Resale Completely Shot on 07 Exige

[Elise72]

I was offered 46K on my 07 Exige S today. (3k miles) I cannot say how upsetting this was. I have no loyalty to this brand as they have not had any for their own customers. The 06 07 and 08 models are all different and now I've thrown 22K out the window in 4 months. F this company. I do still love the car and the dealer I work with but why must every Exige owner be left behind every year.

Has anyone sold their Exige recently is this number a true reflection of what this car is worth?

[Lotus F1]

Street resale seems to be low/mid 50K. I assume you where talking about a dealer trade-in. You will will lose money there but have convenience. There is an low milage S being sold on here for 52K as a matter of reference. Try to sell it privately and you will do better but with some work. Good luck.

[scottmartin]

My experience is with a 06 exige. I paid something like $60,000 in july of 06. The car had 2000 miles or so and the best offer i got this past spring on a trade was $40k. Looking back, i feel fortunate to get that. Lotus brand is best bought used.. Scott

[SanAnEliseMan]

Next time skip the car and buy a money market account. . . that way you dont have to worry about the depreciation. . .

Or I'll sell you my caddy for $6k and that way the most it can depreciate is $6k!!!

What do you say???

[mgreenbl]

I don't know what you are complaining about. I saw a 3 year old maybach 62 for $160k for sale private party. that is a $190k discount in 3 years. how about a 4 year old murcielago for a similar haircut.

no one should buy a lotus or any limited production performance car/supercar based on future resale value.

drive it and enjoy.

mark

[def]

I'll give you 47k

But seriously they are probably worth ~55k. Not sure why the 52k S hasn't sold yet (maybe it has, the original poster hasn't been back on)

[Rugbyduck]

WTF? Why did you buy it in the first place? If you are pondering the thought of upgrading to another Lotus...I might see it. Still, whose fault is it that it depreciates? Maybe it's threads like this that contribute to it!

[Lotus F1]

Originally Posted by Rugbyduck

WTF? Why did you buy it in the first place? If you are pondering the thought of upgrading to another Lotus...I might see it. Still, whose fault is it that it depreciates? Maybe it's threads like this that contribute to it!

Attachment 64475

LOL... damn dude... can't the poor guy vent a little. Sounds like he was taken by surprise.

[PhoneBoy]

Why do people by such a car for only a few months and then expect NOT to lose much of your investment? People compain that it is Lotus' fault for their toy's depreciation. They complain that they improve the product.

You bought specialty market car that does not have a huge pool of buyers. An extreemly high percentage track these cars making people even less willing to buy used without a substantial discount. The economy is going down pulling expensive toys like this along with it. I could go on and on.

As Carlos Mencia would say: “Dee dee dee” (sorry - couldn't resist)

[Rugbyduck]

Originally Posted by Lotus F1

LOL... damn dude... can't the poor guy vent a little. Sounds like he was taken by surprise.

In 4 months??? ...say that again...IN FOUR MONTHS!!! Let him vent!! What the hell are you thinking if you want to turn a car in 4 months? People that should know the ramifications. Sorry man...threads like this and the "Where can I buy an Elise for $10K" are just nuts. I know...call the wahhhhmbulace...

[RichS]

Originally Posted by Elise72

I was offered 46K on my 07 Exige S today. (3k miles) I cannot say how upsetting this was. I have no loyalty to this brand as they have not had any for their own customers. The 06 07 and 08 models are all different and now I've thrown 22K out the window in 4 months. F this company. I do still love the car and the dealer I work with but why must every Exige owner be left behind every year.

Has anyone sold their Exige recently is this number a true reflection of what this car is worth?

OK, provide some more details:

1) Who gave you this offer? A Honda dealer? The local used car lot? Ricky Bobby? That's to be expected.
2) Why are you looking to sell the car after 4 months and 3k miles?
3) Are you looking to trade it in or just sell it?

As others have mentioned, 46K is REALLY low for an 07 Exige with 3k miles no matter how it was equipped, so no, that number is not a true reflection of what the car is worth.

The fact that the 06, 07 and 08 models are all different is both good and bad. Good, because Lotus is improving the car every year, but bad because they are hurting the resale value of the previous model years.

