Is it true, if you can't afford a car new you can't afford it used?

[Jamolah]

As the title explains, is this adage true? "If you can't afford a car when it's new, you can't afford it when it's used"?

Now that I'm reading more and more about the NSX and the maintenance involved in the upkeep of the car, i.e. TB/Water pump, clutch and/or shocks/springs. These are pretty expensive items.

As reliable as Honda's are a 16 to 11 year old car still requires maintenance. I'm wondering is the NSX a money pit?

From reading a lot of the posts and seeing some of the profiles of people on this board it seems like most of you are well of / rich.

I'm far from being rich. Can you afford this car on a middle-class salary?

 

[Fatal Lightning]

I don't think it's the salary that matters....it's more along the lines of YOUR budget.

I think we all have different situations.

I know what guy who makes quite a bit, but since he spends so much, he is currently behind the eight ball. :S

 

[BD]

Can you afford this car on a middle-class salary?

Do you know how many 18/20 years old kids out there right now driving their NSX? The key is to find a clean used one with well kept record. After all, a low mileage NA1 NSX can still be found for less $$$ than a new TL-S.

Hypothetical speaking, if you did what I did, bought a two years old NSX, with 17k down payment, financed 67k (including 100k warantee), with Honda special 4.49 rate, you are talking about $1225 per month for 60 months...

My previous NSX was a 1995 bought in 2003, with 13k down, I was paying 550 a month.

Do you want to pick up a "almost" new NSX with that kind of payment? or you want to get a well kept used NSX with little bit of mileage on it for less than 500 a month? There is a price to be paid either route you take, just matter of be able to swing it.

 

[DrVolkl]

TB water pump is every 6 years...yeah, it's expensive...but it's every 6 years. $1500 or so.

Clutch? Well, that's expensive too, but clutches last for quite awhile on these cars. Some get 60k or more. ~$2000k total installed.

Rear tires are what's going to cost you the most...the car's aggressive camber tends to go through them quick, but again, depends on how much you drive it.

If you can afford it as a 2nd car or weekend car, the NSX is probably one of the cheapest high performance sports cars you can own. Honda reliability.

If it's your daily driver...well, sure it will cost you more then a Toyota Camry, but I don't think it's any more expensive than a European sedan or other luxury car.

Just don't be fooled into thinking that you're going to pick up a '91 NSX for $30k and drive it for 100k miles and not spend any money on it.

When it does break, the parts will coincide with a $70k vehicle. Luckily it's a Honda and it won't break often. (if at all). Maintenance is all you really need to worry about.

 

[Jetpilot3]

Depends also where you are in life. When I was in my 20's I lived at home, went to school, and spent every single $ on cars.

I would think that if you're close to your 30's then priorities are home, retirement, savings, then lifestyle (NSX). I waited years to finally own one and definately set myself up first (home, investments) then bought an NSX outright. If you can get an NSX within reasonable payments then go for it!

Once you own one be prepared for higher than normal service repairs and any modifications you wish to add on ($$$).

Maintenance is crucial to a good ownership experience.

 

[Jamolah]

Do you know how many 18/20 years old kids out there right now driving their NSX? The key is to find a clean used one with well kept record. After all, a low mileage NA1 NSX can still be found for less $$$ than a new TL-S.

Hypothetical speaking, if you did what I did, bought a two years old NSX, with 17k down payment, financed 67k (including 100k warantee), with Honda special 4.49 rate, you are talking about $1225 per month for 60 months...

My previous NSX was a 1995 bought in 2003, with 13k down, I was paying 550 a month.

Do you want to pick up a "almost" new NSX with that kind of payment? or you want to get a well kept used NSX with little bit of mileage on it for less than 500 a month? There is a price to be paid either route you take, just matter of be able to swing it.

Yah but those 18/20 year old kids are living at home. So they have a lot of disposable income.

It's a bit harder when you have a middle class salary and have mortgage payments, cell phone, cable, food, property taxes, house insurance, car insurance, etc... Granted these amounts are split in half with my girlfriend. But, still...

There's no way in hell I can afford $1225/month, that's for sure. $550/month or less would be more my speed. I'm just worried on top of the payments, and regular stuff like tires, breaks and oil changes. The big ticket items will make this car a money pit for my salary bracket.

