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

[EuroBoutique]

I think the OP's initial question was unclear since you cannot really ask that question.

With used car prices dropping like a rock, you can have a guy who bought a used SL55 AMG for $40k and roll around like he spent $120k. Can he afford it most likely but if it breaks down with no warranty, he'll probably put it on his credit card (repairs) and sell it.

In the case of early model nsx's they ARE NOT that expensive so I don't understand why people keep asking if they can afford it like it's a $90k car! With most NSX's in the $30k range, anyone can just take a car loan and pay like $500 per month. Assuming you can get the loan, the car is yours.

As for maintenance, I always live by the slogan, if you wanna play, you gotta pay. The NSX goes through tires FASTER than most cars. But maintenance is no more than anyother comparable $30-50k car. Given most of those cars might have some warranty vs. the NSX.

But if you are nickel diming over maintenance costs, then perhaps you should re-evaluate your budget since no sports car is practical.

I waited 15 years to buy my first NSX. Its' not because I couldn't afford it sooner but I did not want it to be my only car! You must have at least one other car in my opinion. I now have a few cars in my stable so the NSX is a "fun" car.

My things are:

1) If this is your only car, forget it....
2) Check insurance rates on the car if you are relatively young
3) Whether you can accord depends on demographics and your own spending
4) Buy within your budget and "plan" to spend $2k per year on unexpected things, so you are not caught off guard.


gluck
rick

 

[Jamolah]

You're right. The answer to the original question is "no."

Okay so I guess I can't afford it. :frown:

I think the OP's initial question was unclear since you cannot really ask that question.

With used car prices dropping like a rock, you can have a guy who bought a used SL55 AMG for $40k and roll around like he spent $120k. Can he afford it most likely but if it breaks down with no warranty, he'll probably put it on his credit card (repairs) and sell it.

In the case of early model nsx's they ARE NOT that expensive so I don't understand why people keep asking if they can afford it like it's a $90k car! With most NSX's in the $30k range, anyone can just take a car loan and pay like $500 per month. Assuming you can get the loan, the car is yours.

As for maintenance, I always live by the slogan, if you wanna play, you gotta pay. The NSX goes through tires FASTER than most cars. But maintenance is no more than anyother comparable $30-50k car. Given most of those cars might have some warranty vs. the NSX.

But if you are nickel diming over maintenance costs, then perhaps you should re-evaluate your budget since no sports car is practical.

I waited 15 years to buy my first NSX. Its' not because I couldn't afford it sooner but I did not want it to be my only car! You must have at least one other car in my opinion. I now have a few cars in my stable so the NSX is a "fun" car.

My things are:

1) If this is your only car, forget it....
2) Check insurance rates on the car if you are relatively young
3) Whether you can accord depends on demographics and your own spending
4) Buy within your budget and "plan" to spend $2k per year on unexpected things, so you are not caught off guard.


gluck
rick

But I've heard this saying a few times before "If you can't afford it new, you can't afford it used", I wanted to know if this applies to the NSX. For the most part people are saying it is affordable on an middle-class salary.

No it wouldn't be my only car. I have a daily driver.

$2,000/year isn't bad. But it was the bigger stuff that was worrying me. Blown engine and/or transmission. Most people are saying the engine is built proof. I really don't want a 1991 or 1992, so I can avoid any snap-ring issues.

 

[lazynok]

I'll put some input in... I'm your middleclass guy right here. I don't know how much money I make, but I believe it should be enough to take care of my NSX. I've had it for over a year. I just turned 23. For the first year I wanted to sell it because payments were so hard (100% financed)... but now I make more money so it all works out. KEEP IN MIND i still live at home, I have no kids, and no other bills except cellphone and partial rent.

I know this post probably means nothing to you.. but the moral is.. i COULD NOT afford an NSX in the begining... I just wanted one. Times were tough.. but I stuck it out, and things worked out. I didn't starve, but I didn't have any other luxuries. If I had to do it all again, i would have NOT bought the NSX. But now, as more money comes in.... I'm glad I did =]

So you never know.... it might suck at first.. but it might get better.

Or you might go bankrupt or something. It's all on how you budget your money and how much money you make.

