A&Q about Lotus
Q:
Hey you guys,
I've been noticing that there is definately a disconnect between buyers and sellers of Elises out there, talking specifically about "Private Party" sales.
It seems to me that a majority of the people out there selling thier 05's are asking around 39K and the buyers only really want to pay 32K.
I would be interested in knowing what people are really paying for these cars used with average miles (~8K).
I think we all know that sellers are sitting on these for a while, maybe some sellers get lucky and someone buys thier '05 Elise for the $39K mark but I think most are selling for somewhere in the middle. Meaning around $35.5K
We all know that once you own the car you think it is worth more and when you don't own it you think they are all worth less.
When the seller gets desperate you can obviously get a good deal. My friend who is a Forum Member, got a steal on an '05 back last winter from a guy in Michegan for $32K (Base Model). So, people can get desperate.
On the other hand, there are so many sellers out there, initially putting thier cars up for sale even at the 41K mark, of course we all see them slowly lower their price. The dealers selling these cars used are way over priced too, but I'm sure they are selling some high.
Personally, I will most likely be in the market very soon, I don't want to screw anyone and I don't want to be screwed. So, I consider myself kind of nuetral, consider me Sweedish
Anyways, I thought I would just start a discussion on this topic. What do you guys think?
A:
Trade in is probably around $31,000 now. I know for a fact that in late April, early May trade in was $32,500. That's what the dealer paid for the used one that I bought. I know because that's what I paid for my 05 SY Elise with 3,500 miles on it.
A:
I can only speak for myself but I'd sell my car if I don't take a loss with my payoff but I'm not desparate to sell.
Otherwise, if I got desparate, I can get $32K for my Elise on trade. I already asked. So way hassle with a private sale if someone offers only $33K?
A:
Well it's because historically Lotus cars take a huge hit (look at the Esprits) of depreciation when they first drive off the lot. It's hard for some guys to swallow but you basically lose 8-10k the first few thousand miles.
I was really wrapped up and worried about the "sky is falling" on prices with my first elise. With my second, I've stopped caring. Figuring the enjoyment was well worth the price of admission which is historically the way I've viewed all the cars and bikes I've purchased.
Just consider from the day of purchase to the day you sell it, it (and most special interest cars) are going to lose value.
I think you're right, depending on how eager someone is to sell the car will drive the price and it would seem realistic prices are in the mid 30k range.
One thing that's suprised me is how huge a focus depreciation is on prospective buyers/owners. I've never encountered this in ANY other enthusiast car I've owned including a couple esprits.
A:
I think most cars can be sold for about 80-85% max of their original value once they hit the used market. That would make an Elise with minimal miles that was msrp of $45K would be worth about 36-39K. Thus the reason you see many selling listed at about $39K I think that's a more than fair starting point.
Now as the miles grow, the value goes down, but much slower. I think 32K for an Elise with reasonable mileage is a bit low as it's only about 70% msrp. However if the person has to sell and is having a hard time finding a buyer, then hey, maybe.
A:
The other big deal. And still amazing to me. All these people STILL buying these cars after being on the market for two years here and selling them after a couple months or less than a thousand miles not realizing what they were getting into, people must have TOO much money to throw around.. So loads of sellers out there.
A:
'05 elises cannot be lumped into 1 pile like this. An elise with the sport package, hard top, 1k miles is obviously not the same as a base with 20k miles. Different prices for different cars in different shape, with people swearing they can get a $30k elise looking brand new is not even the whole story. Information is left out on cars like the salvage title, etc. I look at ads all the time, especially since I bought my '05 for 38k in march. I feel like an idiot seeing how I could have saved $6k, but then I realize that this is the internet, and we all know that you cannot believe half the crap you see on here.
A:
Originally Posted by zvezdah1
One thing that's suprised me is how huge a focus depreciation is on prospective buyers/owners. I've never encountered this in ANY other enthusiast car I've owned including a couple esprits.
Kind of points to the fact they aren't planning to keep it very long. I'll have mine until I can't get in and out of it any more.
A:
Originally Posted by bmbjj
'05 elises cannot be lumped into 1 pile like this. An elise with the sport package, hard top, 1k miles is obviously not the same as a base with 20k miles. Different prices for different cars in different shape, with people swearing they can get a $30k elise looking brand new is not even the whole story. Information is left out on cars like the salvage title, etc. I look at ads all the time, especially since I bought my '05 for 38k in march. I feel like an idiot seeing how I could have saved $6k, but then I realize that this is the internet, and we all know that you cannot believe half the crap you see on here.
