sickestS2k00

hey guys, the other day i went to my honda dealer and my cousin is now fascinated with the S2000. i took him for a drive in mine and he thinks this is must car to have. but he has a 2002 civic ex that he just bought and still owes like $17,000 on it. he found a 01 S2000 for $27k with 40,000 miles and its in good condition. the dealer worked some #'s out with him but it doesnt seem right. his payments would be close to 500/month with 2,000 down for 72 months!! how come its soooo much! is it cuz his previous car isnt paid off? and if he trades it in, doesnt the dealer buy it back? even though they'll prolly buy it back for like 12,000. can you guys help me out. something doesnt seem right here. thanks

S2020

$27k for an 01 with 40,000 miles?!!
isn't that a bit much these days?

03_AP1

here's how it worked with me (all CAD dollars)
i had a 98 Prelude SH with 6000 left in payments....
they gave me 18600 for it, so the 6000 was paid off with 12600 left over towards the s2000.
plus i had 3000 cash for a down payment, totalling 15600 total downpayment.

for your buddy, he just bought a civic and owes 17000. How much is the dealer offering for his car?

sounds like they are offering close to 17K, so 500/month sounds about right for a 6 yr load for 27K

Quik S2K

Well, IMO he is better off selling the Civic on the street and getting all he can out of it. Then pay off the loan. Dealerships always rip you off on a trade in. They will give you $12k for something and turn around and sell it for $16-18K. Have him check www.kbb.com for the blue book price on it.

Next thing you can have him do is take a look at the classifieds. If he is looking for used, you can get them cheaper then that. Also the dealership makes a killing off them too, so personal is better. If he does buy from a dealership, tell him to get new. $29,500 is new + TTL at most places. Put in an internet price request.

Good luck and let us know what he does.

ralper

Your cousin should walk away from the deal. $500 per month for 72 months equals $36,000, plus the $2,000 down payment equals $38, 000 plus whatever value he has in the Civic, lets say $2,000, equals $40,000. That is way too much money.

The asking price for the 01 S2000 of $27,000 is way too high.

By the time your cousin is finished paying off this deal he will have an 8 year old car that started with 40,000 miles.

Walk.

sickestS2k00

thanks alot guys. its just that 500/month seems alot for 6 year loan on a used s2k. the dealer is firm too. he said they wont go any lower than 27k on that s2k. but i guess its because of the loan he has now. he took a 5 year loan out i think on the civic and hes only paid 6 months so far.

ZoomZoomS2

That's way too much for a MY 01 with 40k. Check Ebay and Autotrader to see the going rate. I've seen 2001's with about 10k going for 24-25,000. Like the others said....tell him to sell the Civic on his own, and then find a used S2K from a private party for about $24k. That should lessen his payment. He just got the Civic 6 months ago and now he wants something different? Didn't he know about the S2K before? Also, remind him that he might need an extra car to drive in the winter if he gets the S2000 and is in a cold climate. Good luck, and let us know what he does.

3ngin33r1

Taking your figures this is how I could see the breakdown (regardless of a good deal on the S2000)

S2000 + $27,000
Civic + $17,000
Civic Value - $12,275
Down - $ 2,000

SubTot $29,725
TTL +$$$$$$?

Your quote of $500 for 72 months would come out to a raw total of 36,000.

Without knowing the details on the Civic since I'm guessing on what type it is (4D/2D) it'd be hard to calculate but $500/month sounds about right after TTL and Interest.

allkingz

you didn't mention the interest rate, but $500/month sounds about right.

Quik S2K

Yeah, but for that price, he could almost get a MY03. I mean $27k for a 01 w/40k on it?!? He could get them for $29,500 from a dealership new. Then he knows how it is driven and if it was beaten on.