What should I be paying for a 97?
Discussion
Since you are in the USA all 1997's are V-8's. I would say the price range is from $ 31,000 to $ 35,000. Keep in mind it is a 7 year old used car with a very small potential buyer market. A brand new untitled 2002 (with warranty) was recently given away by my dealer for $ 55,000. The 1998's and up have the much better looking interiors, if that matters to you.
$31-38K is nuts, if you ask me. Why do so many Esprit owners down play the cars value??? Personally, I would not want a 97 because of the problems I believe they have and because If I wanted to go v8 I'd want the newer interior, BUT... I would be very skeptical of any 97 for sale for less than $40K. Very skeptical
I just bought an S4 in mint condition (albeit with some service items due -- C, Clutch) for $32K. I was also offered a mint S4s for 34K (a steal!) and a rough S4 fro 34K as well.
YOU GET WHAT YOU PAY FOR! ...but I'm a perfectionist
Luke.
I just bought an S4 in mint condition (albeit with some service items due -- C, Clutch) for $32K. I was also offered a mint S4s for 34K (a steal!) and a rough S4 fro 34K as well.
YOU GET WHAT YOU PAY FOR! ...but I'm a perfectionist
Luke.
Skerd said:
I would say the price range is from $ 31,000 to $ 35,000. .
N.A.D.A. puts a 97' at a low retail value of 35,700 and a high retail of 45,100.
I was recently toying with the idea of selling my 94'S4 and I would be looking to get in the price range of 35K for it (very low mile with tons of extras N.A.D.A. book of 38,300), but with individuals like yourself quoting such low values on our cars to potential buyers it really makes it difficult to get a reasonable resale.
Try doing a little research before throwing out these low ball Ebay prices.
A new 1997 Esprit cost around $ 85,000. A previously suggested current sales price of $ 45,000 would equal 53% of its original cost. How many soon to be 8 year old cars sell for 53% of their original value? Very few, and the Esprit is not one of them. I have clients in the used car business and they cannot give away Esprits at the exotic auction. And that is at the wholesale price! I love Lotus, but did not buy it for its future sales prices.
mikelr said:
low values on our cars to potential buyers it really makes it difficult to get a reasonable resale.
Try doing a little research before throwing out these low ball Ebay prices.
I suppose what the market pays is the true value of the car, not NADA or a Black Book. I've also heard the same from two specialty dealers - wholesale the Lotus cars don't bring a lot thus the prices you see available, lower than you'd like. Ebay or not, prices are prices and the market drives them. Heck, I'd be lucky to get $22k for my Esprit but that is okay, I didn't purchase it to preserve money - it certainly hasn't done that!
It doesn't matter how good the car is. Esprit owners think that the cars are great - why else would they buy one. They therefore think that they are undervalued and should be worth more. However, as Skerd points out, the potential market is very small with few buyers and this will always drive the price down.
The advantage of this is that those in the know can drive a genuine supercar for half the price of a Ferrari. Even people who know nothing about cars "know"
that a Ferrari is the best supercar you can buy and this keeps demand, and therefore prices, up.
This is market forces at their most basic but it means that the Esprit will remain a performance bargain for a few years yet. Don't complain that your cars are undervalued - be grateful that you didn't pay stupid money for them.
T
The advantage of this is that those in the know can drive a genuine supercar for half the price of a Ferrari. Even people who know nothing about cars "know"
that a Ferrari is the best supercar you can buy and this keeps demand, and therefore prices, up. This is market forces at their most basic but it means that the Esprit will remain a performance bargain for a few years yet. Don't complain that your cars are undervalued - be grateful that you didn't pay stupid money for them.
T
My opinion is just driven by what I see bought and sold. And, what I feel the value is. I don't think I'd pay much over $23k for a 1990-1991 SE, just my opinion of course but the market seems to support this as well. I mean, we're selling Lotus cars to mainly folks that know Lotus cars, with the expection of folks that are new to the marquee. And, I'm not out to take advantage of folks that don't know about them. I'm sort of in a situation where I need to start thinking about value - we have two mortages due to our old home sitting on the market and something has to give before too much longer. I'm just hoping the house gives way.
Thanks all...
The seller I talked to said he wouldn't take less then $38,900 (for a 97 with 22k miles). The car looks to be in excellent condition. I'm thinking of offering him $36K and seeing what happens.
However...if he doesn't go for it, I would prefer to have the '98 anyway, as I think the interior changes are worth it.
Someone mentioned problems with the 97, directed at the V8. Is that something to really consider, or just speculation?
M
The seller I talked to said he wouldn't take less then $38,900 (for a 97 with 22k miles). The car looks to be in excellent condition. I'm thinking of offering him $36K and seeing what happens.
However...if he doesn't go for it, I would prefer to have the '98 anyway, as I think the interior changes are worth it.
Someone mentioned problems with the 97, directed at the V8. Is that something to really consider, or just speculation?
M
You "should" be paying a lot for one. You "should" pay $75k for a 97 if you wanted to pay what it is worth. Sadly for owners, but happily for buyers, you don't have to pay anywhere near what you should for such an amazing car.
Of course, it depends on what region you are in or how close you are to a major city. However, all that being said, a 97 in good shape could be had for $30k. Before you get all upset and think that is some sort of slam or insult, it isn't. My 99 is in better than new condition. It is an amazing car. However, I don't think the market right now would get me much better than 45. You can find a 98 or a 99 for cheaper than some of the price guesses on here for the 97.
