Opinion for my situation - LotusTalk

Lightning · 10-04-2008, 11:55 AM

I'm looking to purchase a new car. I've had my eyes on the lotus elise, and exige for a long time. I can afford to purchase, and fully pay off a used 06 exige. And of course the exige is my dream car. It looks like a fun car, and i've heard a lot of good things from owners i've met. I am still young, I'm 22, and I have a steady job i've been at for over a year. The only thing that i'm hesitant on is the fact that it will make a huge dent in my wallet. I am planning to purchase a condo within the next two years. And if i did purchase a lotus i would not be able to afford a condo at the same time. I see a lot of people selling their cars once it's time for them to settle down. So my question would be, should I get the lotus i've always been wanting, and sell it when the time comes? Of course this wont be a quick switch, i'll have it for a 1+ years for sure. Thanks a lot guys.

KoenigElise05 · 10-04-2008, 12:04 PM

I'm 22 as well..bought mine as a 21st b-day present for myself. I think it all depends on how soon you settle down and when you do if you'll ever get the chance again to buy a Lotus. I'd say buy it now and enjoy it and if the time comes to sell it at least you had the chance to own one. I hope to buy my own house once my Lotus is paid off that way hopefully I can have both!

doug_porsche · 10-04-2008, 12:06 PM

as a Rich friend told me one. Only buy things that Appreciate! Long term that will be the Condo. The Lotus is fun, but so is financial security! Buy the condo, live within your means, and then pay cash for the Lotus.

Listen to what I say, not what I do!

RacyTracy · 10-04-2008, 12:07 PM

Condo first, car second........IMHO.

Lightning · 10-04-2008, 12:16 PM

Quote:

Originally Posted by KoenigElise05

I'm 22 as well..bought mine as a 21st b-day present for myself. I think it all depends on how soon you settle down and when you do if you'll ever get the chance again to buy a Lotus. I'd say buy it now and enjoy it and if the time comes to sell it at least you had the chance to own one. I hope to buy my own house once my Lotus is paid off that way hopefully I can have both!

How long have you had yours? Is it your DD? Thanks for the speedy responses guys.

I really think i should've stated that with my current salary i'd barley get by on a condo at this point in time. But don't get me wrong, i can afford the insurance/monthly on a lotus, and afford rent if i needed with some spending money. Thats why the condo is going to be more practical in 1-2 years from now. So either way I do see myself waiting awhile for it.

KoenigElise05 · 10-04-2008, 12:20 PM

My bad I bought my Jaguar for my 21st and my Lotus for my 22nd. I've owned my elise since last April. And the Jaguar is supposed to be my daily driver but on just about any nice day I take the Lotus instead.

speedneed · 10-04-2008, 06:37 PM

life is short...go and buy it now...enjoy things while you can

Brennon · 10-04-2008, 07:42 PM

The financially sound advice would be to buy neither.

With that said, if you could only pick one, in all sincerity the lotus is the better financial decision. Housing prices are dropping, it is cheaper to rent, and it's extremely rare that property truely appreciates--not to mention you'll be tied to HOA fees and a slave to a mortgage unless you can pay cash. (Look at the current CA market, there was appreciation and now a massive downturn in the market). For the last century property has kept pace with inflation. Your property hasn't gone up 40% in the past twenty years, your dollar has devalued that much.

Just sayin'.

esoteric · 10-04-2008, 07:47 PM

Quote:

Originally Posted by doug_porsche

as a Rich friend told me one. Only buy things that Appreciate! Long term that will be the Condo. The Lotus is fun, but so is financial security! Buy the condo, live within your means, and then pay cash for the Lotus.

+1 yeah, that would be the smart way to go

...m... · 10-04-2008, 09:27 PM

...one of my coworkers wisely put it thusly: work to live, don't live to work...i bought a lotus instead of doing the financially responsible thing, and haven't regretted a moment of it since...

speedneed · 10-04-2008, 11:25 PM

Quote:

Originally Posted by ...m...

...one of my coworkers wisely put it thusly: work to live, don't live to work...i bought a lotus instead of doing the financially responsible thing, and haven't regretted a moment of it since...

+1

tmr · 10-05-2008, 05:31 PM

I think it depends on the housing market you're in. In some areas, condo prices are still falling and won't see a rebound until ????? You should research your area, then decide. That being said, I would hold onto the money and be ready to pounce on a good deal - Lotus or condo.

Safetypup · 10-05-2008, 05:56 PM

Go ahead and buy both - we need the boost to our economy!

Seriously though - I would not buy either one right now unless you just have money exploding out of your pockets. Save your money now, become rich later

speedneed · 10-05-2008, 06:50 PM

your lotus will be heavier with your oxygen tank in it...

