The Honda S2000's second act, the AP2, arrived in North America for the 2004 model year. It featured a host of refinements over the original AP1, most notably a new 2.2-liter F22C1 engine. This larger engine lowered the redline from a screaming 8,900 rpm to a still-high 8,000 rpm, but it delivered a welcome boost in mid-range torque. Honda also revised the suspension geometry, tweaked the gear ratios, and updated the front and rear styling to give the car a more modern look.
The S2000 is a collector favorite because it represents a high point for analog Japanese sports cars. It combines a legendary high-revving VTEC engine, a world-class 6-speed manual gearbox, and a perfectly balanced rear-drive chassis. The AP2 is particularly prized for its more usable powerband, which makes it a slightly better all-around car than the peakier AP1. The ultimate AP2 is the Club Racer (CR) model, a stripped-down, track-focused variant produced in very limited numbers for 2008-2009.
S2000 values have climbed steadily over the past decade, turning well-kept examples into legitimate collector assets. The average sale price hovers around $36,000, but the market's ceiling is far higher. Exceptional, low-mileage cars regularly sell for over $60,000, while the rarest S2000 CRs have achieved prices approaching $200,000. This is a mature market where originality and condition are everything.
Buying Tips
- Check all body panels for the factory-applied VIN stickers. Missing stickers on fenders, the hood, or bumpers are a clear sign of replacement and a likely accident history.
- Inspect the convertible soft top carefully for tears or rips, particularly at the common wear spots above the side windows. A replacement top can cost over $1,500 installed.
- The F22C1 engine is reliable, but check for excessive oil consumption. Ask the owner about oil top-offs and look for blue smoke from the exhaust during startup and hard acceleration.
- During the test drive, shift through all gears to feel for grinding, which could indicate worn synchronizers. Some clutch buzz around 3,000 rpm is normal, but excessive noise could be a problem.
- Look for signs of hard track use. Heavily modified cars or cars that have been returned to stock may have lived a difficult life. Check for aftermarket suspension, brakes, or drilled holes in the interior from removed equipment.
Prices range from $11,000 for high-mileage project cars to $200,000 for concours-quality, low-mileage S2000 CR models.
3,014 Honda AP2 S2000 vehicles have been tracked across auctions and listings on Hypercars, with 833 currently live.
Data sourced from Bring a Trailer, Cars & Bids, eBay Motors, PCarMarket, and Collecting Cars. Updated daily.
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