WTB Elise: $30K - LotusTalk - The Lotus Cars Community
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post #1 of 33 (permalink) Old 09-27-2007, 05:10 AM Thread Starter
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WTB Elise: $30K

Plus a little but definitely minus though

I am on my 7th car right now. I currently have '00 MR2 Spyder and an 04Mustang GT vert. I have always drooled over these cars and definitely have had my taste of a lotus by driving my MR2 for the last year or so. I am in a position to finally get one. I have $15k cash and setting myself up for finance of the rest as soon as i get these other two cars out from beneath me. I am only 21 and dont have like 20 years of credit history behind me so im kind of limited to what my stupid credit allows. Can anyone tell me if it's even feasible to think of finding one of these cars for less than 30k? i have seen them around here and there, but how often does like an 05 come around that sells less than 30k and i in great condition? I see lots of dealers posting on here as well. Any hookup or advice on how to get out of these two cars and get into one of these beauties? thanks for reading this.
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post #2 of 33 (permalink) Old 09-27-2007, 05:22 AM
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Get several cups of coffee - sit down - and spend the best part of a day using the "search" feature.

Obviously search the "for sale" forum history (out of hundreds you'll only find a couple for $30K)

Please also search the "I am thinking of buying an Elise" type postings.
After learning more about the cars (particularly cost of ownership) you may reconsider.

Please don't even think about any of the "salvage but repairable" options as a way of getting a cheap Elise.
Don't take my word for it - go searching.

The car is wonderful and most of us are unashamably addicted - but "drooling over one" and "living with one" ($10K parking bump repair costs and all) are very different things.

The members here will help you tremendously - but they will really appreciate it if you do some work first via the search function and then ask specific questions about the things you've learnt.

Oh - and welcome.....
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post #3 of 33 (permalink) Old 09-27-2007, 05:46 AM Thread Starter
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like i said, it's my 7th car and after drooling for an elise through the first 7 cars and the last two years... whatever. maybe i asked the question in the wrong way...this is mainly a DEALER question... would a DEALER in here even consider trying to work with a 21 year old (who doesnt have but only like 3 years of credit behind him) with two cars in his name right now and $15k in hand in trying to get a lotus? should i wait until i am in a better situation or is it possible to work with me? i dont want to wait and then end up with debt again and be in a worse position. while i have the money and NO bills except for those two car notes, i think i am in the best position to do this now rather than later. any advice? help?
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post #4 of 33 (permalink) Old 09-27-2007, 05:48 AM Thread Starter
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WTB elise

would a dealer in here even consider trying to work with a 21 year old (who doesnt have but only like 3 years of credit behind him) with two cars in his name right now and $15k in hand in trying to get a lotus? should i wait until i am in a better situation or is it possible to work with me? i dont want to wait and then end up with debt again and be in a worse position. while i have the money and NO bills except for those two car notes, i think i am in the best position to do this now rather than later. any advice? help? and of course it will have to be a car close to the $30 range...
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post #5 of 33 (permalink) Old 09-27-2007, 05:56 AM
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Sorry if I misunderstood - but I stand by my advice anyway.
Perhaps I was answering the questions you should have asked.

Last edited by UKphil; 09-27-2007 at 06:09 AM. Reason: Removed "Good luck" at end (it didn't look sarcastic enough)
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post #6 of 33 (permalink) Old 09-27-2007, 05:56 AM
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I would be happy to work with you. The problem is that used 05s, unless they are very high mileage, will sell from dealers in the mid 30 range. PM or call me to discuss.
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post #7 of 33 (permalink) Old 09-27-2007, 05:58 AM
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Quote:
Originally Posted by vossler View Post
would a dealer in here even consider trying to work with a 21 year old (who doesnt have but only like 3 years of credit behind him) with two cars in his name right now and $15k in hand in trying to get a lotus? should i wait until i am in a better situation or is it possible to work with me? i dont want to wait and then end up with debt again and be in a worse position. while i have the money and NO bills except for those two car notes, i think i am in the best position to do this now rather than later. any advice? help? and of course it will have to be a car close to the $30 range...
You currently have two car notes? And you want a third? And you're thinking you'll put $15K down on (what you hope is) a $30K car?

Credit is all about debt/income ratio, with a smattering of assets thrown in. If you're thinking you can afford to spend $15K out of a savings of, say $40 or $50K on this car, with no other debts, if you're gainfully employed and your total debt/income ratio is 'ok,' you can always find someone to lend you the money.

While credit standards from reputable lenders are tightening up considerably, you can always find higher rate lenders who, when looking at your ability to repay, don't care if you're eating Romen Noodles every night or can pay your rent.

If I had to guess, with two car notes already contemplating a third....you are probably living at home and responsible for little if any of the standard overhead someone has when they are supporting themselves. If that's the case, more power to you.

