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Whether tis nobler to suffer the slings and arrows of occasional bottoming-out and wheel rubs...Yaddi,yaddi. Lower your S. It looks great. It looks appropriate. You won't regret it.
I just lowered mine 2 weeks ago. Here is a pic.
Pro:
I love the look. There is entirely too much gap between the tires and the fenders stock. Also, I think the stock shocks are mediocre at best. When I dropped mine, I went with KG/MM Super Sport springs with Koni Sport shocks. The springs are worth a bit over 1/2 in of drop. The Koni's have 2 different perches. One is stock height and the other is about 1/2 in lower. This has given me about 1 1/4 to 1 1/2 in. of drop. I was also amazed at how well the car rides now. It is much better than stock. This is because of the Koni shocks. They have softer compression than stock but have adjustable rebound. I have yet to experiment with the rebound settings. It also handles extremely well... After 2 alignments.
Cons:
I have found that the car scrapes just about everywhere. Initially, I was worried about getting up and down my driveway without scraping but this has not been a problem after learning a new "angle of attack". I rub on speed bumps, crowns in the road and once over a railroad track. Also, I do not even think about driving anywhere that is not asphalt or concrete.
Getting the car aligned was also a chore. I had to have it done twice. Getting it on the alignment rack was a chore as well. Those things are not meant for cars this low. It seems that the car will not go back to factory specs when it has been dropped this much. We were only able to get -2.0 deg, of rear camber. Not a bit less. Fortunately, I am very happy with the handling and I am willing to trade a bit of extra tire wear for more grip and less straight line stability.
If I had it to do again, I would not change a thing. That is, until yesterday. I went to an autocross and I think I am hooked! In order to compete in B Stock, I am going to have to put the stock springs back on the car and raise it to stock height. At this point, I think I would rather compete in auto x than have a sweet looking slammed S. I may have a 2 week old set of KG/MM Super Sports for sale soon...
don't have any of my car yet....still waiting for the springs to settle. I heard I was supposed to cut some off of my bumpstop (?) I didn't do this b/c I didn't get the instructions with the springs (bought used). If they don't go any lower it looks like I'll be getting the konis. 'bout how more will they lower the car?
Yeah, I was taking the suspension mods into account, but really saying it. Sorry, should have been more clear.....best example is the Neuspeed springs. They lower the car about 1 3/4 and the ride is horrible.
GChambers - what if someone were to simply switch shocks from stock to koni's? Would this result in a 1/2" lower car? I would imagine it would also have a positive effect on handling too if the stock shocks are a bit lacking? If so then this might be a good option for those people wanting a slight drop for looks/handling without having to worry so much about bottoming out.