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Discussion Starter #1
Hi I'm a 21 year old male who is working full time and going to school full time and I also have a trust fund I get money from every month. I currently have about $8000 saved up and I'm putting away $1000-$1500 a month towards my Elise. If you guys were me would you try to find an Elise and put like $15k down and get a loan for the rest or would you wait a year+ and buy it straight up in cash? What do you think the insurance will be like for me? I have no prior insurance claims, accidents, or tickets. I've had my driver's license since I was 18. I'm upgrading from a 1998 Honda Prelude. What kind of insurance coverage should I get on the Lotus? Would I be okay with like mid-range coverage or would it be best to get full coverage if I can afford it? Also I'm having the most difficult time trying to determine the color for me, what color do you guys like the most on an Elise? My favorite colors are Red, Blue, and Orange, but I just can't pick one.. Before I go to buy my Elise I plan on selling my prelude to get a 90's Tahoe or something along those lines because it rains so much here in Oregon. Plus I don't want to drive my Elise every day, for obvious reasons. My Tahoe would be my everyday car and my Elise would be my once or twice a week car in the sun only of course. Any rough estimates on insurance? Anything else I should know? :)
 

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-Save up for it outright. between 25-30,000 for a used 05
-use a quote from a website or go to an insurance place. It will probably be around 200 a month atleast.
- Color is up to you.
-If you have to consider if you can afford full coverage or not, if that is a problem then this may not be the right car for you at this time. There are no fender benders in this car, even in the most minor accidents the clam is most likely going to have to be replaced and that will cost at least 5,000.

-read the stickies in the various sections of the site.
 

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Discussion Starter #3
Dude are you kaleentproductions? We've been talking back and forth a bit on your videos haha I'm ryanwilliam18 on youtube. Your videos are hilarious and they helped me to decide on an Elise over a challenger/mustang/camaro. I'm not worried about affording the insurance, I would just rather it be lower than I'm expecting obviously lol. I can afford the insurance even if it's $500 a month or more so no worries there. Tomorrow I'm going to a dealership to look at a 2005 Red Lotus Elise for fun, haha :)
 

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these are great questions, and they've all been answered at one point or another on this forum.. (hint, hint)
 

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my favorite color on an Elise is hot pink!
 

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I don’t really know how much i would have paid @ 21 for my Elise, but I’m 26 now& just bought an Elise this month (I’m single, don’t own a house, & am financing my Elise)

Through Geico, I pay $40 a month for full coverage (standard $500 deductable), but i also have a 94 civic under my policy as my daily commuter

as a reference, I used to be insured through Acuity a few months ago & they quoted me $150 per month for the Elise

no joke, $110 more for the same coverage

so with that said, shop around... you might be surprised at how sane of a rate you can find (i sure was)

Although at 21 I would expect to probably pay between $120-170 a month with a clean record.

as long as you don’t have any accidents or major points taken off your license you might not have to pay as much as you think... then again I’m past that 25 year old mark where insurance starts to drop & I’ve had a clean record for years now & never any accidents
 

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I am 21 and just took delivery of a 2007 exige. I just got all my insurance figured out and I am paying $110 a month on the car. So I'm guessing with an Elise you could even get lower than that. I am with state farm. Good luck on your search for a car. You will not regret it.

Zack


Sent from my Autoguide iPhone app
 

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Wait until December when the prices are lowest, then finance the difference if required. If you can't make it work financially, you'll likely be able to dump it the following summer for a bit more than you paid.
 

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Have you had the opportunity to drive an Elise yet? I would highly recommend it before you decide to buy one. It's not really like other cars. I drive mine every day, and I believe there is a DSM-IV code for that. ;)
 

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Dude are you kaleentproductions? We've been talking back and forth a bit on your videos haha I'm ryanwilliam18 on youtube. Your videos are hilarious and they helped me to decide on an Elise over a challenger/mustang/camaro. I'm not worried about affording the insurance, I would just rather it be lower than I'm expecting obviously lol. I can afford the insurance even if it's $500 a month or more so no worries there. Tomorrow I'm going to a dealership to look at a 2005 Red Lotus Elise for fun, haha :)
I thought I read your questions somewhere else! haha Yes that's me!