..and your walker won't fit in the trunk

Valenz · 10-05-2008, 09:48 PM

Don't ask strangers how to live your life.

Get advice from trusted sources and make up your own mind. If you make a mistake - learn from it. If the decision's good, remember the influences on your reasoning.

habendanio · 10-05-2008, 10:31 PM

Quote:

Originally Posted by tmr

I think it depends on the housing market you're in. In some areas, condo prices are still falling and won't see a rebound until ????? You should research your area, then decide. That being said, I would hold onto the money and be ready to pounce on a good deal - Lotus or condo.

Good advice, another friend told me once that a big investment now might be alot smaller in the future.
Plan #A If you bought the Exige now, you could enjoy it till you bought the condo. Your likely to be making more money then so it'll work out.
Plan #B you'll be making less money and eating ramen, living with your parents, but still be driving the Exige.
Plan #C or not get the lotus.
Do you want to drive the lotus or not?

Lightning · 10-05-2008, 11:40 PM

Lol. Thanks for the input guys. I'm going to talk to my bank about a loan, see what i'd be getting myself into. The good thing about the lotus besides the lotus itself, is it would allow me to build a credit. And when the time came for the condo, i'd have more to show for. I have perfect credit, but none really. And there is a beautiful base elise in tacoma waiting for an owner...

Bavarian Motorist · 10-06-2008, 05:40 AM

The credit question is a good one. Buy an Elise.

dasmoofler · 10-06-2008, 07:17 AM

If you're 22 I say it's time to stop living with mommy and daddy.

bolt · 10-06-2008, 07:23 AM

Condo first. And even if you do decide to get the car; i'd suggest waiting for a little longer after the introduction of the 09 and to see how the economy does.

Personally this "recession" doesn't seem to have any impact on me and i've been oblivious to it all, but i'm becoming a bit cautious now.

10-04-2008, 11:55 AM	#1 (permalink)
Lightning Registered User Join Date: Dec 2007 Posts: 22	Opinion for my situation I'm looking to purchase a new car. I've had my eyes on the lotus elise, and exige for a long time. I can afford to purchase, and fully pay off a used 06 exige. And of course the exige is my dream car. It looks like a fun car, and i've heard a lot of good things from owners i've met. I am still young, I'm 22, and I have a steady job i've been at for over a year. The only thing that i'm hesitant on is the fact that it will make a huge dent in my wallet. I am planning to purchase a condo within the next two years. And if i did purchase a lotus i would not be able to afford a condo at the same time. I see a lot of people selling their cars once it's time for them to settle down. So my question would be, should I get the lotus i've always been wanting, and sell it when the time comes? Of course this wont be a quick switch, i'll have it for a 1+ years for sure. Thanks a lot guys.

10-04-2008, 12:04 PM	#2 (permalink)
KoenigElise05 Registered User Join Date: Jul 2008 Posts: 66	I'm 22 as well..bought mine as a 21st b-day present for myself. I think it all depends on how soon you settle down and when you do if you'll ever get the chance again to buy a Lotus. I'd say buy it now and enjoy it and if the time comes to sell it at least you had the chance to own one. I hope to buy my own house once my Lotus is paid off that way hopefully I can have both! __________________ 05 Lotus Elise- Magnetic Blue/Biscuit, Touring Pack 04 Jaguar X-type 3.0 AWD 86 Mercedes 300E 245k and still running 76 MG Midget Damask Red, Minilite Wheels

10-04-2008, 12:07 PM	#4 (permalink)
RacyTracy Emmy Award Winning Join Date: Jan 2005 Location: Palatine, IL Posts: 6,980	Condo first, car second........IMHO. __________________ _____________ ___________ _______ Tracy

10-04-2008, 12:20 PM	#6 (permalink)
KoenigElise05 Registered User Join Date: Jul 2008 Posts: 66	My bad I bought my Jaguar for my 21st and my Lotus for my 22nd. I've owned my elise since last April. And the Jaguar is supposed to be my daily driver but on just about any nice day I take the Lotus instead. __________________ 05 Lotus Elise- Magnetic Blue/Biscuit, Touring Pack 04 Jaguar X-type 3.0 AWD 86 Mercedes 300E 245k and still running 76 MG Midget Damask Red, Minilite Wheels

10-04-2008, 06:37 PM	#7 (permalink)
speedneed Registered User Join Date: Apr 2007 Location: Lynnwood WA Posts: 73	life is short...go and buy it now...enjoy things while you can __________________ 05 green elise sc-243HP,quaife LSD,LSS,HT,exige s exhaust 99 red viper rt-10 91 black nsx 94 white dodge pu viper powered 00 widebody S2000 3 yellow TYPE R's

10-04-2008, 12:06 PM	#3 (permalink)
doug_porsche Registered User Join Date: Jun 2008 Location: Denver, CO Posts: 187	as a Rich friend told me one. Only buy things that Appreciate! Long term that will be the Condo. The Lotus is fun, but so is financial security! Buy the condo, live within your means, and then pay cash for the Lotus. Listen to what I say, not what I do!

