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After seeing how high the payments were with a lease on the solstice, I started comparing other vehicles. It's around $335 a month for the solstice with $5000 down/48 months/MSRP 23,870. The Honda S2000 is $340 a month with $5000 down/36 months/MSRP 34,838. Does that sound right? I've had a deposit on the solstice since late April but I'm starting to have second thoughts. In my opinion the S2000 is not as nice as the Solstice but I'm undecided on what to do. The monthly lease payments kind of defeat the purpose of portraying this as an 'affordable' roadster. Oh well, any thoughts?

Chris
Pure w/leather, polished Alum, A/C, Power, Conv package, & AL brakes
 

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cgrasso said:
After seeing how high the payments were with a lease on the solstice, I started comparing other vehicles. It's around $335 a month for the solstice with $5000 down/48 months/MSRP 23,870. The Honda S2000 is $340 a month with $5000 down/36 months/MSRP 34,838. Does that sound right? I've had a deposit on the solstice since late April but I'm starting to have second thoughts. In my opinion the S2000 is not as nice as the Solstice but I'm undecided on what to do. The monthly lease payments kind of defeat the purpose of portraying this as an 'affordable' roadster. Oh well, any thoughts?

Chris
Pure w/leather, polished Alum, A/C, Power, Conv package, & AL brakes
I would never lease a car.It's never yours.
 

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it maybe just about the same price to lease these cars but what is the buy-out like in the end. i bet you it will be alot higher on the s2000. my brother pays $750/month (canadian) for their mitsubishi eclipse spyder. and the buy-out in the end is still $15,000 +. that is a little strange. my sol will be about $500-600/month for a loan. and that is with about $9,000 down. :( i hope that this car is worth it.
 

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Leases are based upon depreciated value

cgrasso said:
After seeing how high the payments were with a lease on the solstice, I started comparing other vehicles. It's around $335 a month for the solstice with $5000 down/48 months/MSRP 23,870. The Honda S2000 is $340 a month with $5000 down/36 months/MSRP 34,838. Does that sound right? I've had a deposit on the solstice since late April but I'm starting to have second thoughts. In my opinion the S2000 is not as nice as the Solstice but I'm undecided on what to do. The monthly lease payments kind of defeat the purpose of portraying this as an 'affordable' roadster. Oh well, any thoughts?

Chris
Pure w/leather, polished Alum, A/C, Power, Conv package, & AL brakes
Chris lease payments depend upon the depreciated value of the car at the end of the lease AND the interest rate. The deals you see from Honda and BMW are always about giving you a break on the interest rate. This is how they make the payments attractive.

Typically a three year lease has the same payment as a five year loan. The big difference is at the end of the three years you have to either give the car back OR come up with the remaining value of the car, roughly equal to the wholesale value of the car.

The rub is the car has to be in good condition. Any noticable scratches or dings have to be fixed at your expense. For a high resale value car like the S2000, you are probably looking at a cost about the same as a new Solstice and if you have to finance the lump sum you are going to have to pay a higher rate for three more years until you own the S2000 (new car rates are lower).

So you end up making payments for one more year and owning a 6 year old car when it is finally paid for. Depending upon where you live, you may not be putting enough miles on the car to justify a lease. After all you are paying for depreciation that isn't happening as quickly as the lease espects (12k miles per year typical).
 

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cgrasso said:
After seeing how high the payments were with a lease on the solstice, I started comparing other vehicles. It's around $335 a month for the solstice with $5000 down/48 months/MSRP 23,870. The Honda S2000 is $340 a month with $5000 down/36 months/MSRP 34,838. Does that sound right?
On another thread it has been discussed how the Pontiac site's payment estimator is incorrect for leases, for anything other then a $19,995 car. Is that where you got the payment?

Using the figures you gave $23,870 MSRP, $5000 down, $18,870 Cap Cost, 15000 miles per year, lease rate of 9, for a GMAC SmartLease, I get 48 months of $305 and 36 months of $306. Did I use the right figures?

What is the annual mileage on the Honda lease, or the mileage penalties? Does the payment include the aquisition fee or must that be paid seperately? Is there a dispostion fee at the end for Honda? There isn't one for GMAC.



