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

[Edmundo2]

Isn't it just...I enjoy the searching and providing values don't bomb then alls ok as you can chop and change...The only thing my 7 is that it's pretty unique so if ever I felt id made a mistake I couldn't buy another, ( although there's other flavours to try so not the end of the world )

[Citizen]

Hi All,

About to buy an Exige and have been offered finance at ~9% for PCP. What do people think about the rate? I know they were much lower, but given circumstances, what do you think?

Cheers,

S

[390ja]

13 hours ago, Citizen said:

Hi All,

About to buy an Exige and have been offered finance at ~9% for PCP. What do people think about the rate? I know they were much lower, but given circumstances, what do you think?

Cheers,

S

The “interest” line on that agreement would make me wince. I haven’t looked recently but aren’t there cheaper ways to borrow than that?

[HXT]

16 hours ago, Citizen said:

Hi All,

About to buy an Exige and have been offered finance at ~9% for PCP. What do people think about the rate? I know they were much lower, but given circumstances, what do you think?

Cheers,

S

Bloody hell 9%…….

You could get a pretty decent wedge on a bank loan for 2.9% three months ago.

[Jcx]

@CitizenI'd say you are in for a treat if you do buy an Exige.  Values are likely to stay strong although Exige has always appeared slow to sell so that should be priced-into any expectations for a sale price.  I know your question was about PCP and % rate for finance but future value has a bearing on that i guess.

Like @390jaI have never been persuaded by the total interest payable on a PCP deal - you finance a large number and only pay down a portion so the cost to borrow is indeed high.  Perhaps look at it differently; ask yourself what you are happy to pay monthly to effectively borrow the car.  if the numbers match, get stuck in and ignore the price of borrowing.  And if the future value turns out to be greater than predicted, the total cost reduces and so in turn does the effective interest rate. 

@HXTi am not familiar with bank loans that will lend £50K+ so unless @Citizenhas a huge deposit the PCP may be the only route.

Have you tried some of the independent finance brokers such as Magnitude?

I suspect 9% (if APR) is quite competitive right now.  thats about 4.5% base rate.  If it is 9% base rate i would think again for sure.

[Citizen]

@Jcx would not be worried about the upcoming recession bringing the market down though? 

I have considered an HP buy too, but the APRs there are not that great either, even if one puts down 75% of it. It is actually higher % but less total credit cost if that makes sense.

[Jcx]

makes perfect sense re APR.  On recession, hmmm, i have no magic ball.  maybe values will drop... but IME PCP deals always offer a very conservative GFV so you should still see some cash back.

Edited November 3, 2022 by Jcx

[390ja]

@Citizen

I would personally hold off buying. Many exiges are hanging around, it’s not really the season, or economical climate, to move focussed sports car “toys.”

What you save in purchase price in a month or 3 could easily cover the interest your agreement might sting you.

[Jcx]

That's funny @390ja - i see your old car is still hanging around and i think it appears the price dropped £1k.  Did you sell it to the dealer or are they selling it for you?  Maybe you should talk the market up 😉

[390ja]

@Jcxi sold it to the dealer outright.

They have still got plenty of markup left to drop a bit more. 
I didn’t really get what I wanted for it but I wanted out before this economic mess hits properly. My 50/50 finance deal was up early next year so I didn’t want the option of giving the car away or taking up £40k finance at an extortionate apr.

I may end up buying it back over winter though.. 🤔

[Jcx]

Sounds like you covered all bases.  Nice move.

[390ja]

 

It was down to personal circumstance choices I’ve made. I was in construction and have been for many years. Royally bored of it and I feel the the future is shaky. So my wife and I decided to have a big shake up. The exige was the keystone to affording a change. Life is much more predictable for us now but….

I haven’t got an exige in the garage 😭

…at the moment 🤞

[Jcx]

Good move i say.  Get life right before adding toys.

[HXT]

3 hours ago, Jcx said:

@CitizenI'd say you are in for a treat if you do buy an Exige.  Values are likely to stay strong although Exige has always appeared slow to sell so that should be priced-into any expectations for a sale price.  I know your question was about PCP and % rate for finance but future value has a bearing on that i guess.

Like @390jaI have never been persuaded by the total interest payable on a PCP deal - you finance a large number and only pay down a portion so the cost to borrow is indeed high.  Perhaps look at it differently; ask yourself what you are happy to pay monthly to effectively borrow the car.  if the numbers match, get stuck in and ignore the price of borrowing.  And if the future value turns out to be greater than predicted, the total cost reduces and so in turn does the effective interest rate. 

