Anyone thinking twice about buying Emira?

[Jonhklee]

The economy and £s tanking in the UK and the inevitable interest rates rising, and the extended supply chains led delays, anyone here in the UK having second thoughts on the Emira purchase?

For me, I’m still in, but that really depends on interest rates not being crazy high and how my other investments are doing to be honest! It’s a real shame Lotus has been caught bang in a middle of the economics woes!

 

[Fasttoys]

Unfortunately when the Emira arrives in the USA, the rates will even be higher. The Fed has been printing money since the last crisis and finally slammed the brakes in 2022, companies are scrambling to figure it all out. Unfortunately it’s not going to end well, UK is already in a recession and USA will be full blown by mid