I've been considering an S2000 for quite some time now. I currently drive an E36 M3 with some mods done to it. I'm torn between either keeping the M3 or selling it for an early model S2K.

Whichever I end up choosing, it will just be for temporary use as I will have an opportunity for a pricier alternative within 18 months

Now as to what I'm looking for out of the cars... I'll be using the car as a daily-driver first and foremost, and therefore, the car will have all interior pieces and be kept nice and shiny. Secondly, the car will see lots of track fun (and perhaps occassional abuse). I will be attending no less than 5 HPDE's before this year is over, and am not afraid to run tires like the RA-1 on the street. As I live in sunny, po-po populated Southern Cali., I won't be dropping too much money into either car in terms of modifications. However, either car will be run hard at the track, but maintained accordingly.

Now as my M3 is running up on 56,000 miles, I am about to reach a major service interval:
http://www.edgemotorworks.com/e3675k.html

Major problems possibly also surrounding E36 M3's are the oil pump nut coming loose. More so from track-driven cars. Also, when very grippy tires are put on the car, there is always the possiblity of a torn subframe ($$ repairs).

Now on the focus of the S2K: I am looking mainly at the earlier models (perhaps '00 - '03).

I figure no matter which car I will be looking at, I am bound to come across driveline noises. These noises are irrelevant to the decision of which car to consider more closely. At the same time, I figure there will be other miscellaneous noises regarding interior pieces as it is a convertible after all.

Now I hear of major problems of the S2K such as the spark plugs rattling themselves loose? The retainers not properly keeping the valves in their respective locations? What is the likelihood of me running into these types of major problems on a car with 40 - 70,000 miles?

 

The spark plug recall was for early year MY02 and all previous years. It was fixed as a "campaign" by Honda dealers. I think you can find out (from a dealer) whether a car you're looking at had it done. Safest bet: just change the plugs and torque 'em to 18 lb-ft when you get it (original factory torque rating was too low).

The valve retainer issue would be a side effect of overrevving the engine due to a bad downshift. Unfortunately, there's no way to be sure if a given car has been overrevved. The best you can do is have a compression test and leak-down test done by someone when you're considering a car. That'll give you a measure of confidence.

I strongly recommend complete fluid replacement (see the oil-journals thread that I've linked in the Introductions forum FAQ thread) for any car you buy. Also, with pre-MY04, there's a strong appetite for oil. That's normal, but you really have to keep your eye on the dipstick.

The S is generally a very solid, dependable car. I have no qualms recommending cars with > 50K miles, as they're holding up well.

Best of luck in your search.