SO, I have a 2005 SRT-4 with 33,200 miles on it and some mods but obviously it would be returned to stock. I live in Maine and have been contemplating taking another route as to what kind of car I want to own, something more solid, nice feeling etc. I considered a Legacy GT because of it's performance, clean looks and build as well as it's all season ability. I also considered a used S2000 because they can be found for $15,000-16,000, they are reliable, run to drive I'm sure and the summer fun factor is awsome I am sure. Straight line performance is great in the SRT-4 as well as handling with coilovers, sways and strut bars... better than anyone would expect but it is still front wheel drive and still not very refined and I do not want a Type S. I would sacrafice straight line power for the decently powered and great handling S2000 even if it is unpractical... the power I am making even in stock form the SRT-4 is unpractical in the winter as well. SO the biggest issue is weather or not I can get approved for the damn car. Here are the specs...

-I owe $11,800 on my SRT-4 when I could probobly get $14,000 in trade or almost $15,000 private sale so that gives me $1000-2500 to put down on a new car, between what I owe and what it's worth

- I am 20 and my credit score is not the best, I have been late twice on a credit card payment way back when and I have a decent amount of useless debt... the score is *598*

-I have $1,600 in credit card debt, I have $800 in Dell financial debt for my computer and I have a $2,900 personal loan in my name

-I gross $1,600 per month with the United States Army

I pay $281 per month with the SRT-4 but even with a low payment the car is such a money pit that all my spare cash uncontrolably goes to "what can I do to my car next"... I feel with the s2000 even though the payment may be a bit higher, it is off set by the mods I WONT be doing to it besides wheels, exhaust, tint maybe...

Then the OTHER dilema is weather or not a financial institution will finance an AP1 S2000 for 5 years... it is 5-7 years old! Or if they will finance if I bought through a dealer for 5 years on a 2000 or 2001 which would be a $15-17,000 car. I don't want to bother with the credit inquiry unless I have a good shot at approval because that is just another inquiry on my credit. I did not need a co-signer for the $12,500 financed on my SRT-4 the car was $15,000 private sale 3,000 miles ago.

 

Try to get approved. I would definitely do the switch, as I went from an STi to an S2K and I'm very satisfied.

 

I would pay off some debt before making any quick decisions. Probably not what you want to hear but it will be worth it in the long run. Pay off some debt, save some money then enjoy not being financially strapped.

 

How long have you had your SRT-4? Doesn't sound like long. You sure did put a lot of personal information in your post... I wouldn't do that if I were you. Are you asking for financial advice, or what? The S2000 is a great car. I haven't seen that many for 15000, so be careful about the condition and mileage on that car. It sounds like you are all over the place as far as things you are considering too. If you are considering both the Subaru and S2000, perhaps you should spend more time narrowing your decision. The two cars you mentioned and the one you have are all vastly different. Furthermore, the picture you illustrate with all of your debt seems like it may be a stressful situation for you. I don't know if it would be wise for you to make that change.
As far as the money pit goes- that is going to be the case with every car you ever drive. Cars are simpy a depreciating commodity. Nothing can change that. Do you really think that you will be able to resist the temptation to modify the S2000 when you get it?
I wouldn't understand a choice to go from a new(er) car to a much older car with many more miles. If you went with the car, you would more than likely end up eating up some repair/ maintenance bills.




cliff's notes:
The short answer is No.
- Your current debt and situation seem to be stressing you out.
- Going for an older car with high mileage from your newer car with much less mileage seems unwise.
- Repair/ maintenance/ modificaition is a likely combo with S2000s; are you prepared to eat numerous additional fees.
Cost of ownership will most likely be too great for this to be a prudent decision.

 

Oh I am aware that is indeed what I should do, but if my situation isn't looking good enough for me to get financed then I don't want to shoot for taking out all my debt and what not and leaving my car stock in boring when I can't even get financed for an s2000 if that was the case.

If you think my credentials are good enough from educated decision then I can set my goal and chop away at the debt... if there is no goal (meaning I can't get financed either way) then whats the point of leaving my SRT-4 alone.

 

The reason why the SRT-4 is so tempting to mod is because it needs suspension help out of the box, so there is that... not to mention power goodies are endless and it responds VERY well to modification where as power options for the s2000 are VERY expensive and taking into consideration unless you are going with internals and or forced induction it will take $2-3,000 to squeeze out 20whp or so which turns me off from even bothering, AND the car handles amazing as is so I don't need to touch that either. I assumed a higher mileage Honda is a safer bet than a 2005 lower mileage SRT-4 even though it is built very strong and can handle alot of abuse. The debt is a bit stressing to be honest and that is why I saw the S2000 as a more reliable responsible choice even though the nature of the car is unpractical... its features fit my needs and wants allowing me to focus more on the OTHER things my money can go to beyond modding my car. See the logic? Anyone?

 

Keep the srt4. Stop modding the srt4. Save money, pay off your debt. Then see where you are at in that point in time. Any car is moddable. You obviously like turbo since you own a srt4. It'll only be short time before you'll be itching to put in a turbo kit. Whoops there goes 7-8k. I said the same thing about modding, I came from a Mr2 Turbo and I already want a s/c. But this is your life and you know your limits. So think about that.

 

But if you were to do the deed. Do a trade so you would only have to pay tax on the difference.

 

With the FICA score you mentioned I would recomend you pay on the vehicle for a longer period of time at least a couple years (this will help re-establish your credit history).

If you were to get approved (which depending on the lender is an uphill battle) buying a used car will get you a higher APR than buying a new car (which will cost you too much in monthly payments). The higher APR + the fact that the financed amount will be higher will result in you spending a lot of extra $ to buy an older car. I would also bet the insurance will be more on the S2000 than the SRT.

Not worth it in my opinion.

I would pay down your outstanding debt and keep making your car payments for at least a year or so (two would probably be better) then when you try and get something new you wont get hosed.

 

Man, why do people keep digging themselves deeper? You want to keep modding the SRT4 because you have no self control, not because the car needs this or that. No matter what you say, you're going to mod the S2000.

Financing a $15k (hard time finding an S2000 for that price) car over 5 years means you can't afford the car.

Stop spending money on mods, pay off your loan, and realize what's important.