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So good I bought it twice


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My mate has been buying Porsches BMW,s and mercedes all PCP and he has been changing his cars every 7/8 months mad I know and I've been there when he bought his last Porsche and by law the finance manager had to read out a statement that this was the most expensive way in the long run to outright purchase the car so there you go.

Everytime he swapped it cost him approx 15/17K in lost deposit and monthly payments so in a couple changes he's spent the £30k I paid for my Exige S240 and the worst part is he doesn't own any of them just like renting just very easey to swap 

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I had a new Evora Sport 410 on a 50/50 deal.  It took some extreme man maths to make the case and I justified it as ‘you only live once‘! I had a great time in the car and loved every minute but had t

No.   Assuming after 2 years the car is worth £60k you use £40k to pay off your second payment, then £20k towards your next deposit which you need to add £20k to as new money. So it has cost

Yes indeed the up side I've driven 3 different Caymans including the new GT4 .997 911/ and the new 911T and various other brand new cars and had 1/2 day at Porsche experience centre at Silverstone, he

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11 minutes ago, philcool said:

My mate has been buying Porsches BMW,s and mercedes all PCP and he has been changing his cars every 7/8 months mad I know and I've been there when he bought his last Porsche and by law the finance manager had to read out a statement that this was the most expensive way in the long run to outright purchase the car so there you go.

Everytime he swapped it cost him approx 15/17K in lost deposit and monthly payments so in a couple changes he's spent the £30k I paid for my Exige S240 and the worst part is he doesn't own any of them just like renting just very easey to swap 

Gotta respect buyers like this.......it means cheap-skates like me can buy 3,4,5 year old cars that drive like new, still have warranty for circa 50% less than new. And for the more niche products, at that age or perhaps a tad older, depreciation is then glacial. At the lower end, Suzuki Swift Sport is a prime example. Renault RS also. Exige, Evora, Elise seem to stop the steep slide at 5 to 6 years old.

Justin

 

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6 minutes ago, jep said:

Gotta respect buyers like this.......it means cheap-skates like me can buy 3,4,5 year old cars that drive like new, still have warranty for circa 50% less than new. And for the more niche products, at that age or perhaps a tad older, depreciation is then glacial. At the lower end, Suzuki Swift Sport is a prime example. Renault RS also. Exige, Evora, Elise seem to stop the steep slide at 5 to 6 years old.

Justin

 

Yes indeed the up side I've driven 3 different Caymans including the new GT4 .997 911/ and the new 911T and various other brand new cars and had 1/2 day at Porsche experience centre at Silverstone, he had the other 1/2 of the day.

Thought it might be a bit tame with restrictions but to be honest I drove as fast as I wanted really and enjoyed the day that was in a Cayman I wasn't buying 😊

He's a good lad 

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40 minutes ago, TdM said:

would only consider doing so if it was a 0% deal and I had the cash in the bank so essentially I'm making money out of doing so

This is what I do. I get a heap of financial/consumer protection for a loan I pay off in full, with no penalty in Month 3. It is excellent protection.

I like your strategy of buying older high original value, expensive to run cars, when they are "cheaper" - the people that buy those cars don't car about the tens of thousands they lose in depreciation, so the chances are the high running costs would have not even been noticed so full SH etc and well looked after.

 

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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Exactly, You can pick up a REALLY nice cars sub 20K, or even a nice supercharged V8 jag for 7-8K in near flawless condition and run it for years before it costs you anywhere near as much as someone paid for their brand new Golf.

My last car was an XF SV8 - not only was it cheap to buy, fast and brilliant at long distances (like travelling on a cloud) it was actually quite cheap to service and maintain despite depreciating because everyone is scared of running costs. Only really big hitters were fuel (my record was 8 mpg around town but still managed 30mpg on a long motorway run) and tax (standard £575). It's a great way to run cars. 

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2 hours ago, C8RKH said:

Not so. I am assuming you are imagining here. Lotus dealers are willing to do SOR for instance usually for around £2k - £3k - and remember you are buying from the dealer so they are culpable if things go wrong.

I would not say £5k is the minimum. For instance, I PX'd my NA for MORE than the Lotus dealer sold it on for!  It all depends on what you are buying, selling etc.

