Are you in school too?

Sort of a random thread, I'm just wondering who else is in my shoes.

I found a 2000 with 15k for $22,000. Silverstone with red int. Payments will be about 325/month


Modified by VTECorona at 8:38 PM 5/14/2004

 

either you're putting money down or you are doing a SIX YEAR LOAN (with $1K down). I assumed a rate of 5%. the $325 just doesn't compute unless you put something down. 3.9% is about the best you can do with an unsubsidized loan on a used car, maybe a tenth or so less. even then, the payment doesn't add up.

A six year loan is a bad deal. every single decent personal financial advisor will say that. yer gonna be upside down for the next 3.5-4 years. I would SERIOUSLY consider a 5 year loan; it'll add about $60 a month, but save you from making a whole year's worth of payments and you'll build actual equity in the car a lot sooner.

The car will be TEN years old when you stop paying for it.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by steven975 &raquo;</TD></TR><TR><TD CLASS="quote">either you're putting money down or you are doing a SIX YEAR LOAN (with $1K down). I assumed a rate of 5%. the $325 just doesn't compute unless you put something down. 3.9% is about the best you can do with an unsubsidized loan on a used car, maybe a tenth or so less. even then, the payment doesn't add up.

A six year loan is a bad deal. every single decent personal financial advisor will say that. yer gonna be upside down for the next 3.5-4 years. I would SERIOUSLY consider a 5 year loan; it'll add about $60 a month, but save you from making a whole year's worth of payments and you'll build actual equity in the car a lot sooner.

The car will be TEN years old when you stop paying for it.</TD></TR></TABLE>
definetly...i would never finance over 6 years. right now i'm looking to pick up an S within the next month, and i'm looking to spend anywhere between 18 and 23k...looking to put about 7-10 down. that should make my payments VERY low (low to mid 200's)

 

Picked up the car today, damn I love it.

I put $6000 down, 5 year loan, 5.9% APR. My payments are approx $338, I'll live.

 

I think ours are $505 a month, at 3% or so, for 4 years. We put a grand down.

It was used, with 12k miles on the odo. No wear at all, and nothing to indicate it was used at all. It was cleaner than the 8k mile car right next to it.

 

10 year loans are in the works. Complete nightmares...

 

$50x a month. $34,400 final price. Put like 8500 down or so.

 

Did any of you guys get the seat locks from that dude kodoken on s2ki.com?


Modified by VTECorona at 4:58 PM 5/16/2004

 

vtecorona: do you have any pics of your s2k

congrats on your new car btw

 

I'll probably snap a few shots in a little bit or tomorrow.

Thanks dude

 

"10 year loans are in the works. Complete nightmares..."

Yep, GM and Ford conjure up this stuff so they can sell the H2's/Excursions to people who can't afford it. I'd bet that most of those expensive soccer mom SUVs are financed at 6-8 years already. Of course, they don't understand why they still owe 80% of the original amount 3 years later when they are tired of it and trade it in...then they finance the $5-10K+ they are in the hole on their next loan (on an even more expensive car). Repeat as necessary until they have a $40K loan for a Cavalier.

It's kinda funny, but kinda not. Basically, it just lets the loaner charge interest for more years. They LOVE to finance the upside-down amount. Of course, most of these people have below aveage beacon scores so they pay higher rates too. And, it's fairly safe because autos are secured loans (and likely to be paid first by the owner who needs a car).

Anyway, my 01 was $22K. I put about $2K down, which covered tax, warranty, and a little bit of the car. My payment is $425 for 5yrs at 3.9%. VTECCorona, did you shop for a loan or just go with what the dealer said you could get?

 

I called the bank that I got my Integra loan for and the rate was like .5 points less. I just went with the dealership because it saved me a shitload of running around, I bought the car in a different state.

 

I bought a Formula Red 2000 S2k with 12,600 mi on it for $19,400 about 3 months ago. I paid cash, so I pay $0/mo But I bought it as a certified used Honda from a dealer. So I could have gotten the 2.9% financing rate Honda Finance had going at the time if I wanted to.

Andrew

 

Congrats!! Enjoy!!

Paying full in cash is a beautiful thing..

