How I made money owning my Lotus Elise
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Date: 2019-10-19
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Comments and reviews: 8
mpeugeot
Curious. Did you pay cash for the Lotus (otherwise, I might argue that you must consider interest - which could be very little) and as a 24-26 year old with a Lotus Elise (at least until you hit 25 as a single male) I would have expected insurance rates to be higher unless you paid cash and only carried liability. Now being older myself (40+, I can see your points about making a profit if you paid cash, as my 1997 Ferrari only runs 86/month for full coverage insurance and when I financed a portion of the vehicle, it was at 3% interest (which is cheap money - for example 70k car, financed with 0 down at 3%, would only run 1k/year in interest - noise in the grand scheme of things for the Ferrari. Wondering if you can shed some light if interest/insurance combined eroded the rest of the profit. Still, well played, you didn't lose a ton of money.
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Curious. Did you pay cash for the Lotus (otherwise, I might argue that you must consider interest - which could be very little) and as a 24-26 year old with a Lotus Elise (at least until you hit 25 as a single male) I would have expected insurance rates to be higher unless you paid cash and only carried liability. Now being older myself (40+, I can see your points about making a profit if you paid cash, as my 1997 Ferrari only runs 86/month for full coverage insurance and when I financed a portion of the vehicle, it was at 3% interest (which is cheap money - for example 70k car, financed with 0 down at 3%, would only run 1k/year in interest - noise in the grand scheme of things for the Ferrari. Wondering if you can shed some light if interest/insurance combined eroded the rest of the profit. Still, well played, you didn't lose a ton of money.
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Joe Varga
This guy's advice to buy a Lotus to make money is a very bad. Lotuses have a tendency to leak oil from various places. The exhaust gaskets eventually leak. If you have ONE moderate repair over the time you own the car, your profit is gone. If you have an issue which requires an engine pull, it can EASILY set you back 10, 000 to 15, 000 and now you're in a deep hole. I owned a Lotus for 19 years, so I know. In some states (like CA) you have to pay sales tax when you register a car, which you would have to recover at sale in order to make any profit. This guy just got lucky and dodged a bullet.
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This guy's advice to buy a Lotus to make money is a very bad. Lotuses have a tendency to leak oil from various places. The exhaust gaskets eventually leak. If you have ONE moderate repair over the time you own the car, your profit is gone. If you have an issue which requires an engine pull, it can EASILY set you back 10, 000 to 15, 000 and now you're in a deep hole. I owned a Lotus for 19 years, so I know. In some states (like CA) you have to pay sales tax when you register a car, which you would have to recover at sale in order to make any profit. This guy just got lucky and dodged a bullet.
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David Wark
I don't Have the same means as you but buy cars the same way. I bought my 2002 7. 3L Diesel F250 for 5, 300 and have used if for a year, along with adding 15, 000mi to the Odometer. I can currently sell the truck for 8, 500 easily as it is and right now and I doubt will depreciate much more until i put about 100, 000 more mi on it. I'm certainly not made of money but thats not why we buy used vehicles. Buying used will afford you more luxury in terms of options, cost you less initially and in the long run. I'm glad not everyone agrees though as there would be no cars for me to buy anymore.
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I don't Have the same means as you but buy cars the same way. I bought my 2002 7. 3L Diesel F250 for 5, 300 and have used if for a year, along with adding 15, 000mi to the Odometer. I can currently sell the truck for 8, 500 easily as it is and right now and I doubt will depreciate much more until i put about 100, 000 more mi on it. I'm certainly not made of money but thats not why we buy used vehicles. Buying used will afford you more luxury in terms of options, cost you less initially and in the long run. I'm glad not everyone agrees though as there would be no cars for me to buy anymore.
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Jonathan Brown
The fact you got to enjoy the lotus and it didn't cost you ten grand a year in depreciation or repairs is cool. I agree a lotus Elise is an awesome preowned car to purchase. They are at the bottom of their depreciation curve. The only down side is potential repairs but then you had none so you made out great. I'm not sure the new lotus evora will offer that same level of durability. but they are also tempting. seems as though the long standing Elise is the one to buy preowned at this point. I enjoyed your video
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The fact you got to enjoy the lotus and it didn't cost you ten grand a year in depreciation or repairs is cool. I agree a lotus Elise is an awesome preowned car to purchase. They are at the bottom of their depreciation curve. The only down side is potential repairs but then you had none so you made out great. I'm not sure the new lotus evora will offer that same level of durability. but they are also tempting. seems as though the long standing Elise is the one to buy preowned at this point. I enjoyed your video
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Hades Corp
Yo when are you thinking of test driving the Gallardo? How come your not interested in Ferrari F430? Although its not an AWD, try test driving before you purchase any other car. Im giving you this advice cuz I own F430 Coupe and test drived Gallardo LP560-4, Base Murcielago, R8 V10 PLUS, SLS AMG, GTR R35 before purchasing one. Anyways tell me what you think when you read this man.
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Yo when are you thinking of test driving the Gallardo? How come your not interested in Ferrari F430? Although its not an AWD, try test driving before you purchase any other car. Im giving you this advice cuz I own F430 Coupe and test drived Gallardo LP560-4, Base Murcielago, R8 V10 PLUS, SLS AMG, GTR R35 before purchasing one. Anyways tell me what you think when you read this man.
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Ricky971
I just have one question: How can you manage to sell those cars at a higher price than there value, you're good at negociation or you sell the cars to people who don't know the market? Because normally, the value of a car decreses years after years but you can still find someone who will buy a car more expensive than what she is worth. Great video, and sorry for my bad english
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I just have one question: How can you manage to sell those cars at a higher price than there value, you're good at negociation or you sell the cars to people who don't know the market? Because normally, the value of a car decreses years after years but you can still find someone who will buy a car more expensive than what she is worth. Great video, and sorry for my bad english
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Ramiro Rojas
I like that you mentioned insurance. A lot of people don't realize insurance can be SUPER cheap for a weekend car. I paid 80 a month for my daily driver and 16 for 6 months on my weekend car (With Allstate) Pretty awesome that your sharing knowledge with people, getting them understand profit is made when you buy, not when you sell
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I like that you mentioned insurance. A lot of people don't realize insurance can be SUPER cheap for a weekend car. I paid 80 a month for my daily driver and 16 for 6 months on my weekend car (With Allstate) Pretty awesome that your sharing knowledge with people, getting them understand profit is made when you buy, not when you sell
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sixstanger00
Beautiful car Those Elises can really tear up the track at SCCA autocrosses I'm curious though - you spent 27k and only came out with a profit < 1700? Considering most of your toys are typically high-end sports cars, 1700 profit seems like it's hardly worth the investment to begin with.
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Beautiful car Those Elises can really tear up the track at SCCA autocrosses I'm curious though - you spent 27k and only came out with a profit < 1700? Considering most of your toys are typically high-end sports cars, 1700 profit seems like it's hardly worth the investment to begin with.
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