Estimating the value of a used lotus - LotusTalk

NolanA · 09-04-2008, 06:10 PM

Kelly Blue Book and other common sources have limited data for Lotus, which makes it awkward to determine what is a good price. What do you think is a fair price for a 2005 Lotus Elise in good condition, with ~40,000 miles, and no additional options or modifications?

ivan1 · 09-04-2008, 06:12 PM

with that mileage I wouldnt pay more than 25k

tcnohead · 09-04-2008, 06:31 PM

NADA wasn't very helpful either but did manage to get this...

RoadDad · 09-04-2008, 06:32 PM

(MSRP + miles driven)/(Price actually paid + kilometers driven) * 2.823 = actual private party sale value.

(MSRP + miles driven)/(Price actually paid + kilometers driven) * 2823.0 = dealer trade in value

uclacyc · 09-04-2008, 08:03 PM

I would suggest looking at likes like AutoTrader.com and see what dealers are charging, to get an idea. I got mine from a deal but it was at a really good price, much less than private party.

ivan1 · 09-04-2008, 08:12 PM

Quote:

Originally Posted by tcnohead

NADA wasn't very helpful either but did manage to get this...

sorry but those #s are ridiculous. I would say a good low mileage 05 is worth 30k +/- 1-2k for options, wear and tear....

40k miles is definitely at the high end of the range for used 05s, and based on your post I am assuming no hardtop or sport pkg, ? touring pkg...that is why I would say $25k

cbelon · 09-04-2008, 09:01 PM

I think a good low mileage '05 should be worth 40k just like NADA says, however the reality seems to be that an '05 in excellent condition with normal miles on it is only demanding between 31k-36k depending on options. If you want to wait for a buyer who wants your exact car you could probably get a little more.
I think that the '05's will be collectors cars in about 15-20 years so people better get them now while they are cheap.

CertifiedCC · 09-04-2008, 09:29 PM

NADA is simply outrageous and those prices have been there SINCE 2006

I would say not more than 25K.

Moto44 · 09-04-2008, 10:19 PM

I would imagine that at $25k it would get snapped up pretty quickly.
To get anything in the 30s would be doing very well.
It seems there is a crowd out there that has been waiting for these cars to get into the 20s before they feel comfortable getting one. $30k will be one of the natural psychological barriers for many.

If it were me, I would put it up for sale $29k plus change and see how it goes.

MattGold · 09-05-2008, 10:58 AM

Maybe this will help:

2005, 42K, at a Nissan Dealership

Asking $27,999 at a dealer ship. So maybe $25,000 Private Party isn't too far off.

-M

Wasabi · 09-05-2008, 11:19 AM

Yeah but you need to take into consideration if it has a clean title, whether or not it's been in any accidents, there are quite a few used ones for sale at a lower price because of hidden stuff like this, you need to be careful

I was price hunting for a long time before I picked up my used elise ~2 months ago, 40k miles is a lot and if it doesn't have very many options on it I'd say 27-28k should do... 25k would seem mysteriously low and would leave me wondering what's wrong with the car, which is probably something

With all the options I'd be surprised to see it fetch a full 30k though, it really depends on how the car has appeared to have held up over all those miles, paint condition, commute driving vs every weekend track car, new/worn tires and brake pads, servicing history, things like that

And just because a car is being sold at a dealership, does not mean that there's necessarily nothing wrong with it, I'd be scepticle without a lotus mechanic giving the car a pre-purchase inspection, which is WELL worth the money (less than $200)

plastique999 · 09-05-2008, 11:55 AM

I agree with around $25K for worth of an Elise with 40K miles....

As a point of ref....I bought my '05 with only 5k miles in perfect condition for just under $30K.

It depends on the market....and right now is a sh*tty market for sellers.

CK_lotus · 09-05-2008, 12:13 PM

+1

$25K.

ivan1 · 09-05-2008, 03:59 PM

Quote:

Originally Posted by Wasabi

I was price hunting for a long time before I picked up my used elise ~2 months ago, 40k miles is a lot and if it doesn't have very many options on it I'd say 27-28k should do... 25k would seem mysteriously low and would leave me wondering what's wrong with the car, which is probably something

you can get an 05 with about 15k miles for 28...there are not many elises out there with more than 40k miles.....not trying to lowball the used market - I think the fact that low mileage 05s are still selling at or close to 30 is impressive.....

