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?

 

Um, what?
:shrug:opcorn:

 

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.

 

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

 

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)

 

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

 

 

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.

 

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:

 

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?

 

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.

 

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.

 

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

 

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

Favorites?

 

I don't have any firsthand experience with the Lotus, so I would defer to the others' opinions here for the reliability / cost to insure on that one.
As far as your list goes, I would pick the Lancer, then the MR2, then the Lotus, then the BMW, then the Saab. If you get adjusted to driving in the more reliable cars you will have an easier time with the Elise later on. When I was turning 16 I really wanted an older Porsche 911. My dad ended up loaning me the money for a 1982 Datsun Maxima diesel (max speed of about 75 mph). It turned out to be a good move as I am still accident free 25 years later. My second car was a 1984 Celica GT. It was one of the most fun cars I have ever owned.
I would be really proud of making $800 at your age in this crappy stock market. Just learn as you go and build on your previous knowledge. I did not make any money in the stock market until I was around 30 years old. Most of what has been made has been given back at this point, so you are ahead of me!
BT

 

Your parents may have said that, but do they realize how much it costs to fix the Elise?

Last two times I've taken mine in to get some things fixed and some maintenance its cost a total of $3700 dollars. Not saying this is the norm, but this was within a 6 month time period. It can get costly quick.

 

well that's what they said. I'm holding them to it

 

Last time my car was in the shop it was down nearly three weeks waiting for parts. No loaner, of course. Not a big deal for me, but not so great if the Lotus is your only car.

 

We have 3 cars and that would be 4 so that's not a problem

 

Go test drive all of the 5 cars that you are looking into otherwise you are simply blinding buying a car. You never know one of the others may fit what you want more.

 

If I had a 16 y.o. I would not let them drive an Elise as their first car. Stay tuned them as I'm planning to add up all my receipts related to my 2005 Elise to see what I've spent on it in the past almost 5 years.

 

starter car, Elise vs. BMW 318is...

Greetings.
Growing up, I had a 1966 V8 Mustang as my high school car. Probably the biggest mistake I could make, way too fast, no fuel economy, bad handling. May I suggest, that before you invest in an Elise, you buy a starter car? Take a look at a 1990's vintage BMW 318is for example... many are available for under $10,000, they are wonderful cars to learn how to drive safely on, and with some suspension upgrades, you have a car that is unique, safe and almost as much fun as the Lotus. I would also strongly suggest spending some of your earnings on the BMW Teen driving school, and then several full blown driving schools. Once you have done that, and are comfortable with shifting, bad weather, dangerous roads, crazy traffic, etc, etc, go test drive and Elise. But take your time, as becoming a safe driver takes alot of practice and effort. Good luck!

 

alternative

Greetings.
Growing up, I had a 1966 V8 Mustang as my high school car. Probably the biggest mistake I could make, way too fast, no fuel economy, bad handling. May I suggest, that before you invest in an Elise, you buy a starter car? Take a look at a 1990's vintage BMW 318is for example... many are available for under $10,000, they are wonderful cars to learn how to drive safely on, and with some suspension upgrades, you have a car that is unique, safe and almost as much fun as the Lotus. I would also strongly suggest spending some of your earnings on the BMW Teen driving school, and then several full blown driving schools. Once you have done that, and are comfortable with shifting, bad weather, dangerous roads, crazy traffic, etc, etc, go test drive and Elise. But take your time, as becoming a safe driver takes alot of practice and effort. Good luck!

Just like Mike, my first car was a 71 Mustang on which thought me everything I needed to know about fixing cars.........short of bodywork....have you thought about a VW?........they are relatively cheap GTI can be had for under 10K.....BMW can get expensive if something major breaks down..........I remember I had an Audi Quattro when I was in the Marines and that car was great handling, good gas mileage, chick liked it but it overheated when I put the AC on, had to replace all window regulators, by mistake I put the wrong oil in the powersteering and had to replace the rack.......you get my drift........Bane and other recommended the MR2 and the Lancer........I think those are probably your best choices when you look at quality, reliability, maintenance cost and mileage....

 

My first car was a 1982 Nissan/Datsun (they hadn't sorted out the badging yet) Sentra station wagon, affectionately named "Sh*thead." In that car, I learned that a coathanger could be turned into an engine mount in a pinch. A clogged fuel filter would stall the motor, but it could be cleaned by blowing in it. And oh the tire changes. . .

Skappy7, kudos on investing and making $800. It's not much, but everyone starts somewhere. The difference between $800 and $8k is just scale. Keep it up.

As for cars, I think you're getting a little far ahead of yourself. The Elise is a fantastic car. I'd never recommend it as one's first and/or only car. It's a harsh ride. It's completely impractical. Fixing something as simple as a busted front headlight requires the removal of the front tire. The reasons could go on. Many of us on this board either have 1) years of experience working on cars, 2) money to farm out the work, or 3) both.