@HXTi am not familiar with bank loans that will lend £50K+ so unless @Citizenhas a huge deposit the PCP may be the only route.

Have you tried some of the independent finance brokers such as Magnitude?

I suspect 9% (if APR) is quite competitive right now.  thats about 4.5% base rate.  If it is 9% base rate i would think again for sure.

Aye, fair enough, it was for £25K.

[SW_Mike]

Hi all, new to the forum. My name's Mike and I'm based in the South West. 

I sold my motorbike after 10 years of incident-free riding, after a near-miss with a numpty in a car overtaking on a blind bend caused me to rethink. I bought a Porsche 718 Cayman GTS to try and fill the gap, but whilst it was a great car it was a bit too... insulated and comfortable. So I sold it back to Porsche for a small profit earlier this year. 

And so the search goes on. After testing an Elise Sport 220 and an Exige 410 I think the 350 Sport will be the perfect middle ground of B-road usability and raw fun that I can also take on track. 

I've shortlisted THIS ONE, but my concern is 3 owners in 3 years... Is this a sign of it being a dud? As it's a relatively rare 70th anniversary special edition its provenance might even be known to the forum?

 

Thanks in advance, and hopefully I'll be in a position to meet up on a drive out with you shortly. 

[pete]

Not unusual to have multiple owners. 

[JamieF]

Multiple owner cars are not uncommon for cars like this, so please don't let that put you off

[jep]

Exige is very often a hard purchase to justify long term to SWMBO. 

I know a lot of chaps who want to own an Exige......most have something much duller. Some get away with it for 12 months, if they're lucky. You get the picture 🙂

I had my Exige LF1 for 8 months. Heartbroken to let it go but other cars got in the way. 

You should consider Evora Sport 410. Rare, 23 or thereabouts UK cars, similar money, horrendously under-valued with Evora 430 over six figures. Carbon seats etc....I just sold mine with much regret.

Back to Hendy Exige. You'll get a 1 year Lotus warranty, so nothing to worry about. 3rd gear acceleration in V6 Exige is just, ah, just.. .well, go find out. 

Justin

 

[HXT]

As has been stated above I wouldn’t worry.

Lots of Exige’s have low miles with numerous owners.

That one has the bonus of a soft top which adds another dimension to an already brilliant package and saves you about a grand……..if you can find one.

As long as it’s been serviced correctly and looked after just go for it. 

[SW_Mike]

Thanks all, I haven't been looking for  long so I've only had a small sample size to assess. 

I'm reassured enough to book in for a test drive. 

 

Is that AIM dash a factory fitted one for the 70th anniversary edition? I've not seen it before. 

[SW_Mike]

On 12/09/2022 at 17:20, 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 

 

On 12/09/2022 at 16:25, exeterjeep said:

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.

 

On 12/09/2022 at 17:20, 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 

I drove this car a couple of weeks ago and whilst it is beautiful, it's not worth the premium imho. It's "just" a 410 with a unique livery. 

I said to the salesman it was such a lovely specimen I would be reluctant to actually drive the thing for fear of damaging it. 

 

Appears it's dropped by £3k since originally listed. 

Edited November 5, 2022 by SW_Mike

[exeterjeep]

See its come down a bit more. @SW_Mike welcome to TLF, assume you live somewhere down in the local area. 

Have you got a time machine as the forum says you joined on November 11th.....2022....

[Bibs]

[jep]

Agreed. There's a danger it becomes a 'cock of the walk' car instead of being driven and used. 

I also think the livery just misses the mark. The Bond Lotus attempts always just miss for me on the later cars. Evora white with tartan was probably the best, the Exige white with tartan lovely but just not quite inspiring enough.

I always enjoy seeing them of course, delighted they exist. I'm not sure I'd want to own one. LF1 the greatest livery ever on Exige, interior divine too. 

Justin

 

[SW_Mike]

1 hour ago, exeterjeep said:

See its come down a bit more. @SW_Mike welcome to TLF, assume you live somewhere down in the local area. 

Have you got a time machine as the forum says you joined on November 11th.....2022....

Ha - just jumping ahead to see whether there will be a dip in the market before going in on an Exige 350. Not yet, but I feel it coming. My dad passed away on 11/11 so perhaps it's a sign of his approval of me selling the Cayman and picking up an Exige...

Thanks for the welcome - I posted an introductory message and question yesterday. I'm in Exeter myself... glad to see the SW has some representation 😀

Edited November 5, 2022 by SW_Mike