10-04-2008, 07:42 PM	#8 (permalink)
Brennon Registered User Join Date: Nov 2006 Posts: 1,116	The financially sound advice would be to buy neither. With that said, if you could only pick one, in all sincerity the lotus is the better financial decision. Housing prices are dropping, it is cheaper to rent, and it's extremely rare that property truely appreciates--not to mention you'll be tied to HOA fees and a slave to a mortgage unless you can pay cash. (Look at the current CA market, there was appreciation and now a massive downturn in the market). For the last century property has kept pace with inflation. Your property hasn't gone up 40% in the past twenty years, your dollar has devalued that much. Just sayin'.

10-04-2008, 09:27 PM	#10 (permalink)
...m... peregrinus caelum Join Date: Jun 2008 Posts: 778	...one of my coworkers wisely put it thusly: work to live, don't live to work...i bought a lotus instead of doing the financially responsible thing, and haven't regretted a moment of it since... __________________ 2005 Federal Elise \| Touring \| Storm Titanium ...67,000 miles and aging beautifully... Last edited by ...m... : 10-04-2008 at 09:54 PM.

10-05-2008, 05:31 PM	#12 (permalink)
tmr ATL Join Date: Feb 2006 Location: Atlanta, Georgia Posts: 404	I think it depends on the housing market you're in. In some areas, condo prices are still falling and won't see a rebound until ????? You should research your area, then decide. That being said, I would hold onto the money and be ready to pounce on a good deal - Lotus or condo.

10-05-2008, 05:56 PM	#13 (permalink)
Safetypup Registered User Join Date: Jul 2008 Posts: 19	Go ahead and buy both - we need the boost to our economy! Seriously though - I would not buy either one right now unless you just have money exploding out of your pockets. Save your money now, become rich later

10-05-2008, 06:50 PM	#14 (permalink)
speedneed Registered User Join Date: Apr 2007 Location: Lynnwood WA Posts: 73	your lotus will be heavier with your oxygen tank in it.....and your walker won't fit in the trunk __________________ 05 green elise sc-243HP,quaife LSD,LSS,HT,exige s exhaust 99 red viper rt-10 91 black nsx 94 white dodge pu viper powered 00 widebody S2000 3 yellow TYPE R's

10-05-2008, 09:48 PM	#15 (permalink)
Valenz Next Exit 200 Lightyears Join Date: Aug 2008 Location: West Central Alabama Posts: 64 Images: 3	Don't ask strangers how to live your life. Get advice from trusted sources and make up your own mind. If you make a mistake - learn from it. If the decision's good, remember the influences on your reasoning.

10-05-2008, 11:40 PM	#17 (permalink)
Lightning Registered User Join Date: Dec 2007 Posts: 22	Lol. Thanks for the input guys. I'm going to talk to my bank about a loan, see what i'd be getting myself into. The good thing about the lotus besides the lotus itself, is it would allow me to build a credit. And when the time came for the condo, i'd have more to show for. I have perfect credit, but none really. And there is a beautiful base elise in tacoma waiting for an owner...

10-06-2008, 05:40 AM	#18 (permalink)
Bavarian Motorist Live to Drive Join Date: Nov 2006 Location: Rye, NY Posts: 8,367	The credit question is a good one. Buy an Elise. __________________ Driving a Lotus Exige with sticky... performance tires on icy roads or in standing water is about as much fun as walking a high wire treated with WD-40 - Car & Driver BWR supercharged... I suppose I "got the power" now??

10-06-2008, 07:17 AM	#19 (permalink)
dasmoofler My garage stinks Join Date: Oct 2006 Location: SE WI Posts: 2,299	If you're 22 I say it's time to stop living with mommy and daddy. __________________ 2005 Elise, Touring Package, de-snorkelled, Green filter, Front splitter, V1, 0-60 4.? seconds 2000 Dodge Ram Van, 0-60 17 seconds It's not so much that you only live once, it's more that you're dead for so very long afterwards.

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10-06-2008, 07:23 AM	#20 (permalink)
bolt Registered User Join Date: Aug 2008 Posts: 61	Condo first. And even if you do decide to get the car; i'd suggest waiting for a little longer after the introduction of the 09 and to see how the economy does. Personally this "recession" doesn't seem to have any impact on me and i've been oblivious to it all, but i'm becoming a bit cautious now.