Elise ownership is cheap when everything is going right; it gets very expensive very quickly. Example, last week, my scooter fell onto the front clam. Oops, there's $500 after I strip the Starshield. In total, it's probably a $800 job if I install the Starshield myself, $1k if not. If you had an MR2, what would happen? I'd pick up the scooter off the MR2's polyurethane bumper, buff lightly, and be as good as new. In about 3k miles, the OEM Yoko tires will start to show steel belting. Time for new tires. Should I go for OEM tires? That'll be a good $1.1k. Maybe I should go for aftermarket? Still another $800, and then I need to get them installed. If I had an MR2, probably $500 installed at my local Costco.

Were I you, I'd step back from the cars you've selected and consider what it is that you really want. Chicks? The MR2 will be just as cool, with half the cost. Feeling like you've "made it?" Get the Z4. Want to learn to work on cars? Saabs come with tears. Feel like you're undeserving and want to punish yourself? Look no further than any Mitsubishi. Want to get onto a track regularly? Lotus.

A few other thoughts. Your parents are ridiculously generous for 1) offering to pay half a car up to $10k. Don't abuse it. 2) Offering to pay half your insurance. Don't abuse it. 3) Offering to pay all your repairs. Don't abuse it. See a pattern here? Ever had someone who you helped out at school? Had that person keep needing help? And needing, and needing, and needing? Ever get disgusted with them? Same idea. Just because you're not paying for it, doesn't mean someone isn't. This lesson will really hit home when you start to pay taxes. . .btw, if memory serves, the government owns $400 of the $800 you made in short-term investment income tax. Welcome to our world!

Meanwhile, keep poking around this board. A lot of smart and knowledgeable folks here. You're on a good track!

 

Were I you, I'd step back from the cars you've selected and consider what it is that you really want. Chicks? The MR2 will be just as cool, with half the cost. Feeling like you've "made it?" Get the Z4. Want to learn to work on cars? Saabs come with tears. Feel like you're undeserving and want to punish yourself? Look no further than any Mitsubishi. Want to get onto a track regularly? Lotus.

A few other thoughts. Your parents are ridiculously generous for 1) offering to pay half a car up to $10k. Don't abuse it. 2) Offering to pay half your insurance. Don't abuse it. 3) Offering to pay all your repairs. Don't abuse it. See a pattern here? Ever had someone who you helped out at school? Had that person keep needing help? And needing, and needing, and needing? Ever get disgusted with them? Same idea. Just because you're not paying for it, doesn't mean someone isn't. This lesson will really hit home when you start to pay taxes. . .btw, if memory serves, the government owns $400 of the $800 you made in short-term investment income tax. Welcome to our world!

Thanks for the advice everyone. It's pretty much either Lancer or Saab, considering convertibles are eh in snowy weather, RWD is horrible, and they only have 2 seats. We went to a Mitsubishi dealership (45 minutes away. how sad. we don't even have a close toyota dealer. All we have is GM and Ford.) And my mom actually liked the Lancer. So much that she might pay 10k on it and i only have to pay the rest. Good crashtest ratings, sweet, etc.

Never really thought of it that way. Like that I shouldn't push it considering all she is already giving me.

And the government doesn't own that much because I have a custodial stock market account in my name so i file with MY taxes, which will probably be nothing.rotfl

Anyone have any expirience with a Lancer before?

 

I vote for the MR2 first, the Lancer second.

Both of those are more suitable for someone at your stage in life.

Just a point of reference... you'd blow that $800 you made every few months on tires with the Elise. It's tires cost about $800 and last for one oil change (5000 miles).

Insurance is going to be at least $800 every 6 months, and if you get in an accident... I hope your parents are willing to step up and front that bill (it's not cheap)

 

Insurance is going to be at least $800 every 6 months, and if you get in an accident... I hope your parents are willing to step up and front that bill (it's not cheap)

If I were going to guess I would say insurance is going to be $1k+ for 6 months easily due to age.

 

If you buy a lotus for your first car you might die in it and you will almost certainly total it.

These cars arn't that safe and are very fragile......

 

please hear me out,i highly suggest a 1.8 miata (roughly $4000) then get an upgraded clutch,lightweight flyweel,suspension,and rollbar. Then autocross the hell out of it,learn how to drive it,appreciate it...then move up believe me please. Invest the time in driving first then move up to better things

 

Hmm....the only reason i would want to learn manual is if i have to (lotus). I'll definitly check it out though. I get 10 grand no matter what if my mom approves, so i might even have some extra cash.

Although....if it's RWD which i think it is having looked before, I don't think it will work out with the snow.

 

10k should by a very nice 04-07 imperza as well. The awd will be nice in the snow with the right tires and it would be a better car than a base lancer...

 

I used to own a Subaru Outback (don't laugh) and that thing was amazing in the snow. My best memory was pulling up next to a large SUV that had spun out and ended up in a ditch and asking them if they needed help...the owner was genuinely embarrassed since most SUV owners think they are invulnerable.

Subaru 1 Large SUV 0. :evil:

Given the snow factor, I'd add another no vote for the Elise...unless you equipped it with Blizzaks and REALLY knew how to drive a mid engined, manual trans car during the winter months...or you had another vehicle to use during that time.