months, 0 down gives $962/mth with a residual of $44,500. ($920/mth if you keep it just 3 extra months (51 mths total)

It's tough to compare different term leases. Kinda like apples and oranges, but the quote you got seems a bit out of line.

Did the Acura dealer tell you the money factor. leasecompare's is .00185 which translates to an interest rate of roughly 4.4% ?

current lease rates thru Honda motor work out to about 5.25%.

 

[Joel]

You want an automatic?

 

[Tony Montoya]

Originally posted by Joel:
You want an automatic?

I do!

 

[RPM217]

Originally posted by Tony Montoya:
I do!

Not that I should have any serious standing on this formum as I am a newcomer to NSX ownership, but you get the 3.2 vs 3.0 with the manual, and the linkage is sooooooo sweet on the 6 speed, that shifting is so much fun. I took a buddy in my office for a spin yesterday afternoon, wound out the gears to about 7900RPM and he said it sounded better than a Ferrari. I have the stock exhaust, and it too can sing-

 

[ss_md]

Leasing is a different animal than regular financing. Very complicated at best. Edmunds.com has a very good write-up on calculating lease payments and other stuff.
Here is the link: http://www.edmunds.com/advice/leasing/articles/index.html?tid=edmunds.a.landing.leasing..6.*

 

[kgb_agent]

Originally posted by PFORPAUL:
$5000 off msrp-which to me is no big discount. While talking-he gave me the following lease rates from Acura. 5000 cap cost reduction plus 1st month and 595 bank
fee.12,000 miles per year--$1062 per month for 42 months-residual 49,300

PFORPAUL,
I am a big car-fleece hater. Here's why... quick math:

5000 capitalization cost reduction +
595 bank fee +
44,604 lease to term +
49,300 residual value
= $99,499 over the course of 4 years

So you're knocking on the $100,000-door for an $84,000 car that you didn't even own for the first four years (despite being responsible for all applicable taxes) and can't drive it worry-free as if it were yours for that time(due to the mileage constraint).

I am personally opposed to all car leases because if I am the one paying, no one is going to tell me how many miles I can drive my own car! I save myself the hassle of "reading the fine print" by avoiding them altogether. Just my $(2/100).


[This message has been edited by kgb_agent (edited 04 February 2003).]

 

[nsxtasy]

Originally posted by RPM217:
you get the 3.2 vs 3.0 with the manual, and the linkage is sooooooo sweet on the 6 speed, that shifting is so much fun.

While most of us (including me) prefer the manual transmission to the automatic, there are some who prefer an automatic, for many different personal reasons. If you've never driven a manual, it's easy enough to learn, and the NSX manual is easy to shift. But if you just prefer driving an automatic, then get the NSX you prefer. I'm sure you'll enjoy it regardless.

 

[ss_md]

Sure the costs of leasing are higher in the long run. However, if you do not have a substatial $$ down pmt. or u r not an all cash buyer than leasing is the only alt. Facts, if you finance a car you don't own it until it's paid off. Your still gonna get reamed with finance charges. You are still responsible for DMV fees, insurance and maintenance. Same as leasing. Sure you can put on as many miles as you want. Although the car loose value with excessive mileage. The warranty still only covers a specified # of miles or time. We won't even go into depreciation.
I do not want to piss anyone off and am not putting down cash purchasing or anyone's preference for financing. Its just that leasing gives consumers an alternative to drive the car they want with less inital expense - IMO. + there are more tax benefits for leasing over purchasing if you own a business. (disclaimer: consult your financial advisor or CPA for details)


[This message has been edited by ss_md (edited 04 February 2003).]

 

[Tony Montoya]

There is nothing wrong with leasing except for the fact that I had to pay tax on the interest payments. And I was never sure what would happen to any equity, that might have been built up over time, should the car be a total loss.

 

[PFORPAUL]

I do not know if the $5000 off sticker was
also factored into the lease-probably not!

