'True' trade in value of an Elise
Discussion
I'm seriously considering a new Elise SC in time for summer. One thing puts me off, which is the high purchase price for perceived value. I'm sure Lotus diehards will have heard the arguments time and again so I don't intend to dwell on it, but I just struggle to understand spending £35k to £37k on a four cylinder 200-ish bhp car when I can get a 300bhp+ BMW or similar with all the toys. It's a mental leap of faith, obviously, but a big one in my mind.
However, the true expense is only partly the purchase price, but largely depreciation, so what I'm looking for is an honest opinion or three on how much a dealer or private buyer would offer after a couple of years and, say, 15k miles on the clock. I'm worried that a Lotus might have the same colossal depreciation as some of the TVRs (allegedly) and I can't understand the high forecourt sticker price of the secondhand Elises and Exiges out there. Do the dealers offer low and sell high, or what?
I'm grateful for advice as it will help cement my decision....
However, the true expense is only partly the purchase price, but largely depreciation, so what I'm looking for is an honest opinion or three on how much a dealer or private buyer would offer after a couple of years and, say, 15k miles on the clock. I'm worried that a Lotus might have the same colossal depreciation as some of the TVRs (allegedly) and I can't understand the high forecourt sticker price of the secondhand Elises and Exiges out there. Do the dealers offer low and sell high, or what?
I'm grateful for advice as it will help cement my decision....
tricky 100 said:
You won't get hit as badly as TVR owners but it will hurt ! Buy one thats 18-24 months old preferably privatly and losses will be minimal .
Not likely to get an 18-24 month old Elise SC at the moment, they've only just been released. Expect something like £20k from a trader - you'll always get more selling privately. Frankly I think you'd be better off with an Exige S at £26k for a used one, along Tricky 100's line.rfoster said:
tricky 100 said:
You won't get hit as badly as TVR owners but it will hurt ! Buy one thats 18-24 months old preferably privatly and losses will be minimal .
Not likely to get an 18-24 month old Elise SC at the moment, they've only just been released. Expect something like £20k from a trader - you'll always get more selling privately. Frankly I think you'd be better off with an Exige S at £26k for a used one, along Tricky 100's line.Hi Peter.
I'm no car dealer or economics guru, so others may agree or disagree, but my thoughts as an Elise owner are
1. Lotus probably dont have the economies of scale compared to mainstream production cars. Each car is pretty much hand built in lower volumes. = higher production cost and forecourt value. Also the production process is fairly unique compared to other production cars. Chatting to our local well trusted dealer recently, their markup is minimal, so I dont reckon they're taking the mick.
2. If having all the toys is a deciding factor, maybe a Lotus isn't the correct answer for you. The Elise is all about no compromise performance and handling. If you havent done so yet, get a passenger ride on a sunny weekend around the twisty B roads, hopefully you'll see then what the Elise is about.
3. You've mentioned the SC, which is currently the flagship Elise, fairly new, quite rare, and therefore probably contributes to the premium price. If you widen the search a bit to include previously owned, and other models (111R perhaps), sure they have different characteristics, but you'll pick one up at a fraction of that price. I'd guess you could expect to pay around 20k for a 2-3 year old R with average miles. Therefore they've already dropped the 'steep' bit of depreciation and will now start levelling out. Other Series 2 models are available from around the 12k mark (a guess, from my recent ad browsing)
If you get a good one, whether you pay 12k or 20k, once you've owned it a while, it'll be worth more to you than its book value. Sure its 'only a car' and 'material goods' etc etc, but it so isn't (if that makes sense)
Hope this helps.
I'm no car dealer or economics guru, so others may agree or disagree, but my thoughts as an Elise owner are
1. Lotus probably dont have the economies of scale compared to mainstream production cars. Each car is pretty much hand built in lower volumes. = higher production cost and forecourt value. Also the production process is fairly unique compared to other production cars. Chatting to our local well trusted dealer recently, their markup is minimal, so I dont reckon they're taking the mick.
2. If having all the toys is a deciding factor, maybe a Lotus isn't the correct answer for you. The Elise is all about no compromise performance and handling. If you havent done so yet, get a passenger ride on a sunny weekend around the twisty B roads, hopefully you'll see then what the Elise is about.
3. You've mentioned the SC, which is currently the flagship Elise, fairly new, quite rare, and therefore probably contributes to the premium price. If you widen the search a bit to include previously owned, and other models (111R perhaps), sure they have different characteristics, but you'll pick one up at a fraction of that price. I'd guess you could expect to pay around 20k for a 2-3 year old R with average miles. Therefore they've already dropped the 'steep' bit of depreciation and will now start levelling out. Other Series 2 models are available from around the 12k mark (a guess, from my recent ad browsing)
If you get a good one, whether you pay 12k or 20k, once you've owned it a while, it'll be worth more to you than its book value. Sure its 'only a car' and 'material goods' etc etc, but it so isn't (if that makes sense)
Hope this helps.
