[bueno]

Hello! I am currently 16 years old, and have wanted a elise for a solid 4 years. I haven't wanted any other car. My parents told me they will split a car with me within reason. I have recently been investing in the stock market and can say i have been doing very very very well. (40% returns!)

So my question to you all is, what do you think a used 05 elise will cost in, say, a year? (no license yet jsut permit) I don't want to waste my time, efforts, and money on some junk car I won't want later. I know i will love lotuses forever. Any suggestions?

Thanks!

I'll let others comment on your initial question opcorn: however, can you give us some insider knowledge on how you're making 40% return in the stock market in this economy?

 

[jallingt]

Um, what?
:shrug:opcorn:

 

[Exigest]

Welcome to the forum.

Perhaps you should work to understand more about the vehicle so you can estimate these costs. Not to mention there are MANY posts on this subject already. You need to understand that it is hard to respect a young teenager if they require everyone else to do their work for them. Asking questions like this is a recipe for losing respect when there is a wealth of information already available.

 

[Savet]

Ebay is a great way to track what people are asking (and what the final bid is) on various years.

 

[catapult]

I would guess a little less than they are going for now.

Btw if you're getting 40% returns on the stock market then you must have a crystal ball or got into the market on one of the recent downturns.

 

[cemaykan]

i have a feeling this forum soon is going to be sponsored by mickey mouse...

 

[skappy7]

I would guess a little less than they are going for now.

Btw if you're getting 40% returns on the stock market then you must have a crystal ball or got into the market on one of the recent downturns.

Yes I have :clap: I put my 2 grand in near the bottom in the beginning of march. Sold off on all that and relocating it elsewhere.

As for eBay i check it every day for new listings....Some of the elises are getting near the 22k mark (found one with 78k miles)

 

[ransackman]

 

[Mr. Know]

Yes I have :clap: I put my 2 grand in near the bottom in the beginning of march. Sold off on all that and relocating it elsewhere.

As for eBay i check it every day for new listings....Some of the elises are getting near the 22k mark (found one with 78k miles)

Hope that $800 gets you far...

 

[MattG]

At 16 years old, the real cost of an Elise won't be the initial purchase price, but the cost of insurance and the likely repair costs (plus the impact that accidents will have on your insurance rates for years). The Elise is a horrible first car. I recommend starting out in a Miata, they're great sports cars with some fantastic aftermarket support that can make owning one a lot of fun.

 

[skappy7]

At 16 years old, the real cost of an Elise won't be the initial purchase price, but the cost of insurance and the likely repair costs (plus the impact that accidents will have on your insurance rates for years). The Elise is a horrible first car. I recommend starting out in a Miata, they're great sports cars with some fantastic aftermarket support that can make owning one a lot of fun.

Hmm......how about MR2's? or Z4's? miata is alright for some reason i don't particularly like it.....

As for 800, yes it will get me far because if i get a 22k lotus I only have to pay 11k.

 

[chazzer]

Different car??

Matt G is totally write. The initial insurance is going to be way high for you.. And just remember that this is a vehicle that you are trying to buy and DRIVE around. Almost every teenager gets into an ACCIDENT the first year of driving--
Maybe look into a 2005 Celica GT-S that has the same engine - almost as the Elise. They are way less expensive and easier to insure and fix if you can do mechanic work yourself. Just a thought for you. :nanner:

 

[skappy7]

Matt G is totally write. The initial insurance is going to be way high for you.. And just remember that this is a vehicle that you are trying to buy and DRIVE around. Almost every teenager gets into an ACCIDENT the first year of driving--
Maybe look into a 2005 Celica GT-S that has the same engine - almost as the Elise. They are way less expensive and easier to insure and fix if you can do mechanic work yourself. Just a thought for you. :nanner:

Not sure if i could live with myself then......and i live in the middle of nowhere so there really arent any cars to get into accidents with. My school has around 700 kids in it and i think that every year 2 or 3 get in accidents.......And as for insurance, my parents have got that covered

All that aside, is it still worth it?

 

[RelativePants]

Start with something old and cheap. With a sports car as your first, you WILL break something.

MR2, RX7, RX8.

I would recommend the RX8. When I was your age, I had an RX7; girls were always competing to ride in it. "Sorry it's only a two seater, I'll take you". Nonetheless some still insisted that they could squeeze in the hatch.
With the RX8 you can fit three girls, and you have an excuse to not take the fat ones, because the back seats are too small.

 

[TTZip]

Have you asked if your parents were willing to cover $11k of your car or is this just an assumption? This is something you should ask because you never know, but they can say $5k max or something along those lines. Also, don't brush off how much insurance will cost. Adding you to their insurance plan in a Lotus Elise will make their insurance go way up. Do ask how much it will be every 6 months. You really can't just assume they will cover it.

Don't forget what you will be paying for repair costs if something brakes. Along with maintenance include tires and brakes. You should go look up how much that costs.

Also something to think about you said that you live in the middle of no where. Usually roads in the middle of no where are not very ideal for this type of car.

In the end I hope it all works out for you, but stay safe. This is not a car you want to wrap yourself around a tree in because you are trying to be cool showing off to your friends.

 

[Likuid]

The initial cost of the car isn't the major issue. Its everything else: insurance, repairs, maintenance, etc.

 

[kaiynne]

Hope that $800 gets you far...

The kid is 16 and he is already looking into investing, give him a break on that score. I would have been happy to make an $800 gain when i was 16, and I would imagine you would have been too... Now if he thinks that those 40% gains are going to continue then he is going to learn a valuable lesson very soon, but if he has a head on his shoulders and learns to invest at an early age he will take the losses when he can afford them and be better for it.

But ragging on him for being excited over making $800 is probably not worth your time though if $800 is such a trivial amount to you.

 

[ransackman]

The kid is 16 and he is already looking into investing, give him a break on that score. I would have been happy to make an $800 gain when i was 16, and I would imagine you would have been too... Now if he thinks that those 40% gains are going to continue then he is going to learn a valuable lesson very soon, but if he has a head on his shoulders and learns to invest at an early age he will take the losses when he can afford them and be better for it.

But ragging on him for being excited over making $800 is probably not worth your time though if $800 is such a trivial amount to you.

I tend to agree with Mr. Know, its better to caution somebody first rather than saying "Told you so" later.
Everybody is an "investor" right now (and I'm no different). I do like the etrade adverts though

 

[skappy7]

First of all, yes, my parents told me they would pay for 10k on any car but if its over that they wont pay much more. They will pay for half insurance and all brakes and repairs. So, i guess its nor unrealistic, but, i'll have to see where i am.

As for the stock trading, I'd say i'm pretty hardcore. Most of that money made was from trading options + futures.

These are my top 5 cars:

Lotus Elise 2005 - $22,000 - $25,000
BMW Z4 '03 or '04 - $12,000 - $15,000
Toyota MR2 '03 or '04 - $10,000 - $14,000
Mitsubishi Lancer '08 or '09 - $13,000 - $15,000
Saab 9-3 Aero Convert '04 or '05 - $12,000 - $15,000

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