My guess is that Lotus is just a bit concerned about the potential loss of revenue from the after market crowd that has given the Lotus community a good kit for extra power (Katana kit from Sector 111, plus a few others) and thus decided to release the Exige 240 a little earlier than they would have otherwise.

[delise]

I smell troll......

[greenbluff]

Maybe should have bought the Elise, they still only have 190 hp ....actually I don't know if that's still true? I've been out of town for a few weeks.

Jim

[ace10]

please let this be the last of these crying-about-resale-values threads. please.

[cfexige]

I just sold my 06 Exige, not an 07 S, but I feel the pain too. I was shocked at how much it depreciated in a short period of time. And I even bought mine used, but I still feel a bit betrayed by lotus for their involvement in how much and how quick it depreciated.

Obviously, cars depreciate... that is to be expected. But I don't think anyone expects the prices to fall off the cliff like it did. For example if you look at any general car, if you lease, the average expected depreciation is that the car looses about half it's value over 3 years. So for say, a loaded $65k MSRP 06 Exige, in 2009 it should be worth around $32,500. The depreciation is also not linear, meaning that the first year or from new to used is the biggest drop, then the drops become less and less after that. If you just average the estimated depreciation from the example above, and you calculate it linearly for ease sake, it comes to about $11k per year in depreciation. These numbers might shock people, but it is common knowledge. I would even say that in my opinion the whole Lotus line will depreciate more than half in 3 years due to the almost constant model changes and specialty market for these cars. There is no need for me to speculate on what I think the 3 year depreciation percentage number is, because that would really hurt the resale values even more. Just like the guy who broke the $40k barrier for 06 Exiges did when he sold below this support level.

If you like the car, buy it and enjoy it. The depreciation is the cost of enjoying it.

[Elise72]

Originally Posted by SanAnEliseMan

Next time skip the car and buy a money market account. . . that way you dont have to worry about the depreciation. . .

Or I'll sell you my caddy for $6k and that way the most it can depreciate is $6k!!!

What do you say???

I'd say if I were like you and bought a three year old car I would respond the same way.

[Elise72]

Originally Posted by def

I'll give you 47k

But seriously they are probably worth ~55k. Not sure why the 52k S hasn't sold yet (maybe it has, the original poster hasn't been back on)

Thank you and I liked your joke as well.

[Elise72]

Originally Posted by PhoneBoy

Why do people by such a car for only a few months and then expect NOT to lose much of your investment?

This is the type of statement that only someone from Minnesota could think makes sense.

How about this: my close friend is selling is 2006 Lambo G Convert bought for 216 selling for 192 2500miiles 12% loss

I owned a benz (bad example it actually has a resale)

And to answer your question I paid, or if you were writing this payed, 66K

46K resale 31% loss If you can find one single other car that you can own for 4 months and lose 31% on I will give you my cup wheels and pay for the shipping.

P.S.S Minnesota of course never mind.

[slipstream]

Originally Posted by Elise72

This is the type of statement that only someone from Minnesota could think makes sense.

How about this: my close friend is selling is 2006 Lambo G Convert bought for 216 selling for 192 2500miiles 12% loss

I owned a benz (bad example it actually has a resale)

And to answer your question I paid, or if you were writing this payed, 66K

46K resale 31% loss If you can find one single other car that you can own for 4 months and lose 31% on I will give you my cup wheels and pay for the shipping.

Chrysler Crossfire.

I will PM you my shipping address.

[ace10]

Originally Posted by Elise72

This is the type of statement that only someone from Minnesota could think makes sense.

How about this: my close friend is selling is 2006 Lambo G Convert bought for 216 selling for 192 2500miiles 12% loss

I owned a benz (bad example it actually has a resale)

And to answer your question I paid, or if you were writing this payed, 66K

46K resale 31% loss If you can find one single other car that you can own for 4 months and lose 31% on I will give you my cup wheels and pay for the shipping.

you're from new york city... don't you have a seven figure job? a little bit of loss on the sale shouldn't be a big problem... as long as we're now speaking in generalizations.

but then again, i live in virginia and we just sit on our porches and chew tabacco all day.