Ok then I won't buy it and just probably save more so when the debt is done with I could afford my Elise or NSX . Sounds good to me !

 

Wisconsin just try to sell your car to get the most money possible and do what your heart tells you, anyways in the long run the S2000 will not lose its value as much as the Accord .

 

[QUOTE]Originally posted by heffergm

 

Well I have looked at this from a financial stand point.

I have a deal worked out that I can do and this is where it stands.

I currently owe roughly $27,000 and after that is paid off in 56 months, I'd have a 2003 accord. I'm paying $610 a month at roughly a 12% interest rate.

I can trade in the accord.... get the S2000 and owe roughly $28,000 and after paying that off, I'd have a 2002 S2000. My payments would be near the $540 mark and about a 4-5% interest rate.


To me... the S2k sounds like the way to go. Of course either way i have to show some financial discipline for the next few years so I don't do like many do, and get in the habit of constantly rolling their negative equity around. And I have enough discipline that I can do that.

 

You know what's best for you.
Let us know when you make the move, it should be an exciting day

 

In 5 yrs. I'd rather have a paid for S2k than an Accord too. Best of luck making things work out for you.

 

Wisconsin, how are you paying $610 per month on an Accord???!!! That's outrageous. You've made four $610 payments and still owe $27K on an Accord? Something's not right here. 12% interest in 2003? Granted, I have become ultra-conservative when it comes to spending $ on cars, but I think you got hosed on the purchase of the Accord. But, that's water under the bridge.... Now, you're somewhat up the proverbial creek. I, personally, would have a problem taking out a loan just to pay for depriciation (even though, I suppose, that's what everyone does when they finance a new car). This just shows how critical the deal is on the purchase of a car. You are somewhat stuck with that Accord, and it is going to follow you around for a while. That being said, have you thought about refinancing the Accord to lower your payment? I really don't know what the answer to your problem is, but I don't think the answer is shackling yourself to a 2002 S2000. I presume this is your only car. And, Wisconsin isn't known for its warm, sunny weather. I kinda doubt that you will want to keep the S2000 as your only car for 5 years in Wisconsin. I would re-fi the Accord if you can slash the interest rate in half and just keep it until your financial house is in order.

 

Oh, and BruteHare, pay off Mom's bills, lease a Civic, and enjoy being a care-free student while you still can.

 

 

Thanx for the advice. , I'll probably look into a used RSX so I could get extra money to pay my debt.