Discounted stock Emiras...

[jamesgareth]

Colin P said:

Emira677 said:

Dead market at the moment, presumably a good chance of prices slipping below 50k?

Suggest you go back to page 133 of this thread, albeit probably summed up in my post on that page:

"It is quite typical Lotus second hand values.

Years 1 and 2 depreciate quite quickly. They stabalise at 2 years and then tend to hold firm for many years with little fluctuation, often rising again.

For comparison,
My Evora NA, I bought from a dealer at 2 years of age. Traded in for the 400 when it was 6 years old. The dealer sold it for £1500 less than I originally paid for it over 4 years and 25,000 miles before.

My Evora 400 I bought new. I thought about selling at 3 years and got an offer to buy from the supplying and servicing dealer. I decided not to sell. At 5 years I thought about selling again and the offer was pretty much identical to that at 3 years. I did sell at 6 years and it was actually £1000 more than the 5 year offer.

So, as far a I can see Emira values are holding true to general Lotus residuals. That being the case (IMHO) don't expect to see them move much for the next 5 years other than a little fluctuation depending on time of year. They may even increase at that point.

ps, this thread and discussion on pricing is almost identical to that had on Evoras at the time. Buyers talking the price down, owners talking it up and it in actuality not moving.

Sounds about spot on.

[jamesgareth]

bus_ter said:

wobert said:

Yes.

I also have an Evora 400 and these and the GT410s pretty much have zero depreciation .which is one of the many reasons I bought one!

I recently bought mine. So I'm obviously biased and don't want to see them depreciate for my own selfish reasons. But over the last 12 months they haven't depreciated, and like for like they've gained value.
A year ago they started from mid £50K's with a few thousand miles and at least a year of warranty left. Now they still start from mid £50K's and are out of warranty and have higher mileages. The equivalent aged cars are more expensive.
If they have reached their market bottom, as many suggest to be the case, then it could be one of the cheapest cars I've owned in many years (depreciation is usually the biggest cost of car ownership).

Edited by bus_ter on Thursday 15th January 18:28

Yup that sounds about spot on too. Oct last year I bought mine it was 9 months old and had done 700 miles (2l turbo) paid £62k. Right now to get a similar milage and age car I'd need to spend £68k min (most are at £78k for under 1000 miles) plus mine is red with tan interior just like I wanted and there's absolutely none like that anywhere.

[BertBert]

jamesgareth said:

Yup that sounds about spot on too. Oct last year I bought mine it was 9 months old and had done 700 miles (2l turbo) paid £62k. Right now to get a similar milage and age car I'd need to spend £68k min (most are at £78k for under 1000 miles) plus mine is red with tan interior just like I wanted and there's absolutely none like that anywhere.

Presumably in traditional lotus fashion hardly any new ones are being bought so hardly any entering the used car pool.

[Square Leg]

Looks like the blue one with the bubbling door at Central has now sold - they only had it for 4 weeks.

[croyde]

I was very impressed with Bell and Colville's attitude to preparing their used cars.

The two 4 year old V6s in their showroom looked brand new, and they make sure that any issues are corrected before going on sale.

Both cars were already reserved within a short time of being advertised.

I'm still trying to get a test drive from someone, as maybe I'll hate it , but even hitting the book a test drive button on the Lotus website hasn't got a result.

ETA, just had a call from Bracknell but unfortunately no V6s in stock, only the 2.0.

Edited by croyde on Saturday 17th January 10:26

[highway]

Why aren’t the brand seeking to open new dealerships?
Why aren’t B and C - the worlds oldest Lotus dealer, and the UK’s busiest, selling new cars?
Some great deals on nearly new around as well.

[bus_ter]

highway said:

Why aren t the brand seeking to open new dealerships?
Why aren t B and C - the worlds oldest Lotus dealer, and the UK s busiest, selling new cars?
Some great deals on nearly new around as well.

I recently bought an Emira and visited some dealers beforehand. Talking to them you quickly realise they have a sour taste about Lotus. First of all nobody is really selling any new Emiras, even the dealers that still sell them are barely selling any. The reason is simple. Nobody wants to pay nearly £100K for a car that has lower spec than a First Edition (all fully loaded) that can be bought for £70K with delivery mileage or significantly less with just a few thousand miles. Apart from a few collectors picking up 'Clark' editions (£115K!) they're simply not selling in any significant numbers.
When the cars first came out Lotus skipped the dealers completely selling direct to customers. You can imagine how much the dealers loved that. Then when the dealers were allowed to sell new cars the profit margins were so small that some of them have simply stopped selling them. Further to that, in the early years Lotus forced Fixed price servicing on dealers. This is traditionally where dealers make a lot of money. Fortunately for the dealers (and unfortunately for us) the dealers managed to change this. You would originally pay £430 for a V6 service. Despite it being a simple Toyota engine to service you can now expect to pay much more in line with 'exotic brand' pricing. But at least the dealers are a bit happier about it.