That's why I kind of asked the question, if you can't afford the car new, you can't afford it used. Because when you buy used, old car out of warranty you have to deal with the maintenance out of pocket. I can just imagine if an engine blows-up or the transmission shreds apart on these cars. YIKES!

Depends also where you are in life. When I was in my 20's I lived at home, went to school, and spent every single $ on cars.

I would think that if you're close to your 30's then priorities are home, retirement, savings, then lifestyle (NSX). I waited years to finally own one and definately set myself up first (home, investments) then bought an NSX outright. If you can get an NSX within reasonable payments then go for it!

Once you own one be prepared for higher than normal service repairs and any modifications you wish to add on ($$$).

Maintenance is crucial to a good ownership experience.

Good point Jetpilot, as you, when I was in my early to mid 20's I spent/wasted all my money on cars / motorcycles. Now that I'm a bit older (in my early 30's), I've "wisened" up a bit. I now have a house, my retirement is set through my employer. And I have a very stable job (Government). I'm still worried that this car will be a huge money pit, because of age and it's bespoke design and engineering. What really worries me is an engine blow-up or transmission replace, even if TB/WP have been done.

 

[Jetpilot3]

Meh...if your engine or transmission goes there's no one telling you it needs to be fixed immediately. Save up some money and then pay for the work to be done.

I think anyone can own an NSX on a middle class income and it all depends on how you prioritize spending.

As a side note I've got a 1991 converted to +02 and it hardly costs anything in terms of maintenance really. I made sure I bought an early NSX with all the major work done (TB, WP, Clutch, etc).

 

[nerzhulvendor]

I believe if you can't afford a mid range sports car outright in cash (new or used) you shouldn't buy it. The monthly payments will probably be stretching your budget and the maintenance will just kill it.

Maintenance for this car is pretty cheap for a sports car, when looking at other cars in its class. But it seems your standard is a civic, and the NSX's maintenance is a butt load compared to a civic. I hope you can afford the gas as well.

 

[NSX GT]

Yeah, i would say it's a money pit. But not because of maint. costs, but from the "Mod Bug". There is so much modifications and accessories that you can get for the NSX. It's almost like an obsession and an addiction. It's a never ending list of mods and $$$$$$$.:biggrin:

 

[BD]

Yah but those 18/20 year old kids are living at home. So they have a lot of disposable income.

It's a bit harder when you have a middle class salary and have mortgage payments, cell phone, cable, food, property taxes, house insurance, car insurance, etc... Granted these amounts are split in half with my girlfriend. But, still...

There's no way in hell I can afford $1225/month, that's for sure. $550/month or less would be more my speed. I'm just worried on top of the payments, and regular stuff like tires, breaks and oil changes. The big ticket items will make this car a money pit for my salary bracket.

That's why I kind of asked the question, if you can't afford the car new, you can't afford it used. Because when you buy used, old car out of warranty you have to deal with the maintenance out of pocket. I can just imagine if an engine blows-up or the transmission shreds apart on these cars. YIKES!

I'm doing the same thing, all by my self. Two property bought no money down (California and Seattle). Two cars (03 NSX and 08 S2k CR). I pick up the tab for every thing I do, no kids, no wife, no one to support. I'm sure I would not be able to do what I'm doing right now if I have a family, if I have a jobless wife.

In fact, I'm feeling the pressure right now since my business is slower than this time last year by as much as 40%.


If you seriously want a NSX, look for a early NA2 (97 to 2001) that is well maintained and have all the important service already done. Set aside some cash for emergency repairs. You will be fine. Driving pleasure out weights the financial burden of owning a used NSX. The car is very reliable when well kept.

 

[Meeyatch1]

The car itself is very reliable, but you should be able to set aside a few thousand dollars per year for maintenance and incidentals. If that seems like it is not in the budget, you may want to re-think the idea. It is easy to spend quite a bit on this car from just tires and maintenance if you are taking care of your care properly. There are a lot of NSXs running around out there that may look nice, but are not properly maintained with fluids being flushed and routine maintenance being done on time. Just keep that in mind so that you can be in a position to really enjoy your NSX, because owning one and having to stretch to keep it up is not fun.

 

[navyflydoc]

Anyone can afford a NSX with a "normal salary". If you follow at least two of these house rules.
1- Stay single
2- No kids
3- Live with parents or get a roommate
4- Obtain friends who are car mechanics.