I would say about £5000 is. The Likely reason you  PX'd your NA for more than he sold it for is because he probably had very good profit in what he was selling you (which does not matter as you got what you wanted at the price you wanted and he got what he wanted......why else would he give you more money than he sold it for?) which means he could split that profit between the two cars however the general idea that if you think a dealer "buys" a Lotus, Porsche, Lamborghini, Ferrari or even a Range Rover for his own stock with less than a few grand profit in it you are viewing the world with rose tinted glasses.

The cost of potential refurb costs for getting ready for sale and potential warranty issues that may not be covered by a warranty company on these vehicles is just way too risky. Example.....aircon compressor faulty (common refurb problem before sale on most cars) on an Evora is £2,200 for the compressor before you even talk about labour which still costs a dealer whether they have their own repair shop or not. At trade price he might get the part for £1900.00 i guess.

You are not going to get a dealer or finance company give you a fantastic valuation when giving your car back on a 50/50 deal unless its rarer than hens teeth and they have a buyer lined up.....realistically you will get trade value.

Wouldn't surprise me if the agreement actually states something like "trade value from Glasses guide or CAP"

In fact, i would put money on that it does mention a trade valuation body as then there is no discrepency and both parties know where they stand.

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3 hours ago, philcool said:

My mate has been buying Porsches BMW,s and mercedes all PCP and he has been changing his cars every 7/8 months mad I know and I've been there when he bought his last Porsche and by law the finance manager had to read out a statement that this was the most expensive way in the long run to outright purchase the car so there you go.

Everytime he swapped it cost him approx 15/17K in lost deposit and monthly payments so in a couple changes he's spent the £30k I paid for my Exige S240 and the worst part is he doesn't own any of them just like renting just very easey to swap 

Is he dealing drugs or just excessively using them?

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Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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I think the depreciation numbers above are about right. I reckon the 410 lost 22k in the first 2 years and then another 12k in the last 2 years. So another 8k ish over the next 2 years.  Hard to tell as this year is the last year of production for the Evora so that might slow depreciation a little.  Overall a much cheaper car to own than a Macca 570, defo as much fun (but not quite as fast)

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55 minutes ago, Gadzooks said:

Overall a much cheaper car to own than a Macca 570, defo as much fun (but not quite as fast)

And you get to be part of TLF. :D

Justin 

PS. Not that Lotus ownership is compulsory but it helps. 

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On 11/02/2021 at 11:26, exeterjeep said:

Most of the lotus' i have owned have been kept for ages, apart from the first 3 excels as  I gradually get a newer one. One of my current mg's I have owned since 2004.

My elite s2 I owned for 21 years, so it won't be long till the MG catches up.

My other non lotus non mg cars and the wife's cars are not kept as long.

Hmmmm wish I could stop getting itchy feet ;)

Elite 501 - 6 weeks 

Evora S - 9 months 

2-11 - 6 months 

Exige V6S - 3 months 

Evora 400 - 10 months 

Esprit GT3 - 3 months 

Exige 350 - 5 months 

Exige 380 - 18 months 

Elan +2 - 17 months and no intentions to sell :) 

On 11/02/2021 at 11:26, exeterjeep said:

 

Edited by DJW
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Previously owned :Exige 380,  Exige 350,  Evora 400,  Exige V6S,  Esprit GT3,  2-11 SC,  Evora S,  Elite 501

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4 minutes ago, DJW said:

Hmmmm wish I could stop getting itchy feet ;)

Elite 501 - 6 weeks 

Evora S - 9 months 

2-11 - 6 months 

Exige V6S - 3 months 

Evora 400 - 10 months 

Esprit GT3 - 3 months 

Exige 350 - 5 months 

Exige 380 - 18 months 

Elan +2 - 17 months and no intentions to sell :) 

 

 

Hmmmm wish I could stop getting itchy feet ;)

Elite 501 - 6 weeks 

Evora S - 9 months 

2-11 - 6 months 

Exige V6S - 3 months 

Evora 400 - 10 months 

Esprit GT3 - 3 months 

Exige 350 - 5 months 

Exige 380 - 18 months 

Elan +2 - 17 months and no intentions to sell :) 

 

 

I may have them a long time but I am currently on my 10th lotus, would consider buying another in a year or 2 or 3 or 4 or...... or a lotus suv as well.

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