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That's a lot of rust for an '06. I'd expect there to be som rust on the body panels as well if there's that much on the underbody. Most of that rust is cosmetic and shouldn't affect the vehicle performance, but it suggests that you might have some stubborn bolts you would have to deal with during maintenance work. It's not the rust you see that will give you fits. If the price is decent and you don't plan on keeping it for a long time, then you might consider it. It's your call.
That Helmholtz resonator on the exhaust looks like aftermarket. Mine is a round tube and that one is oval. Unless the design was changed on the AP2 that I'm unaware of, make sure that exhaust isn't aluminized carbon steel from a muffler shop.
'06+ the resonator was indeed oval. That is the stock exhaust. No worries there.
You couldn't afford to pay someone to 'fix' that rust, which seems largely limited to subframes, propshaft, and diff. Agree its mostly 'cosmetic', at least what we can see.
Also agree some bolts are gonna be frozen. Especially the compliance bushing bolt. Probably subframe bolts too.
If it were me, and car was otherwise sound, and if that were only S I could afford, I'd:
Buy a large por15 kit. Practice on a smaller piece, how to use their cleaner, metal prep, and paint.
Once I got it down, I'd go to town under there.
Then I'd tackle subframe and all suspension bolts. Try and loosen subframe bolts. If they start to bind up, go back the other way, them back out little farther than last time. Eventually you should be able to get them out. Replace with new ones, and lube them up with antiseize.
You'll probably have to cut compliance bolts out. Not uncommon issue. Not the worst thing to fix. The rest will probably be salvageable. Lube them up good before reinstall.
You'll need to lookup how to clock bushing bolts when you go to reassemble.
This is all diy-able for someone with reasonable wrench skills, determination, and not afraid to get messy.
I've sworn off working on rusty cars years ago. I'm sick of shearing off bolts and chasing rust repairs. Rust never sleeps. Unless the car is priced well under market and you're willing to accept rust repairs, I'm walking away.
not ever in my entire life have I seen an s2000 this rusty. Mind, in Canada most put them away for the winter.
But to add something constructive, I've used POR15 for years with exceptional success.
Walk away. Or have a look inside the rear wheel arches (Acessible from the trunk) or the side rocker panels (Rubber plugs on the underside of the car, remove them and use a cheap borescope)
Prepare for nasty .. err.. rusty surprise. You dont get aftermaket body parts for this car. You have to buy every part from Honda.
If the previous owner really dont cared for the car, simply dont give a f*** - e.g. Store it away over winter, use a winter beater, or simply just spend a little bit of money to rust proof it - how have he treat the rest of the car?
The first thing i have done after i bought mine was a full rust-proof treatment with wax and grease, allthough i only drive it in Summer. A simple work, just a few hours and little bit of Money. But well spent.
To me, this car is worth this little investment of my work, money and spare time.
Ask yourself: Wich car would you like to buy: mine or the rusty?
I have been underneath over 3000 S2000s at this point, I’ve only seen one that looked like that. AND I live in the Northeast. The hidden rust in the alignment ecentrics, along with many bolts, will make the car a forever money pit. I wouldn’t pay $50 for that car. Walk away.
I have also been under countless other cars in my life. The S2000 is probably the most rust resistant car I have ever seen. They did an incredible job on the unibody, only accident damage can rust the unibody. So that also says a lot about your particular car.
Parking on grass-dirt for prolonged periods will cause rust.
'06+ the resonator was indeed oval. That is the stock exhaust. No worries there.
if it is from the UK, not on my '08
also, whats happened to the little plastic tray that guards the fuel, brake lines?
personally, if it's cheap and i was looking for a fun car to use everyday all year i'd go for it, but if you're looking for a garage queen for sunny days and have a bigger budget, i'd wait for a better one.