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Well I have had both on my 04. Personally I liked the HKS more because of the loudness. I had the Spugen Dual SS w/ ti tips and that thing was so loud that I had to pull it off the car at like 1500 miles after I installed it. I do say the Spugen looks better though so it is really personal preference. I would further recommend taking a ride in a car with eatch exhaust if I would of done that I probably would not of switched from the HKS. Just my .02
The sound is unmatched by any other exhaust out right now. Looks are just right too. Very simple.
my buddy with an '02 has the HKS and it definitely does sound awesome. i've only been in a car with the spugen once, and i don't remember what it sounded like.