Can anyone give me an educated estimate (or point me in the right direction) for leasing a used NSX? I am planning on replacing my current company car, a '99 BMW, with the NSX that I have already wanted.
First you need to the consider the cost of money. Leasing a used cars is typically not that good and I'd expect on a used NSX it would be terrible. I would use some of the online comparision calculators (eg cars.com) to figure which way to go.
I did a calculation a year ago comparing leasing a new 2000 with Acura special financing versus picking up a used 95. I went with the 95 as purchasing was better. When I compared leasing versus buying the 95 at the end of the same period, buying was much better although the loan was taken out for a longer period of time than the lease. The key is getting the payment to be roughly the same and determining the payoff at this mid-stream point on the loan and predicting the street value of the car. At this point you'll have an idea of how much the car is costing you over the same period of time through both financing routes.
It's a little bit of effort but I've done it 3 times now and it's worked everytime. Sometimes a lease makes sense and other times it's been better to buy. A lot of it depends on money factor available for leasing versus interest rates for buying. When I walk with my portable the financing guys through their hands up immediately and stop trying to screw me.
Maybe I should clarify a little. The question is about leasing, not comparing leasing to purchasing. I have two options to acquire a NSX.
1. "Personal Car" : Purchase and/or lease with my own funds. I would probably purchase a 91-95 car with the intent of keeping it for a long time and modifying it.
1. "Company Car" : Lease a new or used car through my company with the posibility of purchasing the car at the end of the lease. This option appeals to me because of the tax implications and personal exposure. I will probably be purchasing a house next year and having another car payment would complicate things.
If you (and/or anyone else) has considered leasing a used NSX, what information do you have that you can share? How did the cost compare to leasing a new one? What is the actual cost?
For what is worth, Acura has a pretty reasonable lease deal on new a 2000 NST-T: $995/month, 48 months, $1,995 due at signing which includes the first payment. Only 7.5k miles/year though, and you'd need to front the luxury tax if it applies to your area. And it expires 10/2/00...
If your dealer is not aware of this offer point him to the acura web site under "current offers".
Ok now that I understand what you're trying to do a little bit better maybe I can help you out. There's still another question though but I'm going to assume a couple of things. Since the car is going to be written off for business I'm going to assume that you want to optimize the payment to be a low as possible, want to minimize the down and that you plan on turning the car back end at the end of the lease.
You should lock down a couple of the variables before negotiating any deal otherwise it can getting complex trying to figure out what is what when the sales guy is trying to close you. The variables are term, mileage, excessive mileage penalty, money factor, residual plus terminantion fees.
Term has the biggest effect on payment. I'd lock it down first as it's the commitment that hurts the most if you try to get out of it early. I'd also pay special attention to the fine print on ending the lease early. There can be some expensive clauses such as you pay us the remaining payments now plus an early termination fee.
Next I'd lock the mileage down with the lowest penalty for going over. I've been able to get it as low as 10 cents versus some leases where they wanted 20 cents.
If you lock these down then you can compare the used lease to the Acura package. BTW the special is a really good deal and would have changed my decision from a buy to a lease new.
At this point you should decide pretty firm what your willing to make in a lease payment. I drove my financing guy crazy but he was the one who had access to the system look at the deals.
What he ended up doing was taking my credit rating and searched for leases that met the term, mileage and payment parameters. The variables he had left to work with were money factor and residual.
Sometimes the financial guy can reconstruct the deal to make it work by increasing the residual or ny bumping up the initial purchase value. If your not planning on keeping the car then this doesn't matter that much as your going to pay the down, the payments, mileage penalty and termination fees and hand them the keys in the end. But of you're going to do any kind of trade or buy out then it may not be so good.
Over all as I looked into this last year I found the best money factor for used cars through First Union. They were really tight on the credit rating and I had to go through the dealer as they would not work with me directly. In the end I didn't lease I purchased so I don't have the details on the lease.
I did a quick lease calculation for a 95T using a residual factor of 47%. This might be low but when you talk with the money guy hhe should tell you the percent. The money factor is pretty close to what I think is available on the market for used cars but once again I could be off though as I haven't looked into it lately.
Vehical Price: $53,000
Down payment: $1995
Money Factor: .0037
Term: 48 months
Amt Financed: $39,504
Total Spent: $41,499
Cost to own: $25,000
Total cost: $66,499
I hope this helps and doesn't confuse the matter more for you.
If you would like me to run a lease for you, pls. e-mail me. I am a General Sales Manager of a large auto mall. We have 7 franchises at my location. 21 in all including Fountain Acura in Orlando. By the way, say hi to Southborough; I am originally from Westborough..... In So. Fla. for 5 yrs. now. Also, some of Hejo's information was incorrect so e-mail me if you need assistance.