If you're looking at that $15K being all or most of your liquid assets, you will be instantly car poor, 'upside down' in your car the minute you drive it away from the seller, and will not be in a happy place financially.

Oh...and you MUST shop insurance before you do this. At your age that will be a very significant element of your figuring out if you can afford this.
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post #8 of 33 (permalink) Old 09-27-2007, 06:02 AM Thread Starter
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no problem dude, i appreciate the advice. I posted this in two places hoping to grab attention. i am in Kuwait atm and will return in Feb and hoping to jump in one. thanks!
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post #9 of 33 (permalink) Old 09-27-2007, 06:02 AM
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Quote:
Originally Posted by slipstream View Post
You currently have two car notes? And you want a third? And you're thinking you'll put $15K down on (what you hope is) a $30K car?

Credit is all about debt/income ratio, with a smattering of assets thrown in. If you're thinking you can afford to spend $15K out of a savings of, say $40 or $50K on this car, with no other debts, if you're gainfully employed and your total debt/income ratio is 'ok,' you can always find someone to lend you the money.

If you're looking at that $15K being all or most of your liquid income, you will be instantly car poor, 'upside down' in your car the minute you drive it away from the seller, and will not be in a happy place financially.

Oh...and you MUST shop insurance before you do this. At your age that will be a very significant element of your figuring out if you can afford this.
All very good points.

I would add that Chase likes to hold car notes to no greater than 70% of an individuals income except for rare circumstances. Example. An individual makes $100,000.00 a year. Chase would like to see the vehicle note not exceed $70,000.00.
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post #10 of 33 (permalink) Old 09-27-2007, 06:06 AM
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ebaymotors. Several Elise there for around $30k. Fly to wherever they're located and buy it. Otherwise, use the search function.

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too heavy" - Colin Chapman
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post #11 of 33 (permalink) Old 09-27-2007, 06:07 AM Thread Starter
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I am asking a dealer to work with me to get the two cars out of my name to where i have only 1 car note. I am in the Navy and am 21, single, no family, no kids. I started getting smart with my money and got rid of ALL of my debt (loans, credit cards, etc...) and now looking to make the last move and get my youthful spontaneous mistakes (the two cars i currently own) off of my chest. I have saved up a bit of cash so that I am finally able to do something like this (know many 21 year olds who can save $15k?... i dont)
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post #12 of 33 (permalink) Old 09-27-2007, 06:10 AM Thread Starter
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I currently make 43K... before taxes... im hoping that the extra money i have saved up will help me. this will probably be hard
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post #13 of 33 (permalink) Old 09-27-2007, 06:14 AM Thread Starter
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the thing is is that i have to find someone to work with me to get these two car notes out from under me first... with $15k as negotiation money to make this happen.
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post #14 of 33 (permalink) Old 09-27-2007, 06:15 AM
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I'm in the same boat and have seen a few pass through here at that price. Most of them were high mileage or had small problems but they are out there. May want to wait till the beginning of next year when the 08 cars come out then the 05's should maybe drop a little (especially if the 08 s/c rumor is true)
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post #15 of 33 (permalink) Old 09-27-2007, 06:17 AM Thread Starter
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that sounds like a good idea. I am in kuwait and i get back to the states in late Feb, so that's perfect. I just need to know if a dealer will even consider working on this with me.
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post #16 of 33 (permalink) Old 09-27-2007, 06:24 AM
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What is the debt like on the other 2 cars?
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post #17 of 33 (permalink) Old 09-27-2007, 06:31 AM Thread Starter
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this is the hard part... unfortunately im paying for my youthful mistakes...

2000MR2 Spyder = 13k

2004 Mustang GT convertible = 20k

basically with the blue book values that i have got from KBB... im looking at about $6k-$10k upside down combined.

Once i get out of these cars... the elise would be my only debt beside rent and cell phone.
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post #18 of 33 (permalink) Old 09-27-2007, 06:44 AM
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15K down makes you very attractive for finance. Are you upside down on the two other cars? If not, just sell them privately or see if you can trade them in.

If you bought a 35K car with 15K down minus fee's you are only financing about 23.5K that puts you at a 67% loan to value. That is not much of a risk for a lender.

Are you in the service? If so use that to your advantage.

Good luck.

Jordan

Never Lift....
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post #19 of 33 (permalink) Old 09-27-2007, 06:58 AM Thread Starter
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the problem is that yes im upside down and not really sure how much... but most likely between the two it's somewhere between 6k-10k. i am in the service though but i never ask for 'extra' treatment. i do my job and get paid just like everyone else. I am going to have a hard time getting these two cars out from under me without taking a big loss... my stupidity from previous cars and expenses rolled over onto these car notes... it's a chain reaction that is hurting me badly today now that im wary of my mistakes and a little smarter. I JUST WANT AN ELISE!!!
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post #20 of 33 (permalink) Old 09-27-2007, 06:58 AM
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