Exige Market Watch, for discussion and to help those searching!

[Jcx]

Hiya Dunc. I did come along. Loved it. Did the Matlock drive behind Jon. Rob. and Gav. Saw you but you were super busy so left you to it. 👍 Sunday is no good for me but enjoy anyway. 

[Pav]

Hi all - relatively new here, so hello to you lucky Exige owners. I've always wanted one (car of choice on Project Gotham Racing with an Exige, black with gold wheels). I was finally in a position to buy last year but.. Emira happened. I have an Oct build slot but as time goes on the urge for an Exige remains strong. I do bike trackdays and kind of know it's the more hardcore option I want.

Anyway, interested in thoughts and opinions on this Exige S CR. Seems reasonably priced, if perhaps in need of a clean. B&C have a similar car up for a couple of grand more and it's a couple of years older.

Or should I stretch the budget / follow my heart with this Cup 260 or this Sport 350.

All opinions welcome and appreciated!

[HXT]

Hi, short but sweet answer.

Don’t bother with the Emira, get the best deal you can find on a 410/420/430.

[Jcx]

Would be interesting to run an Emira and an exige and to see which key I reach for and when.  Which would I wake early to drive? Which would I take out just for the sake of driving? Which would I use for road trips? Etc. variety is the spice of life but some spice is hotter than others 😉

[Pav]

This is what I am wrestling with. I have a Yaris, it’s an amazing drive and the keys I grab for a journey when I’ll appreciate a bit of comfort too. Haven’t found it a ‘get up early to drive’ car, it lacks occasion, in part because the interior is uninspired and modern.

Bit worried the Emira will be quite similar whereas an Exige would undoubtedly be both an occasion and for the sake of driving machine.

Think I need to test drive both close to each other and find my answer.

[HXT]

Just as an example I’ve owned a few nice cars.

There have been only two that I get up at daft o’clock in the morning for to just go out and drive.

The first was my previous Caterham and the second is the Exige.

It’s just pure theatre that I genuinely don’t think todays sterilised modern cars can reproduce.

[nichop]

Hi everyone, pretty new on the forum and reading this thread with interest. Ive just put a deposit on a 22 plate 420FE in liquid yellow with 3k miles on the clock. £81k. I confess I'm really unsure if this is a smart price or, based on the discussion here and the lack of movement at the dealers, this is a bit steep and I should have waited a while to see what happens in the market. Certainly other brands are struggling to shift stock, for example I looked at an F type which started at 64k and has been dropped a number of times and is now at 55k in the space of 3 months. Someone else I know in the trade advised that many Covid buyers who decided they had nothing else to spend their money on and so, bought a car, are now selling them on, resulting in more supply. He suspects that there will be more drops ahead. So, I'm a little nervous if I have jumped at the wrong time!  Thoughts?

 

[Jcx]

Hiya Nick.
That is a fab-looking car for sure. And for sale by a super dealer which counts for something. It is a 420 FE which will carry a premium over a 410 but I suspect it will not be very different to drive. For £10k less a stunning vivid green 410 is for sale in Glasgow. I think it represents better value as it offers very much the same experience for a lot less money. On risk alone I think that’s a better bet. It certainly costs you less to get it.  
But, based on my prior experience, I would say if you have a nagging doubt, don’t do it. Don’t buy now. There will be no pleasure in being proven right when / if prices drop and if they stay higher then you may still worry that the drop is still to come.

I think these cars are toys. They should be adding fun not worry to your life. Historically cars have been a depreciating asset.  Recently that hasn’t been the case but it will be again and there is likely to be a jolt IMO.  The vivid green car is pretty close to a pre-covid price  for a used 410 with 7k miles.  At £81k the yellow one is the price of a lightly-discounted new 410 pre-Covid. It was easy to get into the £70ks with a good-natured negotiation for a new 410 pre-covid. So through that lens it still has more to lose  as a used car in a corrected market.

I think the retail price floor for a 410 is £60k  so trade floor is £54k. I think the floor for a 420 will be a nudge higher so you may in time lose more if buying a 420 for a £10k premium.  But in either case I think your max likely exposure is £15-£20k. Unless we get a crash through recession but that is only a factor if you sell in the recession and don’t hold it longer term.