 

[gdae]

Okay so I guess I can't afford it.:frown:

Wait! By, "No," I meant, "No, it's not true!"
Get the car already! Get the car!:biggrin:

 

[4AU4LIFE]

But I've heard this saying a few times before "If you can't afford it new, you can't afford it used", I wanted to know if this applies to the NSX. For the most part people are saying it is affordable on an middle-class salary.

No it wouldn't be my only car. I have a daily driver.

$2,000/year isn't bad. But it was the bigger stuff that was worrying me. Blown engine and/or transmission. Most people are saying the engine is built proof. I really don't want a 1991 or 1992, so I can avoid any snap-ring issues.

I couldn't afford it new but darn sure can as used. The engines are very reliable unless you are brutal to them, like the other poster stated. OR if you run FI and aren't careful with your engine management system.:frown:
I wouldn't rule out getting an early model(91-92) based only on the snap-ring issue. That can be fixed already or by you if and when it fails. Many cars in the range, mine included, have gone many miles without failure, and may never fail.
I also know there are lots of owners who do use theirs as a DD so that isn't out of the question either. I'm blessed to have to do that either but wouldn't mind if I did.
I don't think I've EVER spent $2k a year on mainentance or even set aside that much just for the car. I buy mod's for it occasionally but not to that extent.

 

[NSXFRIEND]

You will pay a premium for a clean 93-94 with all service up to date. The advantage of the 93-94 cars is updated window regulators and A/C and the 94s the bigger wheels. IMO disadvantage being more weight (little) dual airbags, less aggressive suspension setup not a biggie.

Did you call that guy with the beautiful black nsx in Vancouver whats the word?

Some FYI I have the rules for importing to canada you should not have a problem importing a 91 us spec car.

 

[ChongLee]

Passion over Price
You CAN afford this car.
YOU can DO it!

 

[dlynes]

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?

Minus a $6k shop bill from my 105k mile major service, iv only had to replace the tires and oil in my 4 yrs of ownership.

 

[Cozmo]

I can't decide if this thread makes me feel better or worse about the costs of NSX ownership.
A $6k maintenance would be brutal, unless you were putting off several things and had them all done at once.

 

[cojones]

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"?[/B]

All depends on the overall TCO (total cost of ownership), which includes:

• payments on the lease or loan (assuming a reasonable cost of money)
• title, tax
• insurance
• parking
• operating expenses - gas, routine maintenance (oil changes, regular service)
• routine consumables - tires, brake pads, oil, detailing product
• bigger ticket maintenance - t-belt/etc
• mods and enhancements - wide variance there - potential money-pit
• extraordinary consumables - usually only if you track it (again MP)
• extraordinary repairs

If you can cover the first 6, I think an early model NA1 (1991-94) should be very doable today (2008) - note that that's a 14-17 YO vehicle. Easier than buying a new mid-range Acura/Lexus/BMW.

 

[docjohn]

Very hard to say,but if you don't have enough money in any one year to fork over 3-5k for an engine rebuild or some trannie failure,then think long and hard about your purchase.We too often see folks on a tight budget buy the cheapest car with questionable history only to find that they have to throw thousands of dollors at the car.The car then either gets a patch adams fix or is resold for the next sucker.

 

[Jamolah]

Very hard to say,but if you don't have enough money in any one year to fork over 3-5k for an engine rebuild or some trannie failure,then think long and hard about your purchase.We too often see folks on a tight budget buy the cheapest car with questionable history only to find that they have to throw thousands of dollors at the car.Th car then either gets a patch adams fix or is resold for the next sucker.

Good point and that's what worries me the most, as I've stated in my previous posts. Although a lot of posters assure me engine / transmission (on 93+ cars) failures are very rare on these cars.

 

[Ski_Banker]

Good point and that's what worries me the most, as I've stated in my previous posts. Although a lot of posters assure me engine / transmission (on 93+ cars) failures are very rare on these cars.

It's true that really expensive engine/tranny failures are quite rare on any year NSX. But, as with anything, they can happen.


My advice to you:
Be pragmatic. If you love the NSX and really (I mean REALLY) want one, then you're a fool to wait. Why? Honda isn't making any more. They're fantastic cars, but they aren't getting any more reliable. Is your income rising *so dramatically* that things will be markedly different in a year or two? Unless you're in school, probably not.

So, buy what you want. Enjoy it. In fact, drive the hell out of it.

That's what I would do.