n3o

iTrader: (2)

So I was bringing a box downstairs to the garage at work and I saw my S2k sitting there covered in dust. My S2000 is a 2002 Berlina w/ 105 on the chassis and 6x,xxx on the motor. I recently turbo'd it and then it all went to hell.

I absolutely use to love driving that car, way more then the '08 STi I had...until I bought my TL. It might be because I put stiffer motor mounts, a greddy bolt on turbo kit and its lowered, but I find my TL WAY more fun to beat on around the backroads...I can't believe I just said that lol.

The truth is I bought the S2000 as a project car because I couldn't afford an NSX, but I've come to terms with the fact that I just can't do what I want with it. I'm super anal when it comes to cars (my TL has a hole from the plate being screwed in on the bumper and an imprint...perfect excuse to buy a TL-S bumper...lol) and the S2000 needs a bit of body work to fix a few dings and a respray. It also is going to need a clutch and a tune. It seems never ending so I was thinking today and this is where you guys come in.

I owe roughly $13,3xx.xx on my TL. I can probably get 11-12k from parting out the S2000 and selling it. I can either put 10 towards paying it off and the other 2 on the mods I wanna do to the TL (lip kit/coilovers/bumper) and then have no payments other then the insurance, or I can use that money to put as a downpayment and take out another loan for the NSX (will be around 15-17k). I'm still young and new to the real world and all of its bending you over's so I don't know what would be a better idea, if either. Am I more likely to get a loan if I have absolutely no debt, or some small credit card (couple of hundred or a thousand) debt? Because I've heard not having any debt is almost as bad as having too much when it comes to applying for loans and such. Oh wise AZine members, shower me with your wisdom.

Hapa DC5

Well if you sell the S2K, pay off the TL completely or as close to it as you can. Get that title with your name on it in hand. Then pay yourself each month what you would be paying towards the car note.

With that money save up a few Gs mod your car and pay off the rest of your CC debt.

Do not get another car. Save save save for a rainy day. There will always be cars to have and you'll get that NSX you always wanted eventually and maybe even pay cash for it in a few years and have another car without a payment. TL for a daily driver, NSX as a weekend car.

That's what I would do... GL with your choices.

princelybug

iTrader: (16)

Pay off the TL. Wait on the NSX.

Hapa DC5

Oh yeah, it takes a shit load of patience to pull it off, trust me I want a new car every few years and an extra car to tinker around with, but I think it's worth the wait.

bzyrice

iTrader: (10)

Yah smart thing to do would be to sell the s2k. And payoff any debt you have. And put aside money every month.. You will be happy when you get old. You may retire early too.

BUUUTT.. You only live once!! haha.. If I wasn't going to have a wedding next year I would be turboing my TL and buying an s2k as my fun car.. I do still save some money.. but I really want to enjoy what I have.. I am happy now lol ..

jsonkimz

iTrader: (1)

In my opinion, being completely debt free is the best possible situation that you can EVER be in (I completely disagree about debt free being just as bad as having a lot of debt). I would do the best that you can as far as paying off your TL, and as Hapa said, take that money that you would typically make a car payment with and pay yourself every month. It sounds like you really enjoy your TL, so why not save up all the extra cash and then someday you can really treat yourself.

Believe me, there's something to be said about being able to not have any financial worries. You won't regret it, and once you're in a really solid financial situation (no debt, a good amount of savings, etc...) you can be able to get your NSX with no worries. Just my .02

S PAW 1

Well, since you asked for advice from older members

So far, the advice offered is solid. Being debt free is the way to go.
But IMO, the history that you have shown in your post says that probably won't happen.

NSX desires, which only a few of us can even imagine, Turbo'ing an S2000 (which is a huge waste, since many have tried to increase the S2000 hp, only to find that the gain was minimal, and was nowhere worth the cost involved). The hp to weight, and hp per liter is already one of the highest of any production car. It's pretty well max'd out.

Not bashing you, just commenting upon what you have already revealed.

In today's market, the old theory of needing debt to produce good credit doesn't make it. That is how we got ourselves into this situation.