 

I bought this car new back in 01 and paid $33,000 out the door. I put down $20,000 and financed the rest. I pay about $280 a month. Yeah I know I could have gotten a better deal but thats what I did then. My interest rate/percent is like 5 or 6 percent. I owe about $4000 right now but then again I have close to $25,000 in aftermarket parts. Now its time for a new car...

 

Monthly payment: $0

And in school. paying cash 0wns

 

I just picked up my new s2k this past Saturday. The car was $22,500. It was a 2001 Grand Prix White s2k with red interior with 23,000 miles on her. I put 8k down, with 4.9% over 60 months. My payments come out to $337.00 a month.

 

Did you buy privately or from a dealership, boostedsol?

 

congrats on the new car. seems like a killer price. $338 a month sounds awesome.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECorona &raquo;</TD></TR><TR><TD CLASS="quote">Did you buy privately or from a dealership, boostedsol?</TD></TR></TABLE>

I drove to Star Honda in Abilene TX to pick the car up. They were asking roughly 25k for it at first, and I had $9500 cash from selling my sol. I have amazing credit, and am only 22 yrs old, but basically American Honda could finance me for 4.9%, put 8k down, bought a 100k mile, or 8yr extended warranty on the car as well which kicked the monthly price up 25 bux or so. The car still has 12k miles on the original factory warranty, or 3 months, whichever comes first.

Next step was buying the carfax, and it came out clean. Then I took the VIN # over to the honda dealership down here, and had my mechanic buddy check it on hondas system to see if anything came up. Basically the car was never wrecked or had any mechanical failures. It came up clean as a whistle on the honda system as well. I knew I had the car, and it was just up to me when I wanted to go down and pick it up.

I told the guy selling the car at the honda dealership that it didnt have any options (lip, spoiler, etc.), and that I could get one in austin tx for cheaper w/ all of that stuff. He then dropped down $700, and I told him that it wasnt good enough, that I would have to talk to my dad first. Then he came down to $23k. I told him if he could do it for 22k, that I would go down there immediatley. Unfortunately he couldnt, but we negotiated to meet half way if he got me 4.9% financing, which he did.

The car is IMMACULATE, and is the color combo I wanted (GPW w/ black/red interior). The car is like a new car seriously. I feel that I got a good deal, but if he could have come down another $500 or so, it would have been extra sweet.

Oh well, I still have 2k cash leftover, and this car needs a system. Boy oh boy does the stock stereo blow! to honda for even putting this setup in the car. WTF were they thinking? A car like this should have decent sound atleast. Overall the deal was a good one, and I am a proud owner of an awesome car.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Phil DeVtec &raquo;</TD></TR><TR><TD CLASS="quote">congrats on the new car. seems like a killer price. $338 a month sounds awesome.</TD></TR></TABLE>

Thanks bud!

 

Your S is pretty much in the same condition as mine. It's a 2000 and by looking at the soft top I can honestly say it has only seen rain a few times, if any. It drives like it is brand new, interior and exterior are mint, as well. The engine is spotless and the header heatshield is still shiny. It just hit 19k on the odo today. I bought it on sunday and drove it about 100 miles already . I also wanted to get one with the lip, side strakes, and rear spoiler but I couldn't pass this one up.

Have any mod plans for yours yet?

 

Welp, for now I really just want to get a badass sound system, the hardtop, oem front lip, and the rear spoiler. I think I will leave it all stock as far as engine mods are concerned. Congrats on the new s2k btw

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by boostedsol &raquo;</TD></TR><TR><TD CLASS="quote">Welp, for now I really just want to get a badass sound system, the hardtop, oem front lip, and the rear spoiler. I think I will leave it all stock as far as engine mods are concerned. Congrats on the new s2k btw </TD></TR></TABLE>

Thanks dude, you too. Quite a few honda-tech members just bought or are shopping for an S2000.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECorona &raquo;</TD></TR><TR><TD CLASS="quote">

Thanks dude, you too. Quite a few honda-tech members just bought or are shopping for an S2000. </TD></TR></TABLE>

Yea, it is a really great car. I miss the power of my turbo sol, but this car is totally different. I honestly believe that this is one of the best overall driving experiences one will encounter in their lives.