At the end of the day, all are expensive toys and if you can easily afford them they are unbelievably brilliant to drive and own  and you need not think again about cost or value or loss while driving and enjoying it.

Hope my musings help 

[jep]

I recall in March 2020, no cars selling and people saying prices would plummet. March 2021, people telling me it was the wrong time to buy. December 2021, how smart I was to buy in March 2021. 

No-one knows the future. Do what is right for you but don't leave it too late......getting older brings plenty of challenges that may mean you could never drive a Lotus.

Enjoy your brilliant automobile.

Justin 

 

[HXT]

I can only echo the sentiments above.

If you desperately want the 420 then go for it as it looks great and is obviously a final edition. However, as stated above you’re buying at the top of the curve so if worried about losing money I’d give it a swerve.

The couple of 410’s at just over 70K would be my pick, especially the vivid green one as that is a proper colour.

It’s also worth noting that 390’s seem to be around 70K and late 350’s are around 60K plus.

One thing to note is that they obviously don’t make these cars any more so hopefully they will retain a fair proportion of their value through that alone.

As an example my old 2017 4C spider recently went on Autotrader at 50K and sold within a couple of days.

 

 

[Edmundo2]

Hi All,

My first time messaging in this group.. I'm currently driving a fast duratech Caterham but have a hankering for a V6 Lotus..

My potential budget initially suggested I could prob stretch to mid thirties only therefore probably an Evora S..

However a member on here kindly took me out in an Evora NA yesterday which was lovely and confirmed the appeal of the V6 and the steering/ride quality but tbh it felt like quite a big car...

Obviously coming from a Caterham everything will feel big but I'm now thinking an Exige S3 is probably the only answer so I'll look to experience a couple and then start working on the man maths to see if I can get there..

So my question is ... what's the consensus re S3 prices..? I appreciate its a volatile world currently and recessions etc could effect any market but my suspicion is that prices will be solid for the long haul as its a great car with no comparable cars likely to ever be developed again...but I wondered what peoples houghts are on the short term..?

As mentioned I'd be stretching to buy one and I'm concious that there was plenty at sub £40k a couple of years ago so just don't want to stretch and buy at a peak only to see prices then drop..

Obviously no one has a crystal ball and you have to get off the pot at some point but thought I'd ask those in the know there current thoughts..

Thanks for any advice..

Ed

[JB]

Can't see the market going 'back' to how it was a couple of years ago. Cars like these will never be made again so the chances of a cheap one seems more remote now than ever. I think £40+ unless you find a doggy one is where values are at. Or find a 2ZR Elise and get the 300 conversion done which will give it a little bit more nip.

[Edmundo2]

Thanks..That was my thought , ( unfortunately )... Nice though if you already have one... 

Another question is whether the consensus is that cars are shifting quickly or slowly and whether at the bottom end of the market cars are going at close to advertised price or not...?

Probably too broad a question to answer and clearly depends on how sensibly advertised it was but just wondered whether cars, ( any car for that matter ) at £40k - £45k + are likely to have much wriggle room built into the price..? This would be the most I've spent on a car so don't know whether a 5 or 10% haggle that might be experienced when buying a £10k or £20k car might be expected at £40k +..? ( you can hear the man maths cogs whirring...)

ie..when selling cars at any price point is it accepted that you might accept a bit less to make the sale and is the amount relative as a percentage of the advertised price, ( eg a million pound car goes for £900k )..

Supply and demand, time of year, new model release, desperate seller, naive buyer will all have a bearing I know....

 

 

[JB]

We have been open 3 months as the newest Lotus dealer in the country here in Sussex and we have sold about 6 Elises so far. Only one had a 'deal' on it as was older bit of stock so the customer got £500 off a £35500 car. All our 220 Sports and especially the Cup 250's went for screen price. It helps that there is not much to choose from out there.

