I have a quick question I am in the market to buy a 2001 s2000 I found one that is in Spa Yellow Pearl it is cosmetically very good. I am a 18yo looking to take a loan out to buy. This car will be a car I take to college with me to Tampa, but it does have a mechanical issue where it burns a lot of oil to the point I will have to do a engine rebuild (it burned around almost all of the oil in a week) only had the tip of the dip stick with oil also was coming out of the exhaust with a small gasket leak top end not bottom. Do you guy think it is worth it to buy it for 15k it currently has 128k miles on it with a aftermarket clutch (stage 1 from throtl) all input will be appreciated.

 

I would have previously said yes prior to covid, although not for this particular example that you're describing.

Since then, prices have increased ridiculously where most cars that are "buyable" (not affordable) for college kids are mechanical basket cases. Also, where previously these cars were fairly cheap to maintain regarding replacement parts, that is no longer the case. They've been out of production for 17+ years and parts are harder to find or carry a premium - covid supply chain issues made it worse.

Are you also taking a loan out for college?
If you need a loan for $15k to buy the car, then you're gonna need a loan to rebuild, replace, and have the engine re-installed. Done cheaply, that's at least another $8K-$10K that it doesn't sound like you have.

Focus on college and invest in yourself - it will pay off later and you can come back to buying an s2k when you can truly afford it. The s2k isn't going anywhere, you can buy one later in 5-7 years. Plenty of cars that are older than the s2k that are still around.

As they say, just because you can buy something doesn't mean that you can afford it.

 

The S2000 engine has a dismal rebuild success rate and your note looks like you already bought the car so it appears you're asking us to confirm this bad purchase rather than asking if you should buy it -- which is NO!

Financing a suspect 25-year old car is a horrible idea made worse by being a student -- how are you going to make the fiance or insurance payments? Or for that matter when will you have time to work on it or even drive it.

-- Chuck

 

You're going to be in the hole for a lot. Assuming a good crank and decent compression, you'll have to replace all the valve stem seals, then run restore and protect for a couple of oil changes to see if that fixes the issue.

If the cylinders are scored, you're looking at $6k at CharperBuilt to rehone the cylinders with NSC coating. Add the cost of new rod and main bearings, front and rear main seals, chains, and stuff... It's going to be pricey, man.

Even clean S2000s needs a lot of money in just small stuff here and there. Basic things like suspension bushings, gaskets, seals, and hoses. It adds up.

But good luck. I'm never sad someone gets to experience an S2000.

 

Sounds like a mistake to go into debt for this car before going to college.