Hi guys! Well I've been looking at S2000's for about 2 years. I've been researching them and reading countless topics on the forums. Now I think the time is almost here for me to own my first S2000.

The one that I have been looking at lately is a Berlina Black MY 2006 S2000. The dealer is selling it for $18,800. It has 46,000 miles on the odo. I looked up the KBB on it, and it's $2,000 under KBB. I haven't seen it in person but have been to the website. It looks really clean!!

Now financially I have about $1,000 to put down and the last time I checked my credit score was 714 back in January. I'm hoping that the payments would be no more than $400. Idealy I would like the payments to be around $350. I'm 24 and live on my own. Are these factors good enough to get it? Also is it a good deal? Or does this deal seem kind of fishy? Your input on this would be great. And hopfully I will be driving in my first S2000 this coming weeks!!

 

Seems really good to me. I just picked up MY 05 for 17 w/ 55k miles. Im in the upper 700s and im at about 380 a month. With no money down i dont know if thats gonna happen for u

 

If I get it, I hope I get the same deal as you.

 

I think I might get it

 

Good luck on your purchase

 

well, with $1,000 down if you finance through the dealer they'll probably rape you on interest rates unless you bring to the table a different number (say.... $17K) It'd be best if you financed the difference of $1,000 through whoever you bank with and use that to pay the dealer. Or, finance the whole amount and use the $1,000 to start modding your car. Banks usually hook you up with a better interest rate.

Now is a great time to buy, most dealers are desperate to make a sale. Don't be afraid to walk out several times if they don't accept your offer.

Also, how many years are you willing to finance? To help your credit, it's best to finance for 3 years. No more than $400/month with $1,000 down? You might be looking at a 6 year finance. Add up how much you would pay in interest and reconsider adding to your down payment.

I got my AP1 03 last year for 17K. 20K miles. Threw down 4 cash, financed 13. My payments are about $400 a month for 36 months.

DON'T FORGET GAP INSURANCE!!!

 

Thanks for the advice truancy!! I might go down to my credit union today about a loan.

here is a link on the S2K
http://www.southcoastmitsubishi.com/Preown...toryId=27320093

 

Car looks good, deal sounds aggressive but within reason. Now is a great time to be a buyer. You may want to check into insurance cost, as the last thing you want to do is get strung out on a high car payment and then get slammed with a big insurance payment.

 

More importantly -- have you been test driving?

 

Payments are what they are; you shouldn't negotiate to buy or lease a car based on how much a month you are willing to spend. That just gives the dealer a way to make as much money from you as possible, by "selling" you a high interest loan and using longer terms.

Bank loans and auto purchases should be handled independently because both can be shopped and negotiated.

Once you know how low the dealer will go on the S, then work out some loan scenarios with different lenders. A 714 will get you reasonable rates, maybe 7% for 4 years. That equates to about $2700 worth of interest on an $18000 loan. The payment would be $431.

Now $18k with your $1k down seems pretty doable; the dealer would need to come down around $800, assuming that you're gonna pay tax/reg/fees. In order to be under $400 you'd need another $1300 off the price, or another $1300 down.

Going to 60 months, rate jumps a little, maybe 7.25%. On the same $18k loan, the interest would be $3500 and the payment around $360. If it's worth the extra interest to keep the payment down, maybe you can find someone to write a 60 month loan....