Don't become a slave to your possessions! It took a long time and a lot of sacrificing to do it, but I can tell you that it feels great to go in to a dealership and stroke a check for a car. And then you don't even have to think about making the monthly payment, although you still have to save for the next car. Also, in the long run you'll be able to afford better cars because you'll be making interest on the money you're saving instead of paying interest on the money you're borrowing.

 

I would advise against draining your account for ANY car. I love the S2000 and enjoy most every moment of driving it, but I would recommend saving some more and waiting. Or better yet, buy a used one.

Also, despite what some people might say, there is no such thing as "building equity" in any car unless it's some rare collectible. Cars depreciate the second you drive them off the lot and they continue to do so each day.

Good luck!

 

I'm curious what you mean by a "huge hit" on your Si. If you're seriously upside down then it doesn't make sence to roll over thousands of dollars into a new loan (or pay through the nose to get out of it now).

But if you're taking about a grand or so then you might be able to recoup that through the tax savings on your trade in. Federal law mandates that you only have to pay tax on the difference between the cost of the new car and the value of your trade. Sometimes this can be a big savings, even enough to make up the difference between what the dealer will give you in trade and what you might be able to sell the car for on the open market.

Bottom line, only you know if the $4000 cushion you'll have left is going to be enough for you untill you can get your savings back up to where you want it. If that amount of money is going to force you to live uncomfortably, worrying daliy about your finiances then there's no car in the world worth sacificing that piece of mind.

Hope it all works out the way you want it.

 

Just want to throw in the option of leasing for new S2ks. I paid 2K for all the taxes and fees, and 400/mo for a 39mo, 12K mile lease last year. It wouldn't be difficult to find a similar deal for a new '04.

It's true you take a financial hit with leases, but depends on what kind of deal you get. I think I got a pretty good lease considering it costs $350/mo to lease high end Celicas and RSX-S'. It's also hundreds cheaper than financing since I couldn't find any great interest rates at the time. Don't accept any lease deal more than mine, or else you'll definitely be better off financing.

I'm also assuming you won't mod your car. Big no no with leases.

 

I have to agree with cashout -- you can always wait. You would be better off buying a house if you haven't already. Do I understand you already have an 02 Civic Si? Dumping that and buying another car sounds like throwing away money to me...

There will always be a great deal to be had. I've seen too many people stretch themselves too thin with car payments and wind up with serious buyers remorse -- it ain't pretty. They usually end up hating the car to some degree.

The 04s and similar will be around for many years, so wait until you can afford it comfortably.

That's my opinion, anyway.

 

And think of it this way -

If you live month-to-month and work/live for your car, it'd be even harder to scrap together "mod money."


But do what you want - it's your hard-earned money and life. I worked 3 jobs my 3rd and 4th years of college to pay for my Mercedes as well as the mods, but once you get the ball rolling, you can pick up sponsors to help foot some of the tab. It was a hard two years, but to me, it was about the love and the passion (some call it stupidity) that compelled me to do such a thing.

And I agree with looking at leasing as an option - won't drain your account and the S is a car that will probably hold its value pretty well. I paid 1.8k driveoff and less than $400/mo for a 4 year/15k mile lease.

 

I'd seriously think about a used S and not put yourself in a bind. Living paycheck to paycheck isn't fun (I've done it) and eating fishsticks & rice or Cup o' noodles & hot-dogs for the next 5 years would suck. (I've done that to save for a home downpayment) I love my S, but I am currently paying through the nose for it. (IMPULSE... I HAD TO HAVE IT). I didn't have a down-payment. If I could do it over again, I would have kept my GSR until I saved enough to have no less than half of the price for downpayment. Also take into consideration the costs of owning an S. Tune-ups seem to cost slightly more than other Honda's except the Odyssey. TIRES!!! Stock SO2's (on MY '00 to '03) are not cheap and I doubt that you'll be taking it easy on them. Tires and shipping from The Tire Rack will run you around $655.00. Then you'll have to get them mounted somewhere which is usually around $15.00 per wheel. They will probably last you around 9k miles and that comes around real fast. Then there is the insurance issue. Expect to pay higher. GAS!!! You'll blow through gas like never before. Yes, that depends on your driving style, but with the S it just happens. These are things that I never thought of when buying my S. Like I said... I love my S, but if I could do it over, I would have done it differently.

 

i'm a college student and if i could do it over i would get something cheaper or more sensible for my only car. Not telling you what to do, but like some other people said, living check to check is not fun. gas and tires are expensive enough (reason im not upgrading to 17's) and if you wanna mod this car?! Ha! Add more to that.

If you gotta have it, get it. But if you can do with out or buy a used one do that. You'll be happier i think in the long run.

 

Take a deep breath, step away from the emotional aspects of this deal and think about it financially and logically. You already said you take a huge HIT on your Si and it would DRAIN your bank account. I couldn't run my company like that very long.

 

I would also recommend not buying it. Sure, the S2000 is a great car. But is it that much better than your Si as to be worth slaving the next few years over? I agree that a car is much more enjoyable when you are not constantly worrying about its financial implications.

If I were in your shoes, I would probably enjoy my life more overall by keeping the Si and not be stressed financially all the time. At least to me, the incremental fun I'll have with the S2000 isn't worth the additional stress of living paycheck to paycheck and being tied to car payments.