Good and rapid advice, thanks.
the Elise has the best steering of any car I've driven, including the 964RS and Caterham 7 I used to own and/or race
However, I am now getting old and sensible hence the questions around resale and cost. In effect, a 35k Lotus *might* cost more to run than a 50k BMW M3 - I stress the *might* - with different values in terms of engine and handling, and massively less practicality.
Hence the purchasing dilemma. If the Elise were an easier cost burden I would have been sold weeks ago...
the Elise has the best steering of any car I've driven, including the 964RS and Caterham 7 I used to own and/or race
However, I am now getting old and sensible hence the questions around resale and cost. In effect, a 35k Lotus *might* cost more to run than a 50k BMW M3 - I stress the *might* - with different values in terms of engine and handling, and massively less practicality.
Hence the purchasing dilemma. If the Elise were an easier cost burden I would have been sold weeks ago...
I ran an E46 M3.. so I have a bit of a view on this.
No question... the elise will be massively cheaper to run than a V8 M3. I'd imagine that on the motorway, the SC is going to average around 35mpg (against 20ish in the BMW - my 6cyl was 23).... tyres, servicing and all that jazz will be streets cheaper too.
The big difference in terms of all in cost of ownership will be the depreciation.. if you assume that they both depreciate by 15k over the first three years (and thats probably being very kind to the beemer)... each of the next two years in the elise will cost you maybe 2-3k... whereas the BMW will still be dropping by 5k per year.
You'd probably* save enough with the elise to get taxis everywhere when you need a bit more practicality!
No question... the elise will be massively cheaper to run than a V8 M3. I'd imagine that on the motorway, the SC is going to average around 35mpg (against 20ish in the BMW - my 6cyl was 23).... tyres, servicing and all that jazz will be streets cheaper too.
The big difference in terms of all in cost of ownership will be the depreciation.. if you assume that they both depreciate by 15k over the first three years (and thats probably being very kind to the beemer)... each of the next two years in the elise will cost you maybe 2-3k... whereas the BMW will still be dropping by 5k per year.
You'd probably* save enough with the elise to get taxis everywhere when you need a bit more practicality!
- This constitutes the opinion of the author and in no circumstances constitutes a guarantee!
Edited by subaqua on Monday 21st April 17:35
When comparing the SC to the new M3, I would leave the new M3 well alone if your worried about residuals. When you factor in interest etc. your looking at £30K for 3 years ownership exluding consumables. e.g buy for £55K resale for say £30K at best after 36mths, plus minimum 5K interest add in fuel etc.... may as well buy a 996 GT3RS!
RE Elise SC, mmm... I watched the issue of Fifth Gear where Plato gave it a harsh review, I would personally (as I did
) buy a year or 2 old exige if you want 220+bhp, you would be looking at very reasonable residuals then.
Ryan
RE Elise SC, mmm... I watched the issue of Fifth Gear where Plato gave it a harsh review, I would personally (as I did
) buy a year or 2 old exige if you want 220+bhp, you would be looking at very reasonable residuals then.Ryan
You're right, of course. Without hueandcry71 and others who change or 'upgrade' their car for the latest special edition every six months, there would be no used bargains for eveyone else!OK so "nearly new Exige" versus new Elise SC - I want the power - but I also want "wind in your hair" and hence lose the roof. I see posts around some kind of roof removal kit, can anyone elaborate? Also - and I know this must have been asked before - isn't the Exige 'just' an Elise with a roof and a sports suspension? What will I expect if I go to drive one? Etc.
ta
by the way, this is a serious post. I live just down the road from Bell & Colvill and drive or cycle past on a regular basis; the showroom is mighty tempting.
- but I also want "wind in your hair" and hence lose the roof. I see posts around some kind of roof removal kit, can anyone elaborate? Also - and I know this must have been asked before - isn't the Exige 'just' an Elise with a roof and a sports suspension? What will I expect if I go to drive one? Etc.ta
by the way, this is a serious post. I live just down the road from Bell & Colvill and drive or cycle past on a regular basis; the showroom is mighty tempting.
removing the roof from a supercharged exige s is not recomended (roof air duct feeds the s/c) but the n/a you can buy a kit.
If depreciation bothers you i'd say go for Exige s with aircon or look out for the occasional Sport 190, Honda or Audi converted elise's that come up for sale for performance and wind in your hair.
Other option is a 2-11 or 340R - 211 is limited numbers so should be a better gamble than an SC Elise and 340R has done most of the value already. £20k ish buys you a good one........
Get yourself to a local meet and get some run outs with owners - give you an idea of all the different options......
If depreciation bothers you i'd say go for Exige s with aircon or look out for the occasional Sport 190, Honda or Audi converted elise's that come up for sale for performance and wind in your hair.
Other option is a 2-11 or 340R - 211 is limited numbers so should be a better gamble than an SC Elise and 340R has done most of the value already. £20k ish buys you a good one........
Get yourself to a local meet and get some run outs with owners - give you an idea of all the different options......
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