I will say that having the book value remain high may be a plus as far as insurance payoffs...when mine was totaled, I got back just a few grand less than what I paid, after 2 1/2 years of ownership.....

Gizmo3000 · 09-05-2008, 04:40 PM

Quote:

Originally Posted by plastique999

I agree with around $25K for worth of an Elise with 40K miles....

As a point of ref....I bought my '05 with only 5k miles in perfect condition for just under $30K.

It depends on the market....and right now is a sh*tty market for sellers.

best place to get an idea of what one is worth is RIGHT HERE.

(but you def got a killer deal if you got an Elise with 5k miles for under $30k, that's definitely below "lotus.talk blue book"

generally I'd say that 32k is the going price for 2005's
minus ~$1k or every 10,000 miles maybe
but plus $1k for hardtop, plus $1k for sport pack
plus another K or two if it's really really low miles.

aparker5 · 09-05-2008, 05:42 PM

I purchase a 2006 exige with 19K in excellent condition two months ago for 34.5K. I absolutely love it.

09-04-2008, 06:10 PM	#1 (permalink)
NolanA Registered User Join Date: Aug 2008 Posts: 7	Estimating the value of a used lotus Kelly Blue Book and other common sources have limited data for Lotus, which makes it awkward to determine what is a good price. What do you think is a fair price for a 2005 Lotus Elise in good condition, with ~40,000 miles, and no additional options or modifications?

09-04-2008, 06:12 PM	#2 (permalink)
ivan1 b3NNAd Join Date: Oct 2003 Location: Bedford, NY Posts: 5,447	with that mileage I wouldnt pay more than 25k __________________ 2008 Elise SC Ardent Red - Touring, Sport, Starshield Previous car - 2005 Elise Saffron Yellow (totaled in flood- the original underwater elise)

09-04-2008, 06:31 PM	#3 (permalink)
tcnohead Who needs nicotine? Join Date: Dec 2006 Location: Clearwater, FL Posts: 810	NADA wasn't very helpful either but did manage to get this... Attached Images

09-04-2008, 06:32 PM	#4 (permalink)
RoadDad 道のお父さん Join Date: Dec 2006 Location: Hell Posts: 4,051	(MSRP + miles driven)/(Price actually paid + kilometers driven) * 2.823 = actual private party sale value. (MSRP + miles driven)/(Price actually paid + kilometers driven) * 2823.0 = dealer trade in value __________________ "There are two things no man will admit he cannot do well: drive and make love." -- Stirling Moss Nunquam est ponenda pluralitas sine necessitate. Pluralitas non est ponenda sine necessitate. Pluralitas non est ponenda, nisi ubi est necessitas. Add RoadDad To My Ignore List

09-04-2008, 08:03 PM	#5 (permalink)
uclacyc Has a skinny fetish Join Date: Jun 2007 Location: NorCal Posts: 920	I would suggest looking at likes like AutoTrader.com and see what dealers are charging, to get an idea. I got mine from a deal but it was at a really good price, much less than private party. __________________ 2006 Solar Yellow Elise: clam protection, Multivex Mirror + mod, Center Brake Light Pulser, rear window shield, Von Hep Exhaust (twingle), Al trim ring, S111 Carpet Buttons & CF Center Console & Lidbone, toll mount, tray mod, brake light adj, headlight adj, raised letters, stealth bulb, de-snorkel?, painted cover? & caliper? ║ Forza 2 w/ Wheel & ButtKicker, CA Car Cover (less $: Covercraft Evo 4), CDI torque wrench, ProperAutoCare, Zaino Total Protection Kit, gas bib, stub tool, Etymotics.......

