Hello all.

Let me introduce myself. My name is Son. I am 23 years old, just graduated from the University of Cincinnati in June with a degree in Finance. I actually did find a great job in my field and started working the following Monday after I graduated. I currently drive a 1993 Saturn with 176,000 miles on her and still running strong.

I hang on a Corvette forum a lot b/c I have a lot of friends that own C5s. They are egging me on to buy one, but a C5 is not for me. I prefer something with a bit better interior and I am young and a corvette can come later.

Here's my question. If I wait until the winter time, say December. Should I be able to find a used S2000 for a bit cheaper than what I can find now? I figure that with the convertible in the winter time I should be able to get a good deal and it will be right before the end of the year so they might want to sell it so they won't have to pay taxes on it.

I would like to get a 2002 for at most around $22k + add on for extended warranty if possible with low miles. What do you think?

 

I would guess that by December you would be able to find it cheaper, not because of the weather but because the '04s will have been out for 2 months.

 

I don't think you'll find one for $22k even in December. Wholesale on that car will be around $21-22k Trade in about $23-24k and retail still at $26-27k. The 04 will not affect resale value like people always think.

 

especially with low miles. But hey good luck, hope you find it!

 

Just curious, but why would a new model not affect resale value on a older s2000? I understand if there is somthing special about an engine and its performance, to not warrant a sharp decline in resale value. But I use the example of the Miata's. When the new shape came out in 1999 it definately had an affect on the older models. Don't flame me on the comparison, but I am just trying to understand why everyone says MY04 won't affect older S2000 models resale values.

So why would MY04 not affect MY02 prices?

I think he will be able to find an MY02 for the low 20's. Unless Honda Jacks up the price on the MY04 then a MY02 will cost in the mid 20's.

 

You may find one cheaper but the selection will be fewer. People tend to sell convertibles in convertible weather, but ya never know. Early winter may be a good time. Try autotrader.com and cars.com. Good selection right now. Try to buy private. No tax. At least in GA.

At some point a 2000 MY does become 4 years old in value, just not sure if it's whe the '04 comes out or come Jan. 1. So wait till after Jan.1 to be safe, then the '00's will be four years depreciated for sure. Wait a minute, your a finance guy, you should know this!

 

First, it's not a drastic change to the car. Plop 290 hp and 200 ft/lb of torque into the 2004 and we'll all be scrambling to sell our cars. This is a different scenario because supply will outstrip demand for used ones. Prices will fall in this case.

Second, It is too early to tell but there are those on the board that already favor the old redline. It could end up like the Supra/240Z/Del Sol/ were everyone is out looking for that special motor. The 2.0 could end up being the better motor or the body may have preferable cosmetics. Again, too early to tell.

Third, cars depreciate at a decreasing rate as they age, especially if they are in great shape. It is still tough to find an 00 or 01 under $21k and it may be another 5 years (?) before you see one for $10k


I still don't think he will find a cherry '02 for $22k unless someone is desperate or it has high mileage or damage. As always, I could be wrong.

 

You are very right about this...I found a 2002 GPW that "looked" awesome and was selling for $18000, when I finally met up with the guy it turns out the car had been rebuilt after a major accident...the passenger airbag even had a black panel!

 

Hi Son. It's a known fact that usually, you are able to make a better deal on a convertable in the winter. Sales have slacked off by then on convertables at the dealers, so while they're collecting dust (or snow)...make your best deal! -Ken