[SanAnEliseMan]

I am not sure why all you guys cry about car depreciation (didnt your parents ever teach you not to buy new cars). . . I just sold my Elise for $2k more than I paid for it after putting 10k miles on it in 8 months. True I did not want to sell the car, but it sure makes the sale a lot easier when I can say I got paid to drive an exotic car! :clap: Plus now I can invest some of it for an Elise SC a couple years down the road when I return to the states! :coolnana:

Full disclosure: I sold my hard top separately to make a bit more.


And you thought this was going to be a repost Ace. . .

 

[Allan Gibbs]

I agree I sold my Elise to Abe (former Southbay Lotus) in June of '07 for $1K less than my payoff -and I paid full MSRP back in 11/2004! I think he sold it somewhere around low $40! So, I believe it now that the Elise/Exige have pretty good residuals.

With the discounts on Exige S right now, I think that would help offset the depreciation in the long run (say 3-4 years).

But alas, either I sell one of my bikes now for an Exige S or wait a year or so and probably keep all three.

 

[SanAnEliseMan]

That is definitely true. . . you can even pick up a new 07 Exige S for cost right now as a lot of dealerships are just trying to make space for the 08 SC and 240s.

But I didnt sell it for $2k more than my payoff. . . I sold it for $2k more than I actually paid when I bought it. You are right though if you get a great deal and give these cars time the depreciation is minimal. Just gotta find that one with 2k miles that was sitting in some rich old guys garage for a year.

 

[Allan Gibbs]

That is definitely true. . . you can even pick up a new 07 Exige S for cost right now as a lot of dealerships are just trying to make space for the 08 SC and 240s.

But I didnt sell it for $2k more than my payoff. . . I sold it for $2k more than I actually paid when I bought it. You are right though if you get a great deal and give these cars time the depreciation is minimal. Just gotta find that one with 2k miles that was sitting in some rich old guys garage for a year.

Yes, but what I didn't mention is that I had an 84 month loan but at 4.%5 so I was pretty happy walking away with just $1,000 to write off.

And I agree. I think the Elise/Exige is one of the best cars to buy slightly used since many aren't frequent daily drivers so they're in pretty good condition and have low miles.

 

[SanAnEliseMan]

84 months?!?!?!?!? That could quite possibly be the most ridiculous auto loan I have ever heard! I figured they would have a higher APR for a loan that long! I cant believe you were able to sell it without being upside down. . . you have me beat!

 

[Bavarian Motorist]

One of the problems with resale on these cars, IN MY OPINION, is that the used price teeters between "affordable" and "not affordable."

That draws in a lot of buyers with lower budgets who sometimes land decent deals, thereby bringing down the price of the rest Good for them, I say, but maybe not so good over-all.



The primary reason for depreciation is because it's just not a mass-appeal vehicle.

 

[SanAnEliseMan]

I dont think people wheeling and dealing brings down the price of all the other vehicles. I could afford it and I got a great deal because I did my research and found someone motivated to sell.

I say the Elise is extremely affordable since my dad's new truck cost more than my "exotic" car. I say affordable as a generic term though because obviously there are a lot of people that cannot afford it, but I think the impracticality of the car is more of a deterrent than the price (that and guys who have wives that wont let them haha).

 

[Allan Gibbs]

One of the problems with resale on these cars, IN MY OPINION, is that the used price teeters between "affordable" and "not affordable."

That draws in a lot of buyers with lower budgets who sometimes land decent deals, thereby bringing down the price of the rest Good for them, I say, but maybe not so good over-all.



The primary reason for depreciation is because it's just not a mass-appeal vehicle.

I guess it depends on the definition of affordable? I mentioned I sold my car to Abe about 9 months ago and said he probably got low $40s. About two weeks ago, Abe and I were talking about resale and he mentioned dealers getting around high $30s for the Elise. So, we're probably looking at about $2 to $5K depreciation in the past 9 months. That's not too bad IMO.

I remember when the Exige came out, there was a flood of 2005 cars and resale dropped like a rock but since then Lotus did a good job in cutting the supply down.

 

[Allan Gibbs]

84 months?!?!?!?!? That could quite possibly be the most ridiculous auto loan I have ever heard! I figured they would have a higher APR for a loan that long! I cant believe you were able to sell it without being upside down. . . you have me beat!

Actually, there's more. There's the 96 month and 144 month loan. Also, there's the open end leases that get you an Elise for $5K down, $600 a month for 47 months and a balloon payment of $35,787 at the end*

I think given the right vehicle, right economy (low rates), and if you time the resale right, the longer loans can work out but it's a gamble. I actually financed a MV Agusta motorcycle when they first came out with the 144 month loan (Ironically, I asked for a 36 month but the bank offered the 144). I ended up selling that bike 18 months later and just walked away from it since the demand was still high. But I won't even try that now with an Elise/Exige or the MV Agusta. It's just not the right time.

* see post 80: http://www.lotustalk.com/forums/showthread.php?t=39480&highlight=beverly+hills&page=4