Thank alot!, I'm glad you would choose an elise over a challenger\mustang\camaro.. but honestly, was that even a fair fight for them? haha.

If you want it, go for it!
 

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Not if you have USAA :coolnana:
$60 a month for full coverage for a 20 year old
Surely this can't be in NYC? I'm in LA and the cheapest I got was somewhere around $1k/6 months. Quotes differ drastically based on location and miles driven/year.
 

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Discussion Starter #15
I think I'm going to sell my 98 Prelude and get an 02ish Lincoln navigator as my everyday car, then save up until this winter or spring then put like 10k-15k down on an elise and get a loan for the rest that way I have my Navigator as my everyday car and my elise for sunny days, and I'll bundle these cars with one insurance company which might save me a bit. I think I'm going with an 05ish Red Elise if I can find one when the time comes. Thanks for all your input and I actually got a couple quotes on insurance this morning and it wasn't as bad as I was expecting, so that's good. @Klint Keep making your videos I've already referred like 4 people to your videos they are hilarious haha :)
 

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Wishing you success, and would buy the best car you are able to budget for. It will provide you with a much better ownership experience, and a less costly one at that.
 

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And whatever you do, don't compute the cost of ownership per MILE.....you'll never buy it.
 

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Don't finance a depreciating asset! Pay cash for vehicles for the rest of your life and you will not forget it. If you run into some hard times, it is much easier to get through it if your vehicle isn't taken by the bank. I cut up my credit cards a few years ago and have everything paid off except my house. It is amazing how much more fun money I have since I'm not paying $1,XXX+ dollars a month to a bank and only a portion of that is going to principal. The rest is paying interest for some banker to drive around in his toys. I would rather spend that money on my toys!
 

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I think you are headed in the right directions with your questions. Your question about insurance is a great one and while price shopping for that remember to look at what you are getting. I have found that sometimes the insured is getting ripped off and sometimes they are getting a low price, a card that serves as "proof of insurance," and they don't find out they were getting ripped off until they try to make a claim.
Where in Oregon are you?
If you are at all concerned about insurance prices dump the Navigator idea and stick with the Tahoe.
Good Luck
 

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In theory I agree with this statement. Most people do not understand how to borrow money properly. However in this gentleman's case, he seems to have his **** together so lets see if its worth borrowing the money based on the facts at hand.

The bank is likely to give him a good rate with $15,000 down and a trust fund with guaranteed income.

Second, we know the average price difference in these cars between spring/summer is roughly $5,000 based on my current research. This means he will definitely be out the door under $35,000 TT&L included; meaning he will be borrowing $20,000 or less.

Borrowing $20,000 on a 4 year loan with a 5% interest rate would be a $460.59 monthly payment. His average monthly savings seems to be $1250 a month. We will say he has to pay $250 a month for insurance. So we have $460.59 + $250 = $710.59. This is $539.41 less than what his current savings plan is. So lets apply that $539.41 to his monthly payment each month and look at the amortization table (See Picture).

With that he would pay exactly $926.35 in interest over 21 payments for an average of $44.11 a month in interest. If he were to save the same amount each month, he would be able to afford the car outright in 20 months.

The question you have to ask yourself is... Is owning and enjoying the lotus for 20 months earlier that you would have worth $44.11 a month. We could add in a few bucks a month he could potentially be losing in compound interest and he is still looking at less than $50 a month for the ability to enjoy a lotus an extra 20 months out of his life.

-Ray





Don't finance a depreciating asset! Pay cash for vehicles for the rest of your life and you will not forget it. If you run into some hard times, it is much easier to get through it if your vehicle isn't taken by the bank. I cut up my credit cards a few years ago and have everything paid off except my house. It is amazing how much more fun money I have since I'm not paying $1,XXX+ dollars a month to a bank and only a portion of that is going to principal. The rest is paying interest for some banker to drive around in his toys. I would rather spend that money on my toys!
 

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