As for wiggle room there is no hard and fast rule, other than ask. usually if something has been in stock a while then there is a deal to be had, but like the Cups mentioned, I knew there were only 6 for sale in the country, only one in our colour so no deal was needed. But don't like many on other forums think that because there is no deal that the dealer 'is having you over'. We cannot replace stock so why give it away? Tesco don't do deals on lamb because they know they can sell it at the price advertised!

With regard for million quid cars, almost certainly without fail, you won't get a penny off, because of the type of market. If you want deal deal deal then mainstream is where you need to go and something that there is plenty of stock of, or just before a new model comes out, you'll get a deal on the old one. Bit like Lotus last year, Final Editions are more money now than new!

HTH

[Edmundo2]

Thanks for the insight and all makes sense...Will have to take the plunge when/if the time comes and see what's out there...

Another question ...

How do mods tend to affect price? I had a really nicely modded Cayman 987s prior to buying the 7...

It had all the right bits and work had been carried out professionally, ( engine rebuild, KWs, LWFW, lower arms,  GEO, remap, stainless manifolds, high end retrim etc etc etc ). However it was only really worth standard car money..I know this is often the case and a lot of buyers want low miles/originality over anything else and pay top dollar for it..

Personally I'd rather have a really well looked after car that's been tweeked well with the right bits by people that know what they're doing but that's just me..

I know Lotus are often modded/improved but how does this tend to affect their values, ( up/down/flat )..?

[exeterjeep]

I see Hendy Exeter have reduced the price of their Lotus Exige Sport 410  in the Bond colours by £1k. Seen it a couple of times and I still not convinced by the colour scheme etc.

[jep]

I just don't think it's worth the premium, Bond. 

You can buy 2018 410 for sub-£70k.

And as you say, it hasn't quite nailed it, unlike LF1 which are the best special edition Lotus ever (probably).

Justin 

[JB]

1 hour ago, Edmundo2 said:

Thanks for the insight and all makes sense...Will have to take the plunge when/if the time comes and see what's out there...

Another question ...

How do mods tend to affect price? I had a really nicely modded Cayman 987s prior to buying the 7...

It had all the right bits and work had been carried out professionally, ( engine rebuild, KWs, LWFW, lower arms,  GEO, remap, stainless manifolds, high end retrim etc etc etc ). However it was only really worth standard car money..I know this is often the case and a lot of buyers want low miles/originality over anything else and pay top dollar for it..

Personally I'd rather have a really well looked after car that's been tweeked well with the right bits by people that know what they're doing but that's just me..

I know Lotus are often modded/improved but how does this tend to affect their values, ( up/down/flat )..?

Dealers prefer non messed about with cars unless its things like exhaust or air filters etc or sensible dampers. But depending who you are talking to I wouldn't bang on too much about it. Upset an old boy with his modded RS Focus at 500BHP, thought it was worth drugs money and it wasn't. Put the question back to you, modded RS Focus you know nothing about other than what you are told or a bog standard low mileage one for the same money?

30 minutes ago, jep said:

I just don't think it's worth the premium, Bond. 

You can buy 2018 410 for sub-£70k.

And as you say, it hasn't quite nailed it, unlike LF1 which are the best special edition Lotus ever (probably).

Justin 

Have a 21 plate Final edition in front of me for £70k!

[Edmundo2]

OK thanks.. I was really referencing nice accepted improvements clearly evidenced rather than max power stuff.. Some might view it as a bonus if they had plans to add such parts in the future...As an example a Hartech rebuilt porsche would give me reassurance vs a stock car at similar money yet the values are not very different and someone's had a £10k bill to stomach..

[JB]

Yeah I get that, that the overpriced beetle is a little fragile🤣

Yes those sorts of things help but don’t ‘add’ value just make it worth the right money, like early Elises with head gasket failure, it’s nice to know it’s been done, or an M3 with a shagged vanos, better it’s done but doesn’t make them worth more, nearly the untouched ones might not be worth as much.

[duncx]

Hi Ed, some interesting questions there!

I reckon the market has softened a bit lately - the 2013 @ £45K  type cars are now looking a little hopeful. You might find a dealer who's willing to haggle but you have to remember that they probably got into that car when the market was booming (earlier this year) so they simply may not have the leeway to knock that much off the price. Previously we've seen that some dealers are willing to sit on a car for literally YEARS to get the price that they want, I'm not joking!

