Your Handy 2000–09 Honda S2000 Buyer’s Guide

Maybe it’s their reputation for reliability. Maybe it’s their sound but sometimes uninspired engineering and design. Or maybe it’s their lack of a long, top-tier competition history compared with their counterparts in the West. Whatever it is, Japanese cars are often saddled with the reputation of being somehow “soulless.” Of all the legacy Japanese car companies, Honda probably has done the most to counter that very unfair stereotype.

Perhaps owing to its motorcycle history, Honda’s sportier cars have often been characterful, small-displacement screamers. From the S600/S800, to the CRX Si, the NSX and the Integra Type R, it’s no coincidence that Honda is the only Japanese manufacturer with a long and storied Formula One history that includes legends like Richie Ginther, John Surtees, Ayrton Senna, Alain Prost, and Max Verstappen. It’s from this well that an absolute jewel of a car—the Honda S2000—sprung in the early 2000s. There are reasons for the S2000’s greatness and its appreciating price in the collector car market, including its characteristically Honda build quality and bulletproof reliability. But there are also things to look out for when shopping for this hall of fame sports car.

The History

The beginning of the twenty-first century marked the tail-end of the great roadster revival that began in 1989, When Mazda introduced the MX-5 Miata. Small two-seater convertible sports cars were a thing again, as they had been in the early 1960s. The Miata begat the BMW Z3, the Mercedes-Benz 230 SLK, the Porsche Boxster, the Pontiac Solstice/Saturn Sky twins, and more. Arguably better than all of the revival roadsters, though, was also among the last to debut. The S2000, which Honda debuted at the start of the new millennium and discontinued over a decade-and-a-half ago, is generally regarded as a near-classic. It’s a desirable and appreciating car that has long since been discovered and revered by worshipers of perfect balance, low weight and high revs. It’s an essential sports car experience that will make you rethink the necessity of tons of horsepower and the fattest tires possible.

The original concept stunned the big-four U.S. car magazines of the day when it debuted as the Honda SSM (Sport Study Model) at the 1995 Tokyo Motor Show. It was aggressive, modern and wedge-y, with headlights set low near the bottom of the grille. The SSM concept eschewed the cuddliness of Mazda’s Miata in favor of a far meaner-looking posture. It was lower, wider, and benefited from the aluminum-intensive construction Honda had honed with the NSX. While several elements of the concept were nixed for production (the headlights, for example, didn’t meet height minimums for certain markets), and the production cockpit was much closer to standard, rational Honda fare, but overall, much of the flavor of the concept was retained when the new Honda sports car, now named the S2000, debuted in 1999 as a 2000 model.  

The specs certainly weren’t remotely disappointing and befitted a sports car from a company that made motorcycles and F1 engines. The new roadster weighed 2800 pounds and its 2.0-liter naturally aspirated aluminum VTEC (Honda’s variable valve-timing system) DOHC four-cylinder made 240 horsepower at an incredible 8300 rpm, with an equally incredible 8900 rpm redline. The downside to such a peaky screamer of a mill was a scarcity in torque, (153 lb-ft) particularly down low in the rev range. Hagerty’s Larry Webster, then writing for Car and Driver said “[c]onsidering the high redline, it’s no surprise that you have to rev this thing—a lot—to keep it moving.” 

Testers from all the magazines were unanimous in their praise for the car’s rigidity, grip, handling, and the sheer fun factor of zinging the car to the near 9000 rpm redline with every shift. And, incredibly, the base price was around $30,000 about $10,000 to $15,000 less than a Boxster back then. Motor Trend got its S2000 from 0-60 in 5.8 seconds, with a quarter mile time of 14.8 seconds at 98.1 mph. Incredibly, to get those numbers, they had to launch the car at 8000 rpm, and wind it out to at least 8300 rpm with every shift. They noted that shifting a more customary 5,500 rpm caused the 0-60 time to rise to almost 11 seconds, noting with a certain sense of chagrin, that most owners would never drive the car in its best rev range. This was a true driver’s car, the likes of which are getting rarer and rarer on the new car market 25 years later.

Changes by Year

The first iteration of the Honda S2000 was dubbed “AP1,” after the VIN prefix.  For such an extroverted new sports car, the launch colors were rather sedate—Silverstone Metallic with a red interior, and New Formula Red with black were the combinations that showed up the most in the press fleet at introduction. Oddly enough, like every casino on the planet, the first-year car lacked a clock. For 2001, this was added, along with a standard wind-deflector.

The 2002 model saw the addition of a glass rear window with a defroster, new spring rates and anti-roll bar stiffness, and recalibrated shocks to improve transitional handling. Banjo bolts were also updated mid-year for more effective engine oiling. The aluminum billet shift knob, which could either inflict first degree burns in the summer or mimic the flag pole scene in A Christmas Story in the winter, was modified to be less potentially painful. Some small door panel pockets were added and some color variations took place (Sebring Silver replaced Silverstone, and Suzuka Blue Metallic and Spa Yellow were added). The 2003 model year was a quiet one. White cars could now be ordered with a tan interior, but that was about it. Most of the energy was being saved for big changes in 2004.