[highway]

I don’t know how many dealers there are left in England. A few years ago there were certainly a lot more. I offered on a 25 plate pre reg car before Xmas. To their credit they’ve since sold it.
The lack of dealers, lack of new ones, lack of developments with the car all leave me thinking something is wrong. Hope I’m wrong.

[bus_ter]

There are very few of these delivery mile first editions left. When they're gone, it won't again be possible to buy a "new" Emira for that sort of money. I suspect they'll never lose any significant money.

Edited by bus_ter on Saturday 17th January 21:37

[highway]

The other issue is, they are all 2023 built. Despite the registration plate indicating otherwise.
One of the cars I looked at had a new loom fitted almost upon delivery to the dealer.

[Actus Reus]

Interesting to see such differing opinions on here of where values will go. Certainly the lack of any new car sales will help - though in the longterm that may also put Lotus out of business (which won't thelp!).

Interesting though that Jon Seal has two Exige 410s for sale - both nearly 70k and so quite a bit more expensive than newer, lower mileage, Emiras that are being sold elsewhere.

[croyde]

I've spoken to a few dealers now that can't get hold of V6 manuals.

I still want to try a DCT 2.0 and a V6 manual before I decide, but having no luck with that either.

Guess there's not enough of them for dealers to keep a Demo outside their showrooms.

[TempletonPeck]

The V6 is now so expensive new I can’t imagine many people will buy one

[EastStand]

Actus Reus said:

Interesting to see such differing opinions on here of where values will go. Certainly the lack of any new car sales will help - though in the longterm that may also put Lotus out of business (which won't thelp!).

Interesting though that Jon Seal has two Exige 410s for sale - both nearly 70k and so quite a bit more expensive than newer, lower mileage, Emiras that are being sold elsewhere.

Exige prices have shot up over the last six months. There is nothing else like them out there and they haven’t been built for five years now. I know if I wanted to drop 70K on a Lotus it would be an Exige rather than Emira.

[Caddyshack]

EastStand said:

Actus Reus said:

Interesting to see such differing opinions on here of where values will go. Certainly the lack of any new car sales will help - though in the longterm that may also put Lotus out of business (which won't thelp!).

Interesting though that Jon Seal has two Exige 410s for sale - both nearly 70k and so quite a bit more expensive than newer, lower mileage, Emiras that are being sold elsewhere.

Exige prices have shot up over the last six months. There is nothing else like them out there and they haven t been built for five years now. I know if I wanted to drop 70K on a Lotus it would be an Exige rather than Emira.

Great cars. But…very different buyer and use in the main I would guess?

[fridaypassion]

EastStand said:

Exige prices have shot up over the last six months. There is nothing else like them out there and they haven t been built for five years now. I know if I wanted to drop 70K on a Lotus it would be an Exige rather than Emira.

Only one now. 410 Exiges are a bit more appealing for the business really as they are a bit of an easier sell. I dont think theres much crossover from people shopping for an Emira Vs a 410 Exige. I have had a couple of V6 S cars PXd against the Emira I think people looking for something to get in and out of a bit easier its a natural step but most of the 410 buyers are either going back to the brand from something like a GT4/911 or are totally new to the brand and pick out a 410/380 etc as a first Lotus.

I do feel the Emira is a cracking used buy though I have none in at the moment so I'm not pushing them to try and sell one but as they creep down to the low 50s as they will for the out of warranty ones is there a better car you can buy for that price? I think 50k will be an absolutely magical price point for the +3 yr old ones. So you need a do a bit of paint on the doors maybe if you are unlucky just stick a warranty on it from your favourite PHer and enjoy!

[highway]

fridaypassion said:

Only one now. 410 Exiges are a bit more appealing for the business really as they are a bit of an easier sell. I dont think theres much crossover from people shopping for an Emira Vs a 410 Exige. I have had a couple of V6 S cars PXd against the Emira I think people looking for something to get in and out of a bit easier its a natural step but most of the 410 buyers are either going back to the brand from something like a GT4/911 or are totally new to the brand and pick out a 410/380 etc as a first Lotus.

I do feel the Emira is a cracking used buy though I have none in at the moment so I'm not pushing them to try and sell one but as they creep down to the low 50s as they will for the out of warranty ones is there a better car you can buy for that price? I think 50k will be an absolutely magical price point for the +3 yr old ones. So you need a do a bit of paint on the doors maybe if you are unlucky just stick a warranty on it from your favourite PHer and enjoy!

I thought your warranty excluded paint?

[fridaypassion]

highway said:

I thought your warranty excluded paint?

It does there is no warranty that would cover paint.

[John Henry]

fridaypassion said:

It does there is no warranty that would cover paint.

I think he misinterpreted your last post. I thought you meant sticking the warranty on solved the paint concern.

[fridaypassion]

John Henry said:

I think he misinterpreted your last post. I thought you meant sticking the warranty on solved the paint concern.

If only!