Hi, I've been lurking the forum since early 2002 and absolutely loved the s2k since its 2000 debut. After riding in and driving a friends 02 s2k I fell in love. Ever since that drive I have been focused to save as much money as possible to get one.
Well now I'm looking at purchasing an '05 pretty soon but need some advice. I have been able to save 30k cash and was planning on using it for the car...but now that I have that much money on hand I don't know what to do. This is the most money I have ever saved in my life. Any older/wiser people out there have any advice for me? In a way I would like to save all the money for a property/home purchase later in life BUT the s2k has been my over all focus and goal for a long time now...(I am obsessed with the car, i check the s2ki forums almost every day for new posts, i think about how much better it would be to have the s when driving my current car, hell...i even have dreams of this car)
I could take 15k and use that as a down payment and put the rest in my bank and get a loan taken out on that (*not sure what the name of this type of loan is or if its even possible)..........or take all the cash and buy the car outright and not have any loans to worry about and just keep saving for my future, etc etc

Thanks for any insight and help that anyone provides

 

Think of it this way. If the loan is at 4.5% and you make 6% on the money you don't spend, then you profit over the course of the loan. If you just drop the 15K in the bank and make only 2%, then you lose money. If you need the 15K within 12 months, get a loan for the car. The loan will do you no good beyond making sure you have ready cash in an emergency. If this was all the money I had to my name, I would not have the courage to spend it all at once, because I have needed 1-2K in emergencies before. If you will still have a reserve, buy the car and get the title. It will feel great.

 

Make sure you get a quote on insurance first.

Depending on your age and record, it could be as high as $1500-2000 per year.

Make sure you have enough money to pay for insurance and gas!

Why not find a new 2004 and save a couple thousand?

Would need some more info for more suggestions:
How long did it take to save $30,000?
If a short period of time (like <1 yr), then go ahead and spend it... you'll be able to rack more soon.

But if it took you five years to save it, you might want to keep a little cash cushion.

Other thoughts:
You could buy a low-mileage 2002 for ~$22-24. Don't let "having the newest thing" and "must have newer than my friend" eat at you... you'll always be on the losing end of that game.

Also think about the cost of winter tires and / or hard top if you live in cold or high crime areas.

Hope this helps, and congrats on your impending purchase!

 

^ listen to this man...