Cash is gold. Good credit is even better, although IMO the rules for credit will soon change.

Good luck on whatever decision you make.

Will Y.

I'm middle-aged (not as decrepit as my kids say!) and second all the young whippersnappers and geezers above.

2Slo4U

Some real good advice is in this thread!

I'm middle-aged as well and have a firm belief that being "debt-free" is the only the way to go. Your statement about having "no debt is as bad as having bad debt" is a bunch of BS. Once someone establishes good credit and can maintain it, debt is just something that you "pay to the man" each month. If I were you, I would put a hold on your planned modifications, sell your S2000, put ALL the money from the sell towards your TL. Once you have that paid off, then start the modifications when you can pay cash for them. Having a title in hand with no lien is a great feeling. In my opinion, debt is nothing more than a lack of "self-control." It's definitely not an easy thing to manage but once you are debt free, it makes a world of difference.

A few things my wife and I have learned along the way are:
-Save for a rainy day - trust me, one, two or three rainy days will appear when you least expect it. I'm not referring to a small repair bill, I'm talking about lost jobs, family issues, life turned upside down due to accidents, etc
-Make sure you are putting away money for retirement
-CC companies and banks like to use the term "building your credit" as a friendly phrase to "staying in debt"
-Save for a rainy day
-Have to know your finances--you mention that you have a couple of hundred or thousand dollars on a CC. Which is it? If you don't know, you don't have control of your finances.
-Save for a rainy day

This is my two cents (pun intended)


-

1fsthatch

lifes short if you can afford it do it. Just make sure you dont put your "TOYS" in front of your health & family

TheDanger

Pay off TL and sell S2k. If you think the s2k was a money pit. A nsx would be a even bigger one.

2Slo4U

Some real good advice is in this thread!

I'm middle-aged as well and have a firm belief that being "debt-free" is the only the way to go. Your statement about having "no debt is as bad as having bad credit" is a bunch of BS. Once someone establishes good credit and can maintain it, debt is just something that you "pay to the man" each month. If I were you, I would put a hold on your planned modifications, sell your S2000, put ALL the money from the sell towards your TL. Once you have that paid off, then start the modifications when you can pay cash for them. Having a title in hand with no lien is a great feeling. In my opinion, debt is nothing more than a lack of "self-control." It's definitely not an easy thing to manage but once you are debt free, it makes a world of difference.

A few things my wife and I have learned along the way are:
-Save for a rainy day - trust me, one, two or three rainy days will appear when you least expect it. I'm not referring to a small repair bill, I'm talking about lost jobs, family issues, life turned upside down due to accidents, etc
-Make sure you are putting away money for retirement
-CC companies and banks like to use the term "building your credit" as a friendly phrase to "staying in debt"
-Save for a rainy day
-Have to know your finances--you mention that you have a couple of hundred or thousand dollars on a CC. Which is it? If you don't know, you don't have control of your finances.
-Save for a rainy day

This is my two cents (pun intended)

1fsthatch

i love s2000's i cant bealieve the TL rides better

Blown

Another thing to keep in mind as far as the NSX goes is the older the car you buy, the higher the interest rate is going to be if you finance it. For example, even with an auto based FICO score of 800 the best rate you could probably get right now would be 6.9%. If your credit is not the greatest then you're looking at anywhere from 10% and up. So it's a better idea to pay off your TL now with what you get from the S2000 and save up for the NSX.

Hapa DC5

So I wonder if the OP is going to follow the advice given?

thait

iTrader: (2)

im 21 and technically still pretty new around here. nsx is one of the car i will own and that's for sure down the line. the idea of no payment is great so i would sell the s2k and pay off the tl to get the title first. then with your new non-payment car you get a bigger paycheck to spend on yourself or the car. mod it up or start a new saving toward your nsx!
im currently saving up for a house with my sister. after that it will be the nsx. its great to have no car payments! my first year with this car was a hell when i couldnt go out as much so i can payoff the tl.

wrxyboy

iTrader: (2)

Also just from your post i can tell that you will want to mod the NSX and parts very pricey.

n3o

iTrader: (2)

I do too, trust me. Completely stock the car is a blast...once you start modding it it all goes out the window. The TL is comfortable, but with a Progress RSB, TL-S steering rack, some sticky tires and a bunch of shifter mods, the car is an absolute blast to toss around and then jump on the highway and commute 300 miles comfortably.