The so-called “AP2” model debuted for 2004, and the biggest change under the skin was stroking the engine to 2.2 liters. The longer stroke resulted in a less rev-happy engine (the redline was now “just” 8000 rpm). The horsepower rating was the same 240 the came in the 2.0-liter car, but it now peaked at 7800 rpm. Peak torque was now 162 lb-ft, which still wasn’t much but still a welcome improvement. Car and Driver summed up the AP2 this way: “More flexible, better balanced, still demonic.” The 0-60 time remained similar to those of the AP1, but acceleration while underway times improved significantly, especially in the 30-50 mph and 50-70 mph metrics. Honda tweaked the suspension once again to give the car better handling at the limits, and eliminate some disconcerting bump-steer. The price by 2004 had only risen to $34,000. Cosmetically, the bumpers, HID headlights and LED tail lights were new, along with new 17-inch wheels. Rio Pearl Yellow replaced Spa Yellow. A pair of cup holders were added to the center console.

Few changes were reported for 2005. For 2006, an e-throttle replaced the cable throttle, and in a further move away from the more analog nature of the earlier cars, Vehicle Stablility Assist (VSA) was added. Horsepower was now officially 237 hp, but nothing had changed other than a tweak to how the industry measured power. The 2007 changes were mainly interior and exterior colors. Oddly enough, Silverstone was back again, replacing Sebring Silver. Suzuka Blue was gone. For 2008, Honda added a tire-pressure monitoring system, made some minor changes to suspension settings, and offered a new five-spoke wheel design.

The really big news for 2008 was the introduction of the S2000 CR, or “Club Racer.” This track-focused model came with stiffer suspension, additional structural stiffening and an aero kit that included a deeper, wrap-around front spoiler, headrest fairings, a huge wing, and a removable aluminum hardtop. Power remained the same, but the CR shed around 100 pounds from the base car, mainly from convenience items like a stereo, power top, and air conditioning (although most items could be optionally added back). The JDM-only Type S is similar but lacks the aluminum hard top. The Club Racer was essentially the swan song of the S2000 and it is now, and will in the future, be the most collectible variant. The 2009 model saw little change as the car was being phased out.

What to Look For

As this is a Honda, and not an Alfa Romeo, the list of pain points in an S2000 is reassuringly short. But it isn’t empty. Wheel bearings can wear out and become whiny, (they’re not terribly expensive to replace). Given the speed at which the engine is spinning, it’s also not surprising that the synchromesh is doing fairly heavy duty, so, transmission synchros can wear, reducing shift speed and quality. In extreme cases, cars can pop out of gear on the overrun, particularly in second. For such a heavily stressed unit, though, engines are surprisingly solid. Mid-year 2002 engines are supposed to be a bit more durable due to the improved oil banjo bolts. Valve retainers can also occasionally crack. Parts availability for the S2000 is still generally quite good.

The biggest potential pitfalls when shopping for an S2000 aren’t unique to the S2000’s design. It’s down to the fact that these cars have been popular with tuners and drifters for years, and offered an inexpensive way to go fast. Amateurish modifications, crash damage, neglect and high mileage are not uncommon on these hot Hondas. A careful pre-purchase inspection is always in order.

What to Pay

Value-wise, the Club Racer is as mentioned above, always going to pull the most money. Several have sold for well over $100,000, and a 129-mile example sold in 2022 for over $200K. The current condition #2 (“excellent”) value for a CR in the Hagerty Price Guide is just under the $100,000 mark. Base cars are much further down the price spectrum. The #2 value for an AP1 (2000-03) model is $39,600. The condition #3 (“good”) value is $25,200. For an AP2 (2004-09) model the condition #2 value is $43,500, and the #3 value is $29,500. All S2000s, especially since 2020, have appreciated considerably in value. They are also disproportionately more popular among millennial and Gen Z buyers, which means they have relevance and staying power in the market for the foreseeable future.

Some people prefer the higher, peaky scream of the earlier 2.0-liter AP1, while others prefer the more usable power offered by the 2.2-liter AP2. Subtle differences in styling are also subjective, so the difference in desirability between the two isn’t huge. Buyers seem to emphasize condition and spec/colors over all else. Low-mileage examples with clean records and paint meter readings indicating no damage repair are prized. Post-2002 cars are probably preferred for their glass rear windows and improved oil banjo bolts, and pre-2006 cars seem to be prized for their analog-feel cable throttle. Regardless, any clean S2000 is a handsome, fun-to-drive and usable modern sports car with a jewel of an engine and a rewarding ownership experience. It’s a very special thing that is equally at home in any collection of modern driver’s cars or as a casual fun weekend driver.