 

[Jamolah]

I believe if you can't afford a mid range sports car outright in cash (new or used) you shouldn't buy it. The monthly payments will probably be stretching your budget and the maintenance will just kill it.

Maintenance for this car is pretty cheap for a sports car, when looking at other cars in its class. But it seems your standard is a civic, and the NSX's maintenance is a butt load compared to a civic. I hope you can afford the gas as well.

Yah I've heard that theory as well. Pay for your luxuries cash. Wow that means I have to wait about 2 years before getting the NSX or a sports car. hmmmmmm... That's a long time.

I'm doing the same thing, all by my self. Two property bought no money down (California and Seattle). Two cars (03 NSX and 08 S2k CR). I pick up the tab for every thing I do, no kids, no wife, no one to support. I'm sure I would not be able to do what I'm doing right now if I have a family, if I have a jobless wife.

In fact, I'm feeling the pressure right now since my business is slower than this time last year by as much as 40%.


If you seriously want a NSX, look for a early NA2 (97 to 2001) that is well maintained and have all the important service already done. Set aside some cash for emergency repairs. You will be fine. Driving pleasure out weights the financial burden of owning a used NSX. The car is very reliable when well kept.

Obviously you make a hell of a lot more money than me and my Girlfriend put together make.

My hopes where raised when I saw that 1999 NSX for $42,000:
http://www.nsxprime.com/forums/showthread.php?t=104652
But it doesn't have service history and has 83,000miles on it. So that explains why it was so cheap. But after doing a bit more research NA2 are selling in the $50K range. Heck I'm seeing NA1 with low miles selling in the mid $50K range. I think I might have to re-asses whether or not I can "afford" this car or not.

 

[Searchin4acoupe]

To answer your question directly, I'd say your statement is untrue. I couldn't afford to buy my '95 Legend new, but I have no problem affording to keep it going.

I don't own an NSX, but I can tell you that every one of the 10 Hondas/Acuras that I have owned, have been VERY good to me in return for keeping up on regular maintenance items. My daily driver is getting ready to roll 333k and I still drive the piss out of it. It has far outlived all of my domestic-buying neighbor's cars. Yea, it's "just" an old Accord, but if my 16 year old P.O.S. can serve me this well, won't an $80k NSX do at least as well? I'm betting yes.

Bottom line, find one that has been maintained, with records, and you'll have excellent reliability and minimal unexpected expenses as long as you continue to keep it up.

Good Luck!

 

[nerzhulvendor]

Yah I've heard that theory as well. Pay for your luxuries cash. Wow that means I have to wait about 2 years before getting the NSX or a sports car. hmmmmmm... That's a long time.

Maybe you should explain your immediate need to satisfy yourself to those people who wanted a house; couldn't wait to get a decent sized down payment and got a sub prime mortgage.

Immediate gratification is an American thing that should be kept under control. Don't try and live outside your means.

I don't think you want to get your car repossessed by the bank.

4- Obtain friends who are car mechanics.

=)

 

[damthatbeaver]

If you want an NSX, purchase a 91 model...and then hold onto it and drive it an average amount of time - that way, you can pay her off and not incur any major problems. If you go in debt on the car and then drive her non-stop, then you will have to pay for some items...and you will not be able to pay your loan back as fast as you could have. I bought my 91 last Christmas and I am happy to have her and be able to start her up and drive her on occassion - its the ownership concept that is important...the NSX is a thing of beauty...I will have lots of time to drive my baby in the near future...it was just important to get the car of my dreams...and holding onto her is equally important. Many will say that you ahve to live for today and drive the car all the time...well most of the those people have the funds to fix things on the car...or they own it outright! You are in a different position...and if your like me - you could give a hoot what others think...be true to yourself and to your situation in life...don't live according to another's ways or wants.

Dam

 

[NSXFRIEND]

As the title explains, is this adage true? "If you can't afford a car when it's new, you can't afford it when it's used"?

Now that I'm reading more and more about the NSX and the maintenance involved in the upkeep of the car, i.e. TB/Water pump, clutch and/or shocks/springs. These are pretty expensive items.

As reliable as Honda's are a 16 to 11 year old car still requires maintenance. I'm wondering is the NSX a money pit?

From reading a lot of the posts and seeing some of the profiles of people on this board it seems like most of you are well of / rich.