True, but I saved $6,500 because my mom has worked at the dealership for over 30 years. They were listing the car at $38,995. And yes, it looks brand new and only had 3,500 miles on it with a clean title, etc.
A:
If there were so many great deals and low priced cars out there, there would be more new owners on the forum and less 'prospective buyers'.
"So loads of sellers out there"
Right but those folks were all buyers once too.
Look at how many threads there have been comparing the Elise/Exige to another car...
A:
I'm really glad I bought an Exige because the values are skyrocketing due to the rarity of the car. It's sure to become a collectors item.
A:
Originally Posted by KingOfJericho
I'm really glad I bought an Exige because the values are skyrocketing due to the rarity of the car. It's sure to become a collectors item.
That's what we thought when we were on the Elise's two year waiting list in early 2004.
A:
Hey EPD,
I'd recommend you wait till winter.
The cold-staters will keep on paying payments and some sort of insurance while the car is just sitting in the garage.
Some of them will become even more motivated to part with the car then.
Warm-staters will still be driving their cars with glee so they won't be as motivated to sell.
Just a rough 'analysis' of the situation.
If you're patient enough, you'll find the perfect car for you.
Good luck
PS Did I tell you about my custom exhaust? Target weight is <10lbs FROM the headers... No cat!
PPS Looking for a STUD thin films PE. Know anybody?
A:
someone told me they got a trade in value on an 06 full loaded elise at 46K, but i didn't believe it. When i went to trade in my car on sat 06 exige they offered 32K which i simply walked out
A:
Yes, I think I will have to wait. I have my Lexus IS350 in the trader as we speak, but no real bites just yet.
Yes, Master Thin Films PE here........... What project do you have for me?
A:
Originally Posted by ExPorscheDude
I think we all know that sellers are sitting on these for a while, maybe some sellers get lucky and someone buys thier '05 Elise for the $39K mark but I think most are selling for somewhere in the middle. Meaning around $35.5K
I sold my 05 elise with HT, SP,TP, moroso pan, lots of other nice cosmetic mods, clean car with only 1,500 miles
got $35K
you are dead on your estimate. There is a big difference in offering your car for sale, and actually selling the car.
I also found that lotus buyers are VERY impulsive. I had the car sold 3 different times, but the buyers always came up with reasons that they"couldnt come through". i had accepted $33K twice even, it was the steal of the century, but they balked for whatever reasons thankfully, as I did end up getting my (no BS) asking price of $35K
its a buyers market on these things, and that will continue. may not be a popular post to those who want to see the cars valued at more than they are "worth" used. but thats my experience, and my car was in excellent shape .
lowball away................. someone will take your offer.
A:
My 2 cents.
When I sold my Elise w/ 14k miles, I asked $36k, and I sold it for $36k. It was loaded with every option except Touring Pack, which is a pretty important one to get top dollar for resale, because most buyers want it. It also had a few thousand of aftermarket goodies on it. I think it was a very fair sale price, considering the lack of touring pack and the relatively high miles. I don't understand why other sellers aren't getting what they're asking.
I don't think $39k is an outrageous asking price for a low mileage loaded Elise. Most of the replies you see on here are from people looking to steal a car from a desperate seller. The actual buyers don't post crap about buying a car for $30k. When I bought my Elise from ET, I never posted in the seller's thread except to tell him that I sent him a private communication, and when I sold it, the buyer never posted in my for-sale thread. He PMed me and called me the day I listed it, though. My point? Real buyers communicate in private. The people posting "your car is worth $x" or "I'll give you $y" in the thread aren't real buyers... they're trolling. If you accepted their offer, most would probably back out. They're like the people who underbid on cars on eBay and then back out if they win.
Thus the significance of the disparity you perceive.
The actual disparity between ask/bid is more like $2k. These people looking for a $30k Elise will have to wait a year tiil prices drop - of course, then they'll wnat one for $25k
A:
Originally Posted by Imolas54
someone told me they got a trade in value on an 06 full loaded elise at 46K, but i didn't believe it. When i went to trade in my car on sat 06 exige they offered 32K which i simply walked out
was that at HRM?
A:
not at HRM
A:
Everybody wants something cheap/wants to get more.
What is this thread about?