Can I afford it and would I want to?
02-09-2002, 10:19 AM
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Can I afford it and would I want to?
I'm interested in buying a used S2000 but I have a limited budget of around $22k to spend. My question is this: If I could find an S2k in my price range, would it be worth it or would the car be ragged to pieces? I've loved them sence they came out and I have always wanted one, but being a full time college student I never had the money to buy one. As a side note, I don't want to lease a car, I want to buy it outright or have a small loan ($3k or less) to pay for it. This car will be paid for totally by me, as my parents aren't going to help me out at all. So should I do it or wait a few years until I can afford a new one?
02-09-2002, 12:08 PM
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Personally I would wait... I was in the same situation as you last year, but now that I've saved enough to pay it all off - it's just a matter of shopping and looking for the right color 
One reason why it's not worth buying a used one is because the depreciation is so low that buying a used S2K is almost as much as buying a new one - just save up a few more months and you get a brand new one. It's worth the wait.
I was a big spender but when the S2K came out it totally changed my spending habits...stuff like hmm... $50 for dinner.. nope.. drive to the bank and put it into my S2K trust funds
it's worth the wait... it's really is worth the wait.
One reason why it's not worth buying a used one is because the depreciation is so low that buying a used S2K is almost as much as buying a new one - just save up a few more months and you get a brand new one. It's worth the wait.
I was a big spender but when the S2K came out it totally changed my spending habits...stuff like hmm... $50 for dinner.. nope.. drive to the bank and put it into my S2K trust funds
it's worth the wait... it's really is worth the wait.
02-09-2002, 12:11 PM
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Here's some of the additional information you might want to take into consideration:
Sales tax - here in cali, it's 8.25% or approx $3K extra; then add approx 1.5% for registration
Insurance -call around a get quotes (I used Geico); these cars are expensive to insure (i hope you have a good driving record)
Additional stuff you might want to buy to pamper your new car - I've spend over $100 on convertible top products, Zaino, microfiber towels etc.
It sounds like you've saved up a good chunk of money and can afford to practically purchase the car outright - I don't recommend that though. If you buy it used from the dealership, Honda has a certified used program that offers 5.9% financing and 100,000 miles extended warranty. Even conservative, less risky investments yield more than 6% a year - traditional financial planning says delay spending your own money if you can do more with it than it costs to borrow.
About buying it used - if you plan to take good care of the car and expect to keep it a long time, I don't recommend that either. If you read some of the posts in other threads, the guys that know they're not keeping the car admit to abusing them (the car begs to be driven hard anyway).
I purchased my vehicle and financed it with a loan with my credit union - 5.9% for 6 years on $32,375 borrowed equals $537/mo in payments. Interest rates on new car loans are really low right now.
Sales tax - here in cali, it's 8.25% or approx $3K extra; then add approx 1.5% for registration
Insurance -call around a get quotes (I used Geico); these cars are expensive to insure (i hope you have a good driving record)
Additional stuff you might want to buy to pamper your new car - I've spend over $100 on convertible top products, Zaino, microfiber towels etc.
It sounds like you've saved up a good chunk of money and can afford to practically purchase the car outright - I don't recommend that though. If you buy it used from the dealership, Honda has a certified used program that offers 5.9% financing and 100,000 miles extended warranty. Even conservative, less risky investments yield more than 6% a year - traditional financial planning says delay spending your own money if you can do more with it than it costs to borrow.
About buying it used - if you plan to take good care of the car and expect to keep it a long time, I don't recommend that either. If you read some of the posts in other threads, the guys that know they're not keeping the car admit to abusing them (the car begs to be driven hard anyway).
I purchased my vehicle and financed it with a loan with my credit union - 5.9% for 6 years on $32,375 borrowed equals $537/mo in payments. Interest rates on new car loans are really low right now.
02-09-2002, 12:54 PM
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Check out progresive insurance. The S2k actually reduces my 6 month considerably compared to my current V6. (I think it was from 1700 to 1300). I have one 19-or-less-over speeding ticket from about a year 1/2 ago. I am 22 ... which is another reason why it is so high. Believe it or not, this is the cheapest as i can find.
You can also use part of that money as a down payment (this is a quick way to reduce your monthly payments starting out, which is great for a dot-commer like me). But remember that its a depreciable asset, and you should put as little money as possible into it.
If you havent already, take that $22k and go buy yourself a house or do some low risk investing. You will always loose in the end when you buy a car, except under certain conditions.
I hate borrowing money too, but a small amount of manageable debt is good for you. Except credit cards! Evil!
You can also use part of that money as a down payment (this is a quick way to reduce your monthly payments starting out, which is great for a dot-commer like me). But remember that its a depreciable asset, and you should put as little money as possible into it.
If you havent already, take that $22k and go buy yourself a house or do some low risk investing. You will always loose in the end when you buy a car, except under certain conditions.
I hate borrowing money too, but a small amount of manageable debt is good for you. Except credit cards! Evil!
02-09-2002, 02:25 PM
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Buy a house is the some of best advice anyone could ever give you. Or put the 22K in the stock market, with average returns, when your 64 you would have approximately 1.4 million. Just something to think about...
02-09-2002, 02:47 PM
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If I were you I would wait, I wouldn't spend all my money on a car. (a used one at that) Just save the money and buy one when you have a lot more than enough.
That's what I would do.
That's what I would do.
02-09-2002, 02:51 PM
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Wow, I just saw that you are from Greenville, NC. You are the closest person from me I have seen on here so far.
If you are talking about that one they have at Bob Barbor, I would leave it there. I was there a short while ago and they had a silver and red one, they were scratched and the leather had pics everywhere.
If you are talking about that one they have at Bob Barbor, I would leave it there. I was there a short while ago and they had a silver and red one, they were scratched and the leather had pics everywhere.
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02-09-2002, 08:16 PM
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I am in the EXACT same position. I'm interested in hearing people's opinions. Anyone have a reccommendation for a different car to purchase "in the meantime" since everyone is saying not to buy the S?