The Lotus Cars Community banner

1 - 20 of 33 Posts

·
Registered
Joined
·
20 Posts
Discussion Starter #1
I'm looking around and i'm just finding out how much the price drops on a Lotus after 2-3 years. A used 2005 Lotus Elise is going for $25,495 on autotrader.

2005 Lotus Elise in Burbank, CA 91505: Convertible Details - 266345793 - AutoTrader.com



I know the Elise runs a Toyota engine so reliability should be high. Why does the price depreciate so quickly on these cars? I know prices on american cars drop like crazy because well... they just arn't a whole lot reliable. The same is opposite of reliable japanese cars like honda or toyota.

So what's up with Lotus? Is it just because the owners are getting sick of their cars or something? I've got about $30,000 to spend on a car, I was planning on picking up a new Nissan 370Z, but a used Lotus Elise is looking far more attractive.

Any tips would be appreciated :)
 

·
Registered
Joined
·
641 Posts
well, that one has 43k on the clock...that's why its relatively cheap compared to lower mileage examples...anything less than 10k miles would sell for lower to mid $30s
 

·
Registered
Joined
·
232 Posts
I wouldn't worry too much about the miles, particularly on that car.

That was Hal/SKYVUE's car. He most certainly knows how to drive it and had it maintained by Richie at Silver Star. A pretty damn impressive combination IMHO.

Plan on 10% of original purchase price per year. Say it cost $42K in 2005, it is now 2009 so $42K-$17K=$25K. I have had AMG and M cars depreciate worse than that.

My 2006 M Roadster had a purchase price of $58K, BMW offered it to me for $30K at end of lease. It sold for ~$24K at auction and $29K at dealer a few months later.
 

·
Registered
Joined
·
1,319 Posts
I'm looking around and i'm just finding out how much the price drops on a Lotus after 2-3 years. A used 2005 Lotus Elise is going for $25,495 on autotrader.

So what's up with Lotus? Is it just because the owners are getting sick of their cars or something? I've got about $30,000 to spend on a car, I was planning on picking up a new Nissan 370Z, but a used Lotus Elise is looking far more attractive.

Any tips would be appreciated :)
I can tell you this much, if you purchase a used 2005 Elise, it'll hold it's value better than just about any new car purchase for a similar amount.

And as mentioned, the car you're looking at is on the low end of the spectrum due to his slightly higher than (Lotus) average mileage.

New cars lose a sizeable chunk of value the moment they leave the lot.
and over time, they depreciate, simple as that.

From what I've seen, used 2005's which were going for 32-35k two years ago, are now selling for 28-32k.
Not too bad of a hit.
 

·
Registered
Joined
·
2,731 Posts
...the depreciation on these cars generally bottoms out around the mid-twenties, so a high mileage car will almost always be worth what you paid for it...i bought my elise used with 62,000 miles, no problems other than wear and tear on the transmission...
 

·
Registered
Joined
·
82 Posts
I bought an '05 last year. Previous owner had it as a DD (22K) and needed something more practical. I use it as a weekend/track toy because I walk to work.
 

·
Registered
Joined
·
526 Posts
I bought mine used last spring with about 20,000 miles on it and I couldnt be happier. the previous owner took great care of it. The only problem I had was the resistor for the ac blower. other than that it has been flawless. it now has about 36,000 miles on it.
 

·
Registered
Joined
·
613 Posts
I've bought 2 used Lotus. The Elise was an '05 car from a member on the forum. Paid 31k for it in June of '08. The Exige was an '06 car from FVMC with only 3k miles. Original owner had paid $65k new and I picked it up for $37k in April of this year. I didn't have any problems with the Elise and haven't had any problems with the Exige. If you buy a car from one of the active members here or a reputable dealer that knows Lotus and is active in the community like FVMC, you are more likely to get a good car with most of the "bugs" worked out.
 

·
Premium Member
Joined
·
4,551 Posts
That is not depreciation at al...
You can get a 100k+ mercedes or BMW for less than half its price now, e.g. An M5 can be bought for under 40 k now
 

·
Registered
Joined
·
232 Posts
That is not depreciation at al...
You can get a 100k+ mercedes or BMW for less than half its price now, e.g. An M5 can be bought for under 40 k now
Funny thing is, the repair costs stay the same;)
 

·
Registered
Joined
·
592 Posts
Lotus tend to take a bigger depreciation hit right off the lot, but after the first six months the rate of depreciation is much lower than other cars. Three years from now, a 2005 Elise will likely be worth more than a 2009 370Z
 

·
Registered
Joined
·
1,566 Posts
I bought mine for $29,500 with 14,000 miles.

I don't care what it sells for because as far as I'm concerned, I have 19,000 miles on it now and another 81,000 miles left before I even contemplate replacing it.

By that time, it may be an Evora, or just another Elise... either way, I'm hoping to stay within the Lotus family next time as well.
 

·
Registered
Joined
·
122 Posts
The sweet spot for buying any car is about 3 years old and low miles. The worst of the depreciation hits in the first couple of years (and when the factory warranty ends). Carfax should list pretty much anything fixed by the under warranty, so you can see if it has any real issues to be concerned about returning. Watching all summer, I have not seen any Elise go for less than about $25k (other than salvage) and that's with high miles. It looks to me like once that $30k barrier is hit, the cars hold their value very very well.
 

·
Registered
Joined
·
343 Posts
Cars sell for what people are will to let them go for. So say if someone doesn't like the car much or is desperate to sell, they may take what is owed on their note.

Now take me for instance, I'm not saying I wouldn't sell you my Elise, but you'd have to make it worth my while.

I've put 15k remarkable miles on my car and it is worth more to me now than when I bought it.

KBB doesn't even list 05 Lotus Elise.

Well if you are reaping the spoils of an ailing economy I guess you are a winner.

Congrats!
 

·
Registered
Joined
·
310 Posts
I bougt my used 05 Elise from a nice guy in LA. It had 25000 miles and cost me about exactly the amount. It's been a great car the 7 months I have owned it. Replaced break pads, re-flashed the computer, and did a scheduled service. That's it so far! Love it!
 

·
Registered
Joined
·
6 Posts
A month ago I picked up an 05 Elise with 4300 miles, I only paid 30k! I was pretty excited to find that deal.:coolnana:
 

·
Registered
Joined
·
821 Posts
I bought my 05 used. I love it. I got a hellova deal (IMO). and I figure the fastest depreciation it will see has already occurred.
 

·
Registered
Joined
·
1,482 Posts
I bought my 07 used in 07. $61k new, $41k with ~2000 miles on it. My results were not typical and involved 3 months of shopping and some negotiations. =) If I were to resell it now, I would expect to get close to 40k on it despite having driven it for almost 2 years. =) IMO, original owner took a huge depreciation hit for buying new, where as I'm taking barely any for buying used.
 

·
Registered
Joined
·
25 Posts
I am picking up an '05, 2-owner, 21k miles, magnetic blue in San Diego today. Maintained by Symbolic. Clean title, no accidents. $24.5k. Thank you recession :clap:
 

·
Registered
Joined
·
1,317 Posts
Depending on the accidents the vehicle might be better of with a clam replacement. When i had my front clam replaced. (Front clam was damaged by spare tire in road that i hit at night) the replacement was better painted and lined up better and a rattle in my door fixed than it was from the factory. And my headlights got aligned too... (which are notoriously out of alignment from factory).

If it hit a curb, then i'm with ya, no accident is good, but if it was a light clam damage only, you could be better off with a clean fresh clam... I'm just sayin...
 
1 - 20 of 33 Posts
Top