so im looking into buying a s2000 for my next car but there are so many things that i have to think about and figure out so im posting to see whats possible and whats not and if you guys can help me out


so i want to purchase a 01-03 s2k. being a college student, im not financially stable, but willing to work my butt off to pay for the car. so im looking into financing a used one. how probable is this little dream of mine. i was gonna try to find a salvaged one but i heard bad things.

so if i find one for like 17k with like 30-40k miles and finance it lets say in a 5 year span will my monthly payments be about 300 bucks? and how do you think i should focus on insurance for the car i have a point on my recard for speeding ticket negligence or some bs like that so i know its gonna be high. whats the cheapese and saftest way to go.

i know this seems whack and all but im seriously trying to make things work so i hope you guys can help me out.

 

Just shop around for private sellers. That's what I did. It's some work, but definetely worth it. I got an S with 19,000 miles for about $21,000. Where do you live by the way? I'm thinking about letting mine go.

 

I got my 2002 for 20K with 32K miles in February of this year.

You should be able to find a 2001 in good shape for 18K, maybe less if private party. A 2000 would be even less.

$17K for 5 years with nothing down would give you a payment of about $340 a month, assuming 8% interest. That would be a loan amount of 17K...that would include tax and registration if you put nothing down. Don't forget insurance, which could likely run you $300 or more a month with a reputable firm. DO NOT CHEAP OUT HERE!

Every $1000 you put down will bring the payment down about $20 a month. 8% is on the high side, but that may be what you can get. If you have good credit you could do a bit better. I don't know what good-credit rates are now, but 6% is probably in the ball park as rates are pretty high.

Since you are obviously on a budget I would seriously try to find a certified pre-owned Honda. The warranty is very good and is basically like a new car warranty. Note that this is NOT the same as HondaCare, which is a service contract. CPO cars will go for a premium, so you have some deciding to do.

 

thanx for the input guys. much appreciated. im searching hard.. i guess 340 a month isnt that bad but insurance..ohhh i dont know what im gonna do about that.. i dont want to pay to much but like i dont wanna drive around with crappy insurance.

metatron im in los angeles. hhaah waht color is yours

 

Wow, 300 a month for insurance?!?! That seems high, but I guess that can be that way.

Okay, if you are SERIOUSLY looking for one, and a college student, at least go with a 2002, which has the glass rear window. Do you have a garage or do you plan on living on campus with it? Daily driver?

These cars are great, but if I was in your situation(and I was 4 years ago), I would wait until later to purchase one. They aren't the most comfy for a daily driver, and can be kind of scary in rain and snow. Plus the insurance is sky high. They are also appealing cars to thieves, and colleges house a lot of those.

Anyways, I understand the urge to want one badly, I had the same. I got my 2002 in 2002 for 26K with 9K miles on it. Haven't looked back since, but it is a pleasure vehicle for me, not an every day driver. It only has 21K miles on it now, and the insurance just went down to $1,300 a year, so it is not bad for me now.

Just think it through real good, they can be expensive money pits if you are not careful.

Mike C

 

I've heard that if you buy a salvaged car, you're going to have to pay for it all in cash up front as banks won't finance a salvaged title. Just what I've heard..

 

^plus it's difficult to title and make it street legal. i pay 80 bucks a month for insurance, but i'm no college student. it's a great second car, but it won't help you with snow, you won't even want to take it in the rain, and it's a bit limiting with to/from moves with school, you can't hold much in it. you'd want to keep her in a garage, too, like kybacon said, it'll attract alot of attention, not all of it good. plus one bad rev and she's cooked.

 

Here is some advice you probably don't want to hear: Wait until you can completely afford the car you want.

If it is going to be a struggle to make payments and insurance (and I can imagine in Cali that even $300/mo for and S2k is low), you are going to be in a real bind when unexpected things happen like: clutch ($800-1100 installed); tires (probably a set every year at $400-500 installed for the least expensive tire that is decent for the S2k); wheel bearings if the previous owner didn't have the hub nuts re-tightened per TSB ($400-600); brake pads; oil changes every 3000mi instead of 6000mi for average cars; and any of a dozen other issues that have popped up for some owners including tranny issues, dropped valves (you may not know if the previous owner over-revved at some point), diff issues, all of which are big big $ problems. Plus as many have pointed out, this is a thief magnet...they want the seats and they'll slash the top to get them (and then you have insurance deductable to pay to get it fixed)...worse if they steal the car and you are upside down on the loan, you are going to owe the bank the difference.

And then, since you are spending all this money on your cool car, you don't have enough to spend doing things with your buds at college...which is really the most fun part of college...not driving a cool car.

Set your sights on a car you can completely afford and have fun with modding or autoxing or tracking and have money to have fun at college.

 

actually, being upside-down on a car loan for a used car over 2 years old is not the norm. Usually you have some positive equity from the get-go.

 

Negcamber is giving some very wise advice. These are not cars for anyone struggling to cover the payment and insurance.

S2K's definitely carry more of a possibility of unexpected expense and are often a magnet for unwanted attention (thieves and haters). I got 5 weeks out of mine before someone decided to jump on my front fender in a parking lot -- $700 repair.

From a peace of mind standpoint, I simply can't imagine parking an S overnight where I lived in college.

If you're dying for something that's fun and probably more cost effective, you should look for an '00/'01 Prelude or an RSX. Then move up to a late model s2k in a few years.