09-04-2008, 09:01 PM	#7 (permalink)
cbelon HellsBells Join Date: Aug 2006 Location: New Jersey Posts: 422	I think a good low mileage '05 should be worth 40k just like NADA says, however the reality seems to be that an '05 in excellent condition with normal miles on it is only demanding between 31k-36k depending on options. If you want to wait for a buyer who wants your exact car you could probably get a little more. I think that the '05's will be collectors cars in about 15-20 years so people better get them now while they are cheap.

09-04-2008, 09:29 PM	#8 (permalink)
CertifiedCC BANNED Join Date: Apr 2008 Location: Northern VA [The BEST Part of VA.(Sadly)] Posts: 876 Images: 4	NADA is simply outrageous and those prices have been there SINCE 2006 I would say not more than 25K.

09-04-2008, 10:19 PM	#9 (permalink)
Moto44 Back in the Saddle Join Date: Jun 2006 Location: Harmony, Il Posts: 3,539	I would imagine that at $25k it would get snapped up pretty quickly. To get anything in the 30s would be doing very well. It seems there is a crowd out there that has been waiting for these cars to get into the 20s before they feel comfortable getting one. $30k will be one of the natural psychological barriers for many. If it were me, I would put it up for sale $29k plus change and see how it goes. __________________ 2008 Yellow Elise California 2007 Honda CBR 600RR 1997 Jeep Wrangler

09-05-2008, 10:58 AM	#10 (permalink)
MattGold Registered User Join Date: Mar 2006 Location: Coral Gables, FL Posts: 35	Maybe this will help: 2005, 42K, at a Nissan Dealership Asking $27,999 at a dealer ship. So maybe $25,000 Private Party isn't too far off. -M

09-05-2008, 11:19 AM	#11 (permalink)
Wasabi Registered User Join Date: May 2006 Location: San Ramon, CA Posts: 401	Yeah but you need to take into consideration if it has a clean title, whether or not it's been in any accidents, there are quite a few used ones for sale at a lower price because of hidden stuff like this, you need to be careful I was price hunting for a long time before I picked up my used elise ~2 months ago, 40k miles is a lot and if it doesn't have very many options on it I'd say 27-28k should do... 25k would seem mysteriously low and would leave me wondering what's wrong with the car, which is probably something With all the options I'd be surprised to see it fetch a full 30k though, it really depends on how the car has appeared to have held up over all those miles, paint condition, commute driving vs every weekend track car, new/worn tires and brake pads, servicing history, things like that And just because a car is being sold at a dealership, does not mean that there's necessarily nothing wrong with it, I'd be scepticle without a lotus mechanic giving the car a pre-purchase inspection, which is WELL worth the money (less than $200)

09-05-2008, 11:55 AM	#12 (permalink)
plastique999 Form and Function Join Date: May 2008 Location: Diamond Bar, CA Posts: 1,364	I agree with around $25K for worth of an Elise with 40K miles.... As a point of ref....I bought my '05 with only 5k miles in perfect condition for just under $30K. It depends on the market....and right now is a sh*tty market for sellers. __________________ www.FaceNBody.com 2005 Lotus Elise: Larini SE exhaust,HID's,turn signals delete,rear fins delete, CFside scoops, CFbinnacle,CFcenter console,Zoom CF mirror,Gut Aero wing,Gut front splitter,CF 5-element diffusor,Exige mesh, Ohlins DA,RAC monolites,Toyo R888's,Pagid RS Blues,CO painted calipers,SS lines,Reverie XC CF seat, Reverie CF steering wheel,V force harness bar,Schroth Profi II 6 pt harness,shifter re-Enforcer, BWR key to BWR S/C! 2007 E63 M6 (many mods...)

09-05-2008, 12:13 PM	#13 (permalink)
CK_lotus Houston, TX Join Date: Nov 2007 Posts: 330	+1 $25K. __________________ "Lotta people go through life doing things badly. Racing's important to men who do it well. When you´re racing, it’s life, anything that happens before or after is just waiting." (Steve McQueen, 1971) Daily driver -- '07 Graphite Grey Exige S with all factory options.

09-05-2008, 05:42 PM	#16 (permalink)
aparker5 Registered User Join Date: Jul 2008 Posts: 2	I purchase a 2006 exige with 19K in excellent condition two months ago for 34.5K. I absolutely love it.

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