Just sold the wheels/tires/lugs off my S2000. Almost done taking the stereo equip. out. Turbo uninstall will commence this weekend. Going to wait till I sell all the mods and pay off the petty debts of 3,400 (Best Buy CC, Paypal, CC and parents) and once I sell the car write a check to the credit union along with the money I get from my yearly bonus. Should have the car payed off by end of May, granted I can sell my S2k soon.

Lol. If I had it my way it will have about 15k worth of bolt ons...but thats why I want to get this car. Its something I plan on keeping with me until gasoline is no longer affordable.

shadowkahn

So, June. .

n3o

iTrader: (2)

hahaha, lets hope not. Luckily gas prices have stayed pretty steady in CT for the last year or so.

BillMFD3

Asking an old guy this question (me) will get you the following -
you cann't buy time so enjoy yourself while you can (within reason of course).

Been there, I sold my S2000 and got a...
www.snapdrive.net/files/103405/IMG_2137.JPG

Hapa DC5

^ page not found.

n3o

iTrader: (2)

Oh man. such om nom nom's. How do you like the FD? Thats another chassis that I always absolutely loved when I was a kid.

prophoenix

It is found, just AZ couldn't redirect properly:

http://www.snapdrive.net/files/103405/IMG_2137.JPG

laakness

Pay it off

blueridger

Another fan a being debt free. As someone above said, save what you've been paying in loan payments and very soon you'll be able to pay cash for another car. A Finance coach once told me... "Cash is Cash; Everything else is negotiable."

BillMFD3

I just hated the digital dash on the s2000 and my top got cut twice. I had an original 1980 RX back in the day and always loved it and had to get another.

Cerezo

If I were you I'd sell the TL and keep the s2k. It may sound odd but you'll find that later in life you won't be able to drive a small coupe around much. I am still waiting for the day that I could buy a small coupe again. If I were to buy one tomorrow, I'd pick up a 05 s2k. And forget about the NSX. No toy cars before you have mortgages.

tl_dinhsum84

pay off the damn car and same some money for a business then make that money out of your buisness and buy a gtr

erdoc48

I agree with the people who say to pay off the TL and don't get the NSX. I'm sure it will be big $$$ to insure as as well since you're 22 years old. The most important advice I can give is to start saving for retirement now! I'm sure you normally don't think 40 or so years into the future, but the key is in compounding interest:

“The most powerful force in the universe is compound interest”

-Albert Einstein

Social security will only give a limited benefit if at all in the future, so a solid retirement plan that is started as early as possible will allow you to have a great life when you're older. You need to contribute on a regular basis.

I'm not quite debt free (mortgages on 2 homes only at this time), but it feels great to be in the position I'm in (school loans, car loans, home equity loans all paid off and CC debt paid in full monthly). The less you owe, the less you have to work. Lastly, having good credit means that you have the ability to access a reserve of cash/ credit, but should not have a lot of debt (your FICO score is based on the amount of credit available referenced to how much debt you have).

Always pay off your credit cards in full each month. If you want something but can't afford it, wait until you can, buy on credit, then pay it off within the grace period (owing no interest)- this is a great way to increase your FICO score. Recognize 'wants' from 'needs'.

Paying off the TL early...priceless!

Yes, I'm older, but experienced.

S PAW 1

[QUOTE=erdoc48;11952001]I agree with the people who say to pay off the TL and don't get the NSX. I'm sure it will be big $$$ to insure as as well since you're 22 years old. The most important advice I can give is to start saving for retirement now! I'm sure you normally don't think 40 or so years into the future, but the key is in compounding interest:

“The most powerful force in the universe is compound interest”

-Albert Einstein


Agree with your post in general, but the term "compound interest" did not exist in Einstein's era. It had terms that equated to mafia interest rates, but nothing more!