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Low p/ex offer - V6 Cup


CTRMint

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The LF1 is mine, my wife just sold her treasured Porsche to get the Elise, ironic considering the thread is about depreciation, the OP has nothing on what she lost on that. Moral of the story, don't tick all those options, or never sell the car... the latter was what we were going to do, driving a Lotus screwed that plan.

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I guess what also really pee's me off is I asked a very direct specific example of a particular 'expert' dealer (not the supplying or quoting dealer) at the time of purchase about residuals.  The 'experts' did have very good knowledge of my car!!!.   I felt at the time what was quoted was an acceptable loss.  The two values are so far removed its crackers.

 

I guess I should speak with the 'expert' dealer and clarify the situation.  Need to find a some motivation tho :-)

As mentioned total **** *** about it all.

 

I also have a enough conflict in my professional life, so try and avoid it in my hobbies etc.

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When i checked our LF1 about a month after buying it, they were quoting £32k

 

Edit: Just for a laugh, had no intention of selling or trading it before anyone gets excited like me on the back of the first post in this thread

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  • Gold FFM

Business model of we buy any car is that they pay 10% less than bottom book auction values.

The good cars they retail - the junk goes to auction and they make 10% profit at least......

Only here once

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New dealer setting up in Northampton should be looking for a second hand Lotus for their stock me thinks .

It's a same your not local but always sell private it should move quick .

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Nottingham Eddie, and they're still a way off of opening mate.

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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Yep they are taking the major p*ss with that offer, although with niche cars dealers do sometimes want a fat margin this is more like Ferrari bid/retail (normally a £10K spread) as your car is £55K all day long to the right buyer.

 

If anything, as prices on 'rival' machines such as 997 GT3 soar ever northwards, V6 Cup values should be holding very firm as there is nothing around like them for the money.

 

Stick it up privately somewhere between £55K and £58K with a view to clearing £55K and wait for the right buyer who knows what the car is and understands its inherent value. 

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220 Cup... all who are thinking, at least 3 on this thread.... do it :)

 

TampAJ220%20002_zpsfli3yus0.jpg

 

TampAJ220%20006_zpsz1z0ucco.jpg

 

#AnyDayNow

 

Yes, yes, yes...... oh, oh, yes, yes, yes, yes,.....hmmmmm, ahhhh, YES, YES.....  Lovely.   :smoke:

I came into this world screaming and covered in someone elses blood. I'll probably leave it in the same way. 

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Dealer obviously not interested. As has been mentioned sell it privately.

Very few models within brands make it on the improving price conveyor - notable porkers, mini when it came out, FFRR and RRS - but with something as special as a Cup you'll find a buyer. At least they know it'll not have been hammered :)

GLWS

220 Cup looks lovely :)

Black n gold

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It is the nature of this price bracket in the market. All NEW cars of this ilk loose heavily straight out of the showroom apart form the odd acceptation. 

All dealers struggle to move on second hand V6 Exige, just look at the ones on PH at the moment they have all been around for ages. If you add to that the 50-50 deals it makes selling nearly new very hard for them. Couple this with the even smaller market for the Cup cars then it is clear to see why they have offered 45k. Next year brings possibly a 400bhp Exige, i guess every V6 in the market will suffer at this time even more.

I would be putting it for sale private a bit below top price and hope that one person is out there who just happens to want one at the same time. 

I sold my Cup 260 for top money without even having to advertise. And whilst doing the maths for this new one i realised after 18 months of ownership my last Exige would be worth more than the current one.

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It is the nature of this price bracket in the market. All NEW cars of this ilk loose heavily straight out of the showroom apart form the odd acceptation. 

All dealers struggle to move on second hand V6 Exige, just look at the ones on PH at the moment they have all been around for ages. If you add to that the 50-50 deals it makes selling nearly new very hard for them. Couple this with the even smaller market for the Cup cars then it is clear to see why they have offered 45k. Next year brings possibly a 400bhp Exige, i guess every V6 in the market will suffer at this time even more.

I would be putting it for sale private a bit below top price and hope that one person is out there who just happens to want one at the same time. 

I sold my Cup 260 for top money without even having to advertise. And whilst doing the maths for this new one i realised after 18 months of ownership my last Exige would be worth more than the current one.

All good points Tom. In my view the 50/50 deal makes buying new a bit of a no brainer, especially if you are planning to keep the car for a long time. While I'm sure a 400hp exige will come, the 350 is already so quick that there would need to be a lot of other improvements,along with a similar price point and another 50/50 deal available to make me actually consider swapping mine in rather than paying off the finance in 2 years time. Especially when considering how much the paint job was on mine. I think we all know that buying new means enduring the depreciation hit but I'm actually becoming more and more convinced that it's made up for in the lack of hassle, maintenance and of course the new car smell!

The other problem the op might have is finding someone willing to spunk 55k in cash in one go to a private seller without dealer facilities. When I got rid of my S2 earlier in the year, I had no interest when I listed it privately at 27k. Whereas Aimee sold it in 2 weeks at a higher price!

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If the Evora 400 and 3-11 pricing is anything to go by, the Exige 400 will carry a hefty price premium. This may make the 350 seem like extremely good value!