The only advantage that I see in this lease
is as follows: If I buy extra miles up front
I feel the cost would be less than an outright purchase over the same term. The
Acura lease comes with 12k miles per year or
1,000 per month.Today-what is a 4 year old
NSX worth with 42,000 miles.I would actually
buy an extra 500 miles per month up front at
a cost of $2100.(500 mi x 42 mos=21,000 mi
times 10 cents)

Now in 4 years-what would the Nsx be worth
with 63000 miles on it? Have a fender bender
or whatever and the value of the car would
dive even more. If Acura comes out with a
new NSX-the resale value would tumble even
more.

I would guess that if you found a leftover
02 now or an 03 later this year that you
could probably do the deal for 36 months
without the $5000 cap cost and with the extra
mileage included as the 02 have or had a $7500 rebate. This would then mean the cost
woul be $36000 for 36 months with an allowable mileage of 54,000.

With the lease I could drive the car all I
want without worrying about putting on miles.

The figures I mentioned did include all taxes

 

[nsxtasy]

Originally posted by PFORPAUL:
Today-what is a 4 year old
NSX worth with 42,000 miles.

As described here, the high miles puts that car into the "D" category, and IMO would probably be worth $49-53K. With 63K miles it would be even lower, perhaps $46-50K.

 

[PFORPAUL]

Right-if you got a great deal on an 03
at 82 grand and you may or may not be able to sell it for $46,000 in 3 or 4 years-the
cost would be around $36,000.Pretty much the
same cost as the lease-completely diregarding
taxes-income and sales-plus the use of the
money.

Like the old saying--NO MATTER HOW YOU SLICE THE PIG-IT'S STILL ALL PORK! Expensive ride
no matter how you cut it.

 

[Biaggi]

If you were to lease such vehicle with the standard 12k miles/year, I'd advise you not to buy the extra mileage upfront nor get suckered into any 'additional' warranties beyond the manufactured warranty. My NSX is over 10 years old and I (say my wife too) put around 12k the first year and tapered off to 8-9k the following. (Note: This is also not my daily driver) This year the miles will be even less (I'd say maybe 5-7k). I think when the novelty of driving it EVERYWHERE wears off then the mileage will not be a factor in your lease situation...

...and if mileage was an issue, and you were to write off excess mileage at the government rate of $.355/ mile anyway - why worry about buying the extra miles???

Don't let anyone detour you from getting your NSX.. Go ahead and have fun!



------------------
Biaggi
92 NSX #483
94 CBR900RR

 

[PFORPAUL]

I have always been of the opinion that the NSX is a car that can easily be a daily driver. For 35 years I have probably written
off $500 per month on average for my business
vehicles:therefore; stepping up to $1000
is not bad.Less inheritance for the 2 boys!

Buying the extra miles upfront for 10cents
seems like an easy decision. Actually,if I
do lease-I will only buy the extra miles to
get ne up to the warranty limits of 4 years
50,000. A couple sets of tires and a few
oil changes will actually be the only variable expenses.In fact,concerning the first set of tires-I would take them down to
the "turn in limit" which is probably 1/8
inch of thread and replace them with new ones.At the end of the lease I could put them back on to satisfy the lease requirements.

I am a couple months away from turning in my
Volvo and I might have to put on a new set of tires! Volvo will give me a big thank you-

If I can find a leftover 2002 I'll probably
do it as no one can tell an 02 from an 03.

If I can't find the 02 I want-I will wait
til they again do the 7500 rebate.

 

[nsxtasy]

Originally posted by PFORPAUL:
I will only buy the extra miles to
get ne up to the warranty limits of 4 years
50,000. A couple sets of tires

If you drive the car 50,000 miles, I can guarantee you that you will use more than two sets of tires. In the rear, at least. Plan on going through two sets of tires in front, 5-6 sets in the rear if you're using OEM tires, maybe as few as four if you use a non-OEM, high-mileage, mediocre-performance tire.

 

[PFORPAUL]

I have had porsche's with soft compounds and
I always heard a knock on the NSX for tires
but are you saying that 8,ooo miles or so is
the best I can expect?

I know from reading about the NSX -years ago-
that owners were shocked about tire wear.You
want a great feel-you must pay the price.

How much can you expect to pay for tires?
Will 450 for rears be in the ballpark and
maybe 350 for a "pair" of fronts be close?

