I've had my eyes on the S2000 since the last months I had my RSX-S (total loss). It has been a little under a year driving an Avalon since my accident, and I have been quite anxious in owning one. My question to you guys and girls is, should I finance an S2000, or wait until I can completely buy it. As of this moment, I have my mind set on a 2002 GPW; I believe they are going for $25-27K. Any thoughts or personal experiences that you may want to share? Are monthly payments a huge burden on a college student? Any comments (even flames) will be appreciated. Thanks for your time.

 

I see no reason to flame you. Those are legitimate questions and concerns. What I would advise would be save enough so that you can make a large down payment. I couldn't imagine going to school with the related expenses and then take on a huge monthly payment PLUS insurance PLUS maintenance costs. In the end, it's your decision. At least be mature and honest about your financial situation. Good luck.

 

As a college student, you shouldn't put all your money into buying a car where you don't have any money in savings, and you shouldn't finance it all where you're burdened with too high a payment while you're trying to get through school.

I think something in between would be ideal.

 

Hard to say, the dealership will push finance like a mofo. They make a lot of cash that way.

If you can get a good interest rate, sure; although I suggest possibly waiting a year maybe two and doing down payment.

Why? One; with the 04 being a more or less new model type there are chances of many bugs and recalls as compared to an 05 or 06. You would also get a chance to see any other new cars that come out during that time and won't have a bill for 25k on you.

Personally I prefer 100% down, but different situations call for different decisions

Edit: Just saw that you're interested in 02 but my suggestion is still "wait" and save you're money.

 

i go to college full time, work part time and pay monthly too. if you have good money management skills, then you can definately pull it off. and trust me, the car payment is not draining my bank account at all.

 

How much $$ do you have to put down? It's simple to figure out the payments. Monthly payments will probably be $400-$500 unless you're putting a large chunck down. Only you know if you can afford it or not. How much money do you bring in a month? Personally, I'm saving up about $10k-$14k (depending on how my investments do in the next few months) and will be buying a 2002 or 2003 early next year. I'll borrow about $10-$15k and have payments around $300 or so. That way if I happen to lose my job or whatever, I won't have a large payment to worry about. I also have no debt though. If you have school loans or credit card debt, I would worry about those first. But I consider myself very responsible financially, and hate the thought of having any debt. You have to figure in high insurance costs, premium gas, maintenance, tires, storage costs in winter(for me), plus all of your other basic expenses. Let us know what you decide to do.

 

Don't forget about the cost of insurance. Its quite expensive on this car, especially at your age.

Markk