I think an Esprit is a steal even if you pay well over the market. However, if you are buying for an investment or resale then you are nuts. Just know that if you pay anywhere near the going price and you are buying to drive and enjoy - you will get the best bargain in the car world.
Dirk
Of course, it depends on what region you are in or how close you are to a major city. However, all that being said, a 97 in good shape could be had for $30k. Before you get all upset and think that is some sort of slam or insult, it isn't. My 99 is in better than new condition. It is an amazing car. However, I don't think the market right now would get me much better than 45. You can find a 98 or a 99 for cheaper than some of the price guesses on here for the 97.
I think an Esprit is a steal even if you pay well over the market. However, if you are buying for an investment or resale then you are nuts. Just know that if you pay anywhere near the going price and you are buying to drive and enjoy - you will get the best bargain in the car world.
Dirk
Ron, hang in there man.....hang in there. If worse comes to worse, you can sleep in the Esprit...I'm kidding.
Look, for cars like this, it is nearly impossible, and perhaps wrong, to talk about a a "market" price in an economic sense. There just are not enough buyers and sellers for there to be a true market.
What there is is this:
a. A number of cars in varying conditions on the market at one time, usually far in excess of the number of buyers available for those cars.
b. A select number of buyers, 90% of whom "know" Lotuses and have a good idea of what they will and won't pay for the car. The other 10% are "impulse" buyers who factor into (c) below.
c. So what is a car worth? It is worth the intersection of that plot on the graph where one of the limited number of knowledgeable buyers says for this car, in this condition, I'm willing to pay X and the seller agrees to take X even though it is less than his expectation for the car. OCCASIONALLY, a dealer or a private seller will get one of the impulse buyers to pay a premium on a car that isn't worth it.
So on the whole, it is a buyer's market especially if the buyer is patient. I learned that, made two offers on cars that went to others at higher prices and frankly I'm glad they did. I paid on the high end for an SE, but it is in good shape and I was willing to pay a bit of a premium as a result.
The same is true with sellers, although it may be a long, long wait for that "uninformed" buyer to come along and spend a premium on a car whose condition doesn't justify it just to get an Esprit.
Look, for cars like this, it is nearly impossible, and perhaps wrong, to talk about a a "market" price in an economic sense. There just are not enough buyers and sellers for there to be a true market.
What there is is this:
a. A number of cars in varying conditions on the market at one time, usually far in excess of the number of buyers available for those cars.
b. A select number of buyers, 90% of whom "know" Lotuses and have a good idea of what they will and won't pay for the car. The other 10% are "impulse" buyers who factor into (c) below.
c. So what is a car worth? It is worth the intersection of that plot on the graph where one of the limited number of knowledgeable buyers says for this car, in this condition, I'm willing to pay X and the seller agrees to take X even though it is less than his expectation for the car. OCCASIONALLY, a dealer or a private seller will get one of the impulse buyers to pay a premium on a car that isn't worth it.
So on the whole, it is a buyer's market especially if the buyer is patient. I learned that, made two offers on cars that went to others at higher prices and frankly I'm glad they did. I paid on the high end for an SE, but it is in good shape and I was willing to pay a bit of a premium as a result.
The same is true with sellers, although it may be a long, long wait for that "uninformed" buyer to come along and spend a premium on a car whose condition doesn't justify it just to get an Esprit.
Skerd said:
A new 1997 Esprit cost around $ 85,000. A previously suggested current sales price of $ 45,000 would equal 53% of its original cost. How many soon to be 8 year old cars sell for 53% of their original value? Very few, and the Esprit is not one of them.
What can I tell you, that's whats in the book.
Hey, let's face it. The #'s in the N.A.D.A. are the bible of the used auto industry, and more times than not we are usually sick to are stomach at what the current value of are cars have sunk to when it comes time to trade or sell.
So when it comes time to sell my ride, I want to get the current book value (according to condition of course), no more no less.
I'm sure there are many, many cars out there that fall into your "wholesale" category, but on the other hand there are still quite a few pristine cars out there that even those that are "in the know" would have no problem paying book value.
JeffYoung said:
NADA means nothing on cars like these except for (a) borrowing money on them or (b) trading them in to a non-specialty dealer.
Exactly, at least you know what a bank will lend a potential buyer, and most people will be borrowing some money to make the purchase. People use the book value to gage the value of their purchase, "Did I pay to much?, Did I get a steal?"
And I guess that's my point: doing so (both for banks and for buyers) is crazy. One 91 SE may be a "steal" at 25k while another with teh same mileage in nearly the same conditin might be a rip off at the same price.
NADA for these cars doesn't really work. In fact, I probably misspoke, any specialty lender lending money on one of these cars is probably NOT going to use NADA -- they have their own valuation services and the ranges that are reported are much broader than those you see for NADA.
Jeff
NADA for these cars doesn't really work. In fact, I probably misspoke, any specialty lender lending money on one of these cars is probably NOT going to use NADA -- they have their own valuation services and the ranges that are reported are much broader than those you see for NADA.
Jeff
p4jkafla said:
Thanks all...
The seller I talked to said he wouldn't take less then $38,900 (for a 97 with 22k miles). The car looks to be in excellent condition. I'm thinking of offering him $36K and seeing what happens.
However...if he doesn't go for it, I would prefer to have the '98 anyway, as I think the interior changes are worth it.
Someone mentioned problems with the 97, directed at the V8. Is that something to really consider, or just speculation?
M
I believe that this car has met the reserve price the seller wanted $38,990
Gassing Station | Esprit | Top of Page | What's New | My Stuff