My Wife claims that I have no clue as to
food costs etc--maybe the same goes for
feeding these cars! Fun does have a price but
aybe I better stick with an old man's exotic
such as the sc430 or an M3 cab.

Too bad the NSX IS SO GREAT LOOKING AND NEAT
TO DRIVE. I always wanted one and by the end
of the summer-I will own one. Male
menopause is alive and well!

 

[nsxtasy]

Originally posted by PFORPAUL:
I always heard a knock on the NSX for tires but are you saying that 8,ooo miles or so is the best I can expect?

I suppose I should qualify this.

The '02-03 NSX has different size (17"/17") and model OEM tires from the earlier versions. I am not sure what the treadlife is for those years; the figures I used are from my experience with the '94-01 NSX (see below). These 17"/17" tires (Bridgestone RE040) cost $186 front, $207 rear at the Tire Rack.

For the '94-01 NSX using the stock 16"/17" tires - and for the '91-93 NSX using the '94-01 stock 16"/17" tires - the rear tires typically last anywhere from 5K to 8K miles, maybe 10K if you're really lucky, while the front tires last 15-20K miles. These tires cost $169F/$199R for the Bridgestone RE010, $195F/$224R for the Yokohama A022H0.

For the '91-93 NSX using the stock 15"/16" tires and the revised recommended rear alignment spec, the rear tires typically last 4-6K miles, while the fronts last 10-12K miles. These tires cost $144F/$179R for the Bridgestone RE010, $165F/$205R for the Yokohama A022H1.

 

[nsxtasy]

P.S. Above prices are per tire, and mileage figures assume street use only. Track use can shorten treadlife. When I was using my stock tires on the track, about one sixth of my miles were actual track miles, with the rest a mix of highway and local miles. I averaged 3500 miles per set of 16" rear tires, 9800 miles per set of 15" front tires. On one set of rears, I was down to the cords at 2900 miles. And they were a lot of fun; I'm not complaining.

[This message has been edited by nsxtasy (edited 05 February 2003).]

 

[kgb_agent]

Originally posted by nsxtasy:
On one set of rears, I was down to the cords at 2900 miles. And they were a lot of fun; I'm not complaining. B]

LOL

 

[NSX-GUY]

Originally posted by kgb_agent:
PFORPAUL,
I am a big car-fleece hater. Here's why... quick math:

5000 capitalization cost reduction +
595 bank fee +
44,604 lease to term +
49,300 residual value
= $99,499 over the course of 4 years

So you're knocking on the $100,000-door for an $84,000 car that you didn't even own for the first four years (despite being responsible for all applicable taxes) and can't drive it worry-free as if it were yours for that time(due to the mileage constraint).

I am personally opposed to all car leases because if I am the one paying, no one is going to tell me how many miles I can drive my own car! I save myself the hassle of "reading the fine print" by avoiding them altogether. Just my $(2/100).

The trouble with "quick" anything is that there are items left out or not thought about. That's why we "shop" in the first place.

To own - (same $5K down)
$84,000 +
6,720 (tax) +
7,921 (Interest @ 4.4% which you probably
can't get & assuming you can finance
------- 85,720 which you probably can't)
$98,641 over 4 years

not to mention the payments of $1,985 per month vs. $1,062 for the lease.

A more realistic(?) APR of 5.25% has interest of $9,502 which makes the above total $100,722.

Fact is, I'm looking for an '01 911 TT for a selling price of $85-90K (they're already reaching this point). Doing some basic calculations, leasing will cost me less than buying it with the added benefit that I do not have to try to dispose of it (and if the marker then is anything like it is now, that's a huge factor, IMO - Right, NSX owners ?)

The buying vs. leasing issues are well known so I won't bother going into them all. Whichever works for you is just fine. Myself ? I've never worried too much about the pride of ownership factor and my being "forced" to keep the leased vehicle for 3 or 4 years is probably a blessing. It'd keep me from spending a fortune switching cars every 12 months or so. (LOL)

[This message has been edited by NSX-GUY (edited 06 February 2003).]