If you can keep your nerve you might find a winter bargain pops up around November/December time. That's when the market is pretty flat and some traders get 'keen' to move a bit of stock or you may even get a private seller who thought they could run an Exige as a daily but finally give up - when they realise it's not particularly pleasant to do so in the depths of winter 

Next year who knows? I can't see prices dropping much, there is nothing like them made any more.

Modifications? There are some very respected power mods around, the TVS 1900 and Komotec can both add significant amounts of power, and reliably too. They can be pricey to fit but they don't really push up the s/h price of the cars that much - very nice if you find one with the work already done! Back boxes and inlets are popular mods, a valved 2bular adds to the desirability of a V6S or 350, but other exhausts etc don't really make much difference to the value. Other stuff, you can buy all sorts of carbon bits for inside and out, + different mirrors, ironing board spoilers, different rear lights, barge boards, etc, all cost a fair bit of money but add next to nothing to vehicle value. Most owners will take all the stuff off before sale and sell it s/h because they know it's the best way to get some money back. If you find one with an AiM dash fitted that's a nice thing to have and maybe is worth up to £1K on the price, particularly if the owner still has the original analogue dash to refit if needed.

All in my humble opinion of course, other may (and almost certainly will) disagree

Good luck!

[Edmundo2]

Great feedback thanks Duncx...

That's as I was hoping..Will see how I feel once I've been in one.. The 7 is epic and I'd love both but alas don't have the space or funds for two toys so it'll be a tough decision if I do it..

Until then I'll keep watching the market and study specs and prices etc..

Much appreciated..

Ed

[HXT]

At the moment the Exige market seems to be ‘flooded’ with 410’s. A couple of 2019 cars have just dropped from 72 to a couple of quid under seventy and a number of them have been for sale for a few months now…….market slowing?

The fact they aren’t made any more should mean prices hold relatively firm but the gap between the older and newer cars is shortening. FWIW I would just buy the best car you can and not worry too much about how much you may or may not lose. It’s not going to depreciate like a mainstream car when sanity returns.

I’ve moved from a Caterham to an Exige so hopefully can give you some perspective. Every car is going to feel bigger than a Caterham but the Exige is still pretty small. My Caterham was only 135 bhp so compared to the 410 there is a big difference in power but honestly with the Caterham being so basic it isn’t massively noticeable on the road. However, on track it’s a different story. The Exige is marginally more useable but it’s still a toy really. I’m glad I made the change as it was a itch I needed to scratch but hand on heart, given a choice of the two I’d go with the Caterham although in an ideal world I’d have both.

In relation to buying one I’d just make a cheeky offer, you never know…….

[Edmundo2]

Thanks for this...

That's the kicker isn't it..I have room/money for one toy and some days I want a raw and visceral experience, then next I want a visceral but slightly more usable alternative...The perfect situation is family hack + sports coupe + 7 but my first world crisis means it can't happen so I chop and change depending on which side of bed I fall out of...My toy is not a daily but really just a weekend play thing so it's easy to say 7 is a no brainer...However the appeal of any 6 or 8 cylinder is always present as they just bring an air of purpose/theatre/excitement that a 4 pot won't at low speeds..The 7 is nuts when you drop a cog and its agility is second to none but bumpy roads/cruising/polish will never be a strong point and at times its these traits I want..on the flip side I often don't give a stuff and just want exhilaration..

My Cayman S and 7 nailed their respective appeal/position but could it be that an Exige V6 strikes the perfect balance...better than the Cayman as a weekend blast and better than a 7 as a visceral toy that can be used easily in wider scenarios?

I'll see how I feel  after trying one.. I know I'll miss the 7 if I do it but I miss the Cayman at times too...

Fuckin cars eh...Love em!

Ed

[HXT]

To be fair I would say that if you want something in between a 7 and Porsche then the best car that fits the bill is an Exige. I probably didn’t do it justice in my earlier comments. It’s an epic machine, blisteringly fast and gets good reactions from people wherever I go in it……..just like the 7 really.

Good luck in your search…….that’s half the fun.