 

Selling (almost) any new car within the first twelve months is going to result in a big depreciation hit, it probably won't lose much more in years two and three. If you have to sell, I reckon SOR with a dealer is the best option. They would probably retail your Cup at high £50k's, so should be in a position to return at least low to mid £50k's to you.

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My take on this is newer, low mileage, tidy S2 Exige S's are getting up for £30k mark now.

 

This effectively sets a floor on the used price for the V6.  The only slight spanner in that theory is the 4 cylinder cars are a chunk cheaper to run.

 

My take on the matter is I made good money on my old Rover Engined S2 Elise even after 2 years and 8k miles, so in the grand scheme of things I'm happy to discount this off the depreciation of the Exige. (Man maths at it's finest!)

 

Completely agree about the 50/50 deal skewing the market too.  For me to get into a brand spanker was <£20k in cash, then leave the rest in an ISA, still 99% confident the car would be worth it's balloon and I'd never be in negative equity with it. Whilst still 100% safe in the knowledge it was a worry free proposition with the manufacturers warranty. It was a real no brainer.

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I'm really worried about the depreciation on my old boat

Yes must admit I am worrying what my Mrs is worth now too :harhar:

I'm really worried about the depreciation on my old boat

 

All joking aside, the minute you drive the car off the showroom floor you take a big hit.

 

I have actual experience of this, bought a 240 Cup and a week later whilst visiting Festival of Speed saw the 211 and knew I had bought the wrong car.

 

Sold it back to the dealer with under a 100 miles on the clock ordered a 211 and took a £5,000 hit. 

 

211 cost £42,000 and exchanged it 7 years later for my V6 cup and got £35,000 for it ( admittedly I hate to think how much I spent on upgrades !!)

 

Hopefully the Cup will maintain its value the longer you keep it.

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I'm sure you sell for a lot more privately.

What colour is yours?

I bought my 2013 Pewter Grey recently with 5k miles @ £55k from a specialist. So I thought I would have bought yours without any doubt if you advertised it 2 months ago. ;)

Fyi, main dealers are selling their used CUP for £60k.

So I've been toying with the idea downgrading from my Exige V6 Cup to a standard Elise and buying a Caterham in kit form. I miss tinkering and always fancied building a Caterham. I also think the Cup is anti-social for the road, its simply too fast and driving round everywhere at 5/10 becomes a bit dull after awhile. Note I don't get any track time.

My Cup car is a fully loaded car even with a special order paint finish and in basically as new condition. Original price 68K Its less than 12 months old with 1600miles on it, always garage etc, you know the type!

I contacted the supplying dealer about swapping, note I was taking another Lotus Elise and they offered me 45K. They did't appraise the car, not that there is anything wrong with it anyway, it really is like new.

To say I'm shocked is an understatement. I did speak with another dealer at the time of purchase who stated a respectable trade in value following 1year of ownership. What I've now been told is frankly horrific.

If it is true, then I'll keep the car and buy the Caterham in the long run also.

I doubt I'll ever consider a Lotus again though. Shame lovely brand!

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What colour is yours?

 

Toxic Green.  I think it's fantastic, and it must be reasonably popular given the use of the colour on the majority of the Elise Cup press shots.

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Right now, the market is crazy about more or less anything with a 911 sticker on it. The prices of 997 GT3 RS cars e.g. are just ridiculous imho. 

 

Lotus is no Porsche collector brand (yet) but the same thing might happen here eventually as I see it. This is my first post at this board, and I happen to be just one of those persons who actually are starting to look around for alternatives to those "safe" investment/fun sports cars Porsches represent as they are simply way overpriced right now from a bang for the buck perspective. From a ride perspective, sure the Exige V6 Cup which I am looking for would be a bit harsher, but not unacceptably much so. 

 

Btw, there are a lot of great track bargains out there under the radar if one starts to look around. Here is a good example from Sweden where I live of a car that has dropped from 1.160 ksek (appr. 120 k€) to 695 ksek (appr. 74 k€) with just 100 km...

 

http://www.blocket.se/helsingborg/Caterham_SP300_R___Avdragbar_moms___60709009.htm?aw=1

 

Still, they cannot manage to sell it although it would be an amazing car for the track (if that is the alternative) to a more than twice(!) as expensive 997.1 GT3 RS with 40.000 km... 

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I saw a 993 GT2 for sale at Hexagon recently for £770k :huh:

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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Yep, and boy do they look ugly. Look like a character car from the Disney Pixar "Cars" films.....   Just sayin'........   :getmecoat:

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I came into this world screaming and covered in someone elses blood. I'll probably leave it in the same way. 

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Interestingly, the 991 GT3 that Porsche have been selling locally on behalf of a well know short angry fella without a job has completely failed to sell at £160k with 2.5k miles on the clock - been there fore a few months. Was £118k new.

 

I noticed it the other day prepped to go out, I assumed it has been sold, but it was being returned. So maybe that bubble is bursting? I heard these things were going for £185+ 6 months ago, but apparently there are a few on the market now (guess it is people selling for the RS).

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