I'm far from being rich. Can you afford this car on a middle-class salary?

If you decide to finance I would recommend putting at least half the money down and 5 year loan to give yourself low monthly payments say around $320 on a 30k loan. If you can find a 91 with TB+Clutch+A/C work done that would be your best option. If you buy an NSX for 26-28k you need to leave $5k aside to bring the car up to spec, and dont expect A or B condition at this price. If you buy an NA2 for 45K+ and drive it often it will depreciate much more than an NA1.

Good luck

 

[davidf]

I noticed you mentioned "girlfriend pays half the bills". I'm being realistic here, what if you split up? Can you afford it then? Unfortunately you have to account for things like that sometimes. Bottom line is, can you make it w/out her.

 

[Jamolah]

If you decide to finance I would recommend putting at least half the money down and 5 year loan to give yourself low monthly payments say around $320 on a 30k loan. If you can find a 91 with TB+Clutch+A/C work done that would be your best option. If you buy an NSX for 26-28k you need to leave $5k aside to bring the car up to spec, and dont expect A or B condition at this price. If you buy an NA2 for 45K+ and drive it often it will depreciate much more than an NA1.
Good luck

For $30K I could easily afford it, but I'm in Canada, to come by anything decent for $30K is impossible. Yes I'd be putting down $14K on the loan. Up here you are looking in the $36K and up for anything decent, and that's for an NA1.
Just to give you an example of Canadian prices, check out this link:
http://www.canadatrader.com/result/detailinfo.aspx?ID=25364117&pgno=3&srt=1

I noticed you mentioned "girlfriend pays half the bills". I'm being realistic here, what if you split up? Can you afford it then? Unfortunately you have to account for things like that sometimes. Bottom line is, can you make it w/out her.

To be honest, nope, I wouldn't be able to afford my daily driver an NSX and the house on my own.

 

[NSXAMG996TT]

Not true. I don't have a problem buying used on a depreciating asset. That's where leasing new makes more sense (another topic). For the NSX, they are all used right? So, it depends on how much you can comfortably stretch your budget.

 

[4AU4LIFE]

Hey, I've got an idea for you.
How about creating a poll asking how much money everyone makes since they can afford an NSX. Then you can see just exactly how rich we all are.

 

[Jamolah]

Hey, I've got an idea for you.
How about creating a poll asking how much money everyone makes since they can afford an NSX. Then you can see just exactly how rich we all are.

Thanks for that great idea. I don't understand why you had to respond with a condescending post.

I was simply asking if, some-one like me who makes a middle-class salary could afford this car. I’m not trying to ask or figure out what NSXPRIME members’ income is. I just wanted to get an idea if the maintenance / up keep would kill my wallet.

I didn’t think I was being rude in asking my original question, so I don’t get why your response was like that. I’m trying to get as much info as possible and do my home work about an 11 to 16 year old sports car.

If you want to discuss this further, please, PM. I don’t want to clutter the public form with this back and forth stuff.

 

[davidf]

I think alot depends on were you live also. House payments/taxes/cost of living. If I lived in california on my salary I would be in a Geo Metro, a newer model of course:biggrin: On a more serious note, I'm not sure the status of your relationship, but I would'nt bind myself up for 5 years of NSX payments if I could swing it without her help. I hope you stay together but shit does happen.

 

[davidf]

I think alot depends on were you live also. House payments/taxes/cost of living. If I lived in california on my salary I would be in a Geo Metro, a newer model of course:biggrin: On a more serious note, I'm not sure the status of your relationship, but I would'nt bind myself up for 5 years of NSX payments if I could swing it without her help. I hope you stay together but shit does happen.

I meant if you could'nt swing it w/out her. I really should proof read my posts.:redface:

 

[damthatbeaver]

It is untrue to state that you cannot get a good 91 NSX for $30,000 or less - I bought mine for $29,000 and it came with the following:

Tein Adjustable Suspension
Full Wings West Body Kit
18/19 Niche Rhine Rims/Tires
Dali Exhaust
Dali Coolant Resevoir
Updated Speaker/stereo system with LCD/DVD Monitor
Water Pump/Timing Belt Done
Cam Plugs/Seals Done
New Front Windshield
Tune-up
198,000kms - some paint chips - no dents/passenger door regulator needed
to be replaced

Be patient...:redface:

Dam