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Part Exchange


Johnhoward

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Has anyone heard from their retailer (formerly known as a dealer) how part exchanges will be handled if we are buying direct from Lotus? I have asked the question, but my local retailer wasn't sure. Also, I wonder when a part ex value would be 'locked in'. My plan is to part ex my Evora 410 Sport for the V6 auto, so all being well it should be one of the earlier cars for next spring/summer, but who knows what will happen to second hand prices/values in the coming months.

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Good point about locking it in - might be possible.

Certain dealers will do this. B&C expect to still deal a lot of Exige and Evoras in and out so they have the contacts and brand to shift it easily enough.  They will know more a couple of weeks.

If I was a dealer i would wait until the final payment is made on the car as there are far too many variables from now until Spring.

 

If it has an engine, I am there to thrash it.

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4 minutes ago, Evotion said:

If I was a dealer i would wait until the final payment is made on the car as there are far too many variables from now until Spring.

 

Yes, that would make sense, but I would need to have the part ex money to put with the balance to buy the car. Normally this is a straightforward process if you are just buying from a dealer as they will credit the part ex on the invoice for your new car, but if the Lotus payment is completely separate, it may make things more complicated. Hopefully, there will be a simple solution, we will have to wait and see.

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logically, it should make no difference if you follow the logic.

The 'old way' - you buy the car from the dealer - if you paid 100% in cash then they pass that money onto lotus less their markup. However in most cases, as part of that process the dealer 'tops up' the cash you pay with their own money, being the px amount  - in theory they give the px cash to you as trade in and you pay it back to them immediately for the new car and they then add that to the money being sent on to Lotus.

 

The new system is the same in theory although who pays who is a little different. You pay your cash to lotus; the dealer still tops up that amount to the full new car price and takes your car in px. 

The dealers are always taking a gamble on how much to pay you in px against what they think they can sell it for. The risk here is that there could be a lot of Lotus(Loti?)  being used as PX in a short space of time which has got to impact values at that point. Unless of course the factory are going to underwrite the px values, but i assume they dont do that now so why should they in future?

 

 

 

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Either way, isn;t is better all round to get the date of when you need to pay the final balance and 1 or 2 months before that, sell the car privately. Just saying.. I have no idea what the private Lotus market is like.

If it has an engine, I am there to thrash it.

My Emira Videos  |  Into Motorcycles? Motorcycle Channel

 

 

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With such strong prices for all SH cars these days, unless you need it for winter why not sell now and cash in on the bubble ;)

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

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I'd second this, especially as I think the only Lotus to suffer from eventual Emira sales will be the Evora.

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If it has an engine, I am there to thrash it.

My Emira Videos  |  Into Motorcycles? Motorcycle Channel

 

 

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16 hours ago, Johnhoward said:

Last winter, I only used the Evora on odd days, so could easily manage without and as you say take advantage of the strong second hand market. Certainly worth some further investigation.

This is what I am thinking so have put my 400 on PH and here as it will be in the garage until the salt goes in the spring.

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If your looking to sell now @Johnhoward @697OK would really recommend you gave trading sites Wizzle or Motorway, also WBAC a try. There’s no commitment or cost with exception of WBAC who apply a admin charge. Not sure of the market for Evora but just sold two cars in July, one being a 2017 Elise Sport 220, the other a 2020 Macan, both for very strong prices and since the sale WBAC have increased their purchase offer above my sold price on both. The market for good recent low mileage used is very strong. Great time to sell used but not to buy.

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I sold mine a couple of months ago through Silverstone. I had advertised it on pistonheads privately for a couple of months beforehand, but ultimately Aimee returned more money to me than selling privately and the buyer gets the protection of a warranty, inspection etc. It's very hard to sell 50k cars privately unfortunately. I'd be surprised if WBAC are on market for the Evora, when I put mine in a few months ago they were under by 15k. 

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59 minutes ago, Gashead1105 said:

I'd be surprised if WBAC are on market for the Evora

Just put mine into WBAC to see and got quoted £53.5k for it.

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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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WBAC is usually limited as most that they buy tend to go straight through auction houses with high volumes where the market prices are tracked electronically and updated constantly. The two cars I recently sold were via Wizzle, ( part of Car Wow) where traders bid directly to you the seller and you make your own choice to accept or withdraw. The Porsche went to a Porsche dealership and the Lotus through a independent specialist. Saying that Lotus are different in that the volume is so small it really needs a few of the right buyers interested at point of entry.

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Always thought my 410 Sport was more "special" lol...    No idea why they offered me more than that for mine! :wacko:

Edited by Bravo73

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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  • 3 weeks later...

Sold my Porsche last month in the steering market and got 4k less than I paid six years ago😃.

Found a little C3 with MOT to end of July for £600, that will get me through the winter and till the Emira arrives. The dealer u bought it from said he would buy it straight back off me then 😃 win win.

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