I was faced with this decision a few months ago when purchasing my 2014 RS5. Test drove a 2016 S5 first, then ended up buying a low mileage CPO 2014 RS5 for the same money. Here are my personal thoughts on differences after owning the RS5 for a few months:
Pros: The RS5 is a great car out of the box. It looks great (spoiler is awesome on the RS, you wont get that in the S5). The factory "wide body kit" on it is subtle but noticeable when parked next to a S5. Even with factory exhaust it sounds great, especially in the upper RPM band (sport exhaust on mine, saving up for capristo). Comfort and interior quality is second to none IMO. Interstate driving is perfect. With the RS, there is a definite "prestige" about having a RS5 vs a S5, its just a rarer car (mine is the only one in my city.) For a daily driver, it has been perfect for me.
Cons: Depending what you are coming from, its definitely slower (day to day driving) than I expected. Its not that the power isn't there, but u have to be in the upper RPMs to get the power. When driving in the city in Drive (not sport mode) it is an extremely "boring" car. When driving in sport mode it does tach it up a little bit and makes it a little more peppy but also be ready for every downshift to burp (which is cool for a little bit but also is kind jerky and can get annoying at times.) The exhaust sound, again, sounds great in sport mode but the car is extremely quiet in Drive mode. People say the ride is a little rougher than the s5 (tbh it feels fine to me) but just know that the factory suspension is not adjustable in the RS5 (in the US), whereas the S5 is i believe.
Modifying: With the RS5, the car you buy from the lot is pretty much the car you will have.. meaning if you love the RS5 the way it comes or don't want to mess with potentially voiding a warranty then its awesome. If you are buying a car to do a lot of stuff to tho, the RS5 is prob not the car for you. There just aren't a lot of performance mods that can be done to the RS5 to make it significantly faster, and the mods that are available are expensive. You can add the basics but if you think you want to really make it fast, it prob won't happen. It def seems that the S5 is the car for mods, but again, say goodbye to a warranty if so.
Other cons: I'm not sure what the difference would be between the S and RS, but check: Insurance premiums difference. Also MPG is abysmal in the RS (at least for me, I do drive in Sport mode a lot, I get around 13mpg). Also, the cost of parts (ie. BRAKES) can be outrageous on the RS.
So really figure out what you want to do, if you want to throw money at it after the fact to make faster, the S5 is prob the better choice. But if you love the RS5 after the test drive and want something exclusive, sexy, and don't really care about mods, the RS5 is an awesome car. I personally love mine, and while i was a little bummed at first after looking at options of modding, I have just accepted what the car is: A fantastic daily driver.
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