I am posting this in the Central Texas S2000 Owners because you guys know me and are more privy to my situation, but obviously anyone is welcome to post to this thread. Many people have already told me what they would do if "they were in my shoes." But honestly I have not made up my own mind and I would like to collect opinions. And you might have a comment about the whole situation... if you are thinking anything, please post it.


Please tell me your honest opinon.
Should I keep my car? Or should I trade it in?

If I trade it in, I will trade it in on something cheaper until I get my house built and no longer be an S2000 owner.

If I keep it I might have problems down the road. John Eagle Honda seems to know what they are doing, but you never know what could happen in the future. I have a 100k mile warranty, but they have told me that they will be very skeptical of electrical repairs and if corrosion is the cause of any kind of problem, they will probably not fix my car under warranty. So I talked to my insurane company, and kindly asked them if I have a problem related to this flood damage (i.e. corrosion) above and beyond my 'two year statue of limitation' will they put something in writing stating that they are liable and they bluntly said no. So if a problem occurs after two years is up I am: "Up the creek without a paddle" and even if a problem occurs during my two year statue of limitation, I forsee myself having trouble getting the responsible party to fix it.

If I trade it in I will lose money; as it is a brand new car and there hasn't been enough time for me to pay down my loan. I owe $26k on the car note... I haven't presentedd my car to a dealership yet; but as a refrence, John Eagle told me they would give me $26k on a trade in for a new S2000. Which would mean I would break even and virtually lose the $8,500.00 I put down six months ago.


Please help me make up my mind. This really sucks. I have gotten to the point where I don't want to think about it anymore, but I need to decide what to do with my car once I get it back.
And I honestly still do not know what to do.

 

BTW, I know some of you will bring up the diminished value, and are probably curious as to what I found out at StatedValue.

Well basicaly, because this is a "First party claim" I will have a real hard time getting diminished value for the car. I won't be able to get diminished value without hiring a lawer, and pursuing it with profesional help. So I don't see me doing that... but again... I dunno...maybe I should, maybe I should stop wasting my time and move on... I don't know what to do.

 

You know how I feel. I say, for the rest of you, keep the car and take your chances. Better not to lose $8,500 in less than 7 months! The key word in all of the arguements to get rid of the car, and listen carefully for it, is MAYBY or IF...who knows?

You could drive it out of the dealership and get crushed by an 18 wheeler on the way back to Austin. NOBODY KNOWS. Get the car Enjoy the car. Love the car. Don't abandon the car.

I know, it's just a car...but ask yourself, PAK, do you miss it?

Mark

 

I agree with Mark on this one. Just keep it and keep your fingers crossed. I'd plan on a suit with the insurance company if possible, if something else comes up.

 

IMO, you should wait until you get the car back and see what it's like. Make your decision when you have more information. Right now, you don't know...it's probably easier said than done, but hang out and get the car back, then make a decision.

I'll be watching to see what you do...!

 

I agree with Greg. Get it back check it over. Also, if you are going to have corrosion problems, you'll have them within the 2 year period, if you have them at all. I personally don't think you will have a problem. I think the only thing you have to worry about is trading it in later, but it doesn't look like you'll get your money's worth getting rid of it now or later, so enjoy it for all it's worth IMHO. Can I get an Amen!! Okay, I'm through preaching now!

 

So who does Greg agree with?

Well, I guess I agree with John! I would be thinking about the same issues of reliability down the road, but losing 8.5k so quickly would definately even that out. You know that John Eagle would probably try sell your car for 32k.

I would really wait and see what the car's condition looks like when its done. Only then you'll know in your heart if you want to accept the possible problems that may happen in the future. Be very thorough and make them fix everything. It will be a tough call.

Good luck.

 

John,

Consider everyone's opinions, but you have to live w/ the decision. It's partially financial, and partially emotional. Big questions are:
(a) do you want to take the depreciation hit now or later? Don't forget that you've driven the hell out of it since taking delivery, so it was already devalued due to high mileage
(b) do you want to compromise the house you want due to high car and insurance pmts.? IMO, a house is a better investment, and done right, the more you pay now, the more appreciation you'll get down the road.

 

John,

I pretty much agree with everyone above. Enjoy the car. If you have problems down the road, then you may be in a better position (financially) to deal with them then ie... lawyer etc... Rather than loosing 8.5k. Hope things work out for you.


Dale

 

Hey Dale thanks for taking my cover to John Eagle. I really appreciate that.

and good luck on getting your car fixed.