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jester316 said:
it maybe just about the same price to lease these cars but what is the buy-out like in the end. i bet you it will be alot higher on the s2000. my brother pays $750/month (canadian) for their mitsubishi eclipse spyder.
Ouch! $635 a month for an Eclipse? For how many months?
 

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cgrasso said:
After seeing how high the payments were with a lease on the solstice, I started comparing other vehicles. It's around $335 a month for the solstice with $5000 down/48 months/MSRP 23,870. The Honda S2000 is $340 a month with $5000 down/36 months/MSRP 34,838. Does that sound right? I've had a deposit on the solstice since late April but I'm starting to have second thoughts. In my opinion the S2000 is not as nice as the Solstice but I'm undecided on what to do. The monthly lease payments kind of defeat the purpose of portraying this as an 'affordable' roadster. Oh well, any thoughts?

Chris
Pure w/leather, polished Alum, A/C, Power, Conv package, & AL brakes
All I can tell you is I leased a fully optioned 2005 PT Cruiser GT Convertible for 36 months, zero drive off (the tax, license, first month payment and cap reduction were all rolled into the lease) for $394/mo or $424/mo with sales tax. Figure if I put $5000 down on the car the lease would have been about $150 a month less or $275. $335 for a car worth $23,000 seems high, although you can bet GMAC isn't putting a dime into the deal as they do on other GM leases.
 

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I'll bet that $5K down is mostly dealer profit above MSRP.

My God man, you will have paid $21,080 at the lease end and you still dont own the vehicle.

Why worry about saving up for a purchase when you can pay twice as much and have it now!

Ever thought of saving some money and buying with mostly cash? Sounds like something our parents would have done - boy were they stupid!

or were they?

Maybe that's why many of our parents didnt drive the latest sports cars and how they were able to help put us through college and help us with our first home purchase...

The problem with saving for a special purchase is that once you start doing that (thinking before you act) you realize there are things which are much more important to save for - like an education, a house, your children's future, your future, medical bills, vacations, etc....

Spend your hard earned money the way you see fit - but dont give it away to some sleazy car sales person and their corporate finance department!

Suddenly, the emotional "gotta have it!" item becomes just another "thing".

4 years from now, you will be able to pick up one of these same Solstices everybody is clammoring to buy for $28K, for about $12K. (probably about the same amount as your "residual" would have been, and you will not have spent the $21K!)
 

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The problem with saving for a special purchase is that once you start doing that (thinking before you act) you realize there are things which are much more important to save for - like an education, a house, your children's future, your future, medical bills, vacations, etc....
I hate this guy! :cuss:

THANKS DAD. :cuss:

you are soo right. :agree:
 

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Don't lease at those highway robbery rates....

Buy the car over a five year note ...

Figure about 20 dollars per thousand borrowed.

20 grand borrowed? 400 a month for 5 years...with 5 grand down. (plus tax & Licence)

With these numbers don't lease ...

Better to buy!
 

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JBsZ06 said:
Don't lease at those highway robbery rates....

Buy the car over a five year note ...

Figure about 20 dollars per thousand borrowed.

20 grand borrowed? 400 a month for 5 years...with 5 grand down. (plus tax & Licence)

With these numbers don't lease ...

Better to buy!
checked the numbers and that is about right, and you'll have the equity at the back end. in five years you will probably be able to flip the car if you want for 1/2 purchase price, if not more.
 

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Everyone ...listen to me again! The lease calculator on GMAC is only set up for the base car! IT DOES NOT WORK TO CHANGE THE SELLING PRICE ! Sorry for the yelling, but only a few of you seem to get the concept here! The residual is based off a $19995 car. You can get an idea by changing the money down and term for the base car. That is all. Also, if you put money down...obviously the shorter the term the more impact on the payment. And lastly...the idea behind a lease is the lowest payment with the least down. Putting that much down on a lease is just silly! I've sold cars for 15 years and leasing does make sense in a lot of cases but not all. I do both with my personal cars...buy and lease. It always depends on the deal. I have gotten $35k Saabs for $200/month and leased them. I have purchased when the numbers just dont work !
 
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