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Discussion Starter #1
Hello,
What is the real impact of auctions in the history of a vehicle?
As long as there have been no accidents or title issues and the vehicle is inspected and found to be mechanically sound by a Lotus dealership, Does that affect the resale cost?
Please light teh candle...
Cheers!
--njexpress
 

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What is the real impact of auctions in the history of a vehicle?
That is a good question. I can think of few good reasons for a car to be auctioned (other than the high-dollar exotic and classic car auctions). A car coming off lease, A repossesion, A business asset in a bankruptcy.. etc. You normally don't want to purchase a car from someone who has been tight on money, sometimes they "economize" on maintenance, and it may not be obvious (lower grade oil used in oil changes, etc). For me, they type of auction would be important information to know. A lot of us Lotus guys are over 50. An estate auction (yep, we do die now and then) might be another possibility.
 

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Mileage and age limitations set by "Show Rooming" agents can force an otherwise perfectly fine car to be traded at auction, by the time the car makes its way back to retail the price will be closer to fair market value.
 

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Discussion Starter #4
Thanks folks - 2007 with 4750 miles, dealer acutioned twice around one owner - In teh market, listed at 37K, Krypton Green....
What do you think?
cheers!
--njexpress
 

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Another scenario with an "odd" car such as a Lotus is that an owner may trade it in on a vehicle (eg, drives an Evora or Exige for a while and trades it in on a Shelby or a Porsche) at a dealership that is unfamiliar with the marque and/or doesn't want to mess with it. They'll often just put it up for auction or deal it to an interested wholesaler that does the same. Not surprising that the scenario could happen more than once depending on the market and dealers involved.
 

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Discussion Starter #6
SO: Adjusting say $1250 to an auction on the profile aside: Does the price sound reasonable? Seller has it listed at $37100. Kryoton, with 4750 miles, MY 2007...
Thoughts?
Cheers!
--njexpress
 

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It is entirely normal to see cars that have been traded in go through the dealer auctions. Wouldn't affect the value at all compared to a car at a non-franchise dealer. Not as good as a car always in enthusiastic private owner's hands or from a franchise dealer, of course, but the auction means less than the trade-in to a random dealer.
 

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well quite a few dealers only keep their cars for a set number of time, usually 1.5 to 2 months due to the fact they kinda have "loans" for their vehicles.
 

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SO: Adjusting say $1250 to an auction on the profile aside: Does the price sound reasonable? Seller has it listed at $37100. Kryoton, with 4750 miles, MY 2007...
Thoughts?
Cheers!
--njexpress
I saw the car you're talking about on cars.com. That seller seems to have had a 2005 Krypton Green Elise for sale earlier in the season, too.

Beautiful looking car! I ran a Carfax on it last night since I still have the some left from the package that I bought and was just curious and it seemes to have been purchased and serviced at Manhatten Lotus.
 

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Discussion Starter #11
Thanks everyone!
@TriyNVie,
Correct!! That is the exact same car I am talking about - Carfax shows one owner, one auctiion before owner and one this month.
Question is: What would be teh right price for this car... I dont want to make an impulse buy - Just selling my ducati diavel and i still have a solara for top down this summer (and many more to come) but I am ready to pull the trigger at the right price.
SO, my math is this:
Rule of thumb on depreciation in used car market for a toyota of identical title and condition seems to be 10% of per year for a 6 year old car)

2006, 27000 miles, clean title and condition, no accidents - $28500 (that is still $1000 over the 50% MSRP of a 2011 for a six, going on seven model year old car - adjusted to mileage and some exoticity - )
2005 - ditto - $25500
2007 - do - $31500 to $32000 sounds reasonable. The low miles offset the acution situation in case of a sale / tradein.
That said, I would still seriously consdier the **right** vehicle **if I like it enough** for a few hundered dollars more -

Do I have my head in the clouds???
Cheers!
--njexpress
 

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You'll want a ECU dump no matter what, but I'd generally prefer a lower mileage model.

Your "signature" shows Princeton, so since you have one of the best Lotus dealers in the country around the corner at Sports and Specialist Cars, why not get their opinion, especially if you will have it serviced at a dealer.
 

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Discussion Starter #13
You'll want a ECU dump no matter what, but I'd generally prefer a lower mileage model.

Your "signature" shows Princeton, so since you have one of the best Lotus dealers in the country around the corner at Sports and Specialist Cars, why not get their opinion, especially if you will have it serviced at a dealer.
@Dylan - Amen!! that is exactly what II intend to do - ECU dump and Princeton Lotus inspection!! I nearly bought one from them in 09 befor I found out that the vehicle's ECU was reflashed when the installed an aftermarket Katana SC.
I am back in the market again now...
Cheers!!
-njexpress:coolnana:
 

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My first Elise was a previous auction car. Never had an issue with it. Just do the homework on the car. As others have said probably does not affect price.

I also feel as the best color out there krypton demands a premium.....I could be just a little biased.
 

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My first Elise was a previous auction car. Never had an issue with it. Just do the homework on the car. As others have said probably does not affect price.

I also feel as the best color out there krypton demands a premium.....I could be just a little biased.
I think it's a polarizing color (i.e., most people either love it or hate it). That being said, though, those that love will certainly pay a premium for it.

It was a close second choice behind orange, and if I ever sell my current Lotus and come back after a few years, would probably try to pick one up myself.
 

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You state "Rule of thumb on depreciation in used car market for a toyota of identical title and condition seems to be 10% of per year for a 6 year old car)". Remember, that is of remaining value, otherwise you would be saying a 10 year old Lotus is worth zero. So 1 year old = 90%, 2 year 81%, 3 year 73%, 4 year 66%, 5 year 59%, 6 year, 53% etc. So an '07, say with Touring/starshield/hardtop/premium color had an MSRP of about $50K or so with destination fee, then I think the "base" price used now should be about $30K. Then adjust up or down for mileage (in this case very low so maybe bump 1-2K), other options, and aftermarket. I think the 1 owner aspect is also HUGE, so maybe a could of thousand more for that. Call it $34K?
 

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You state "Rule of thumb on depreciation in used car market for a toyota of identical title and condition seems to be 10% of per year for a 6 year old car)". Remember, that is of remaining value, otherwise you would be saying a 10 year old Lotus is worth zero. So 1 year old = 90%, 2 year 81%, 3 year 73%, 4 year 66%, 5 year 59%, 6 year, 53% etc. So an '07, say with Touring/starshield/hardtop/premium color had an MSRP of about $50K or so with destination fee, then I think the "base" price used now should be about $30K. Then adjust up or down for mileage (in this case very low so maybe bump 1-2K), other options, and aftermarket. I think the 1 owner aspect is also HUGE, so maybe a could of thousand more for that. Call it $34K?
I agree, from what I see, $34,000 is fair. The dealer needs to make some money, so I would guess he will likely want at least 5% more.
 

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Discussion Starter #18
I agree, from what I see, $34,000 is fair. The dealer needs to make some money, so I would guess he will likely want at least 5% more.
Gents, @ 34k, dealer has a deal - I will not lose a deal for a couple hundered more but that should be my upper limit.
I will already been in touch with the dealer but I give him a call and go see him later once I receive money on my impending motorcycle sale on ebay - Reserve price has been met and I am waiting for auction close. I will keep everyone posted.

Thanks to everyone for all the input - You have really helped me arrive at a fair price in case this is going to be my next car.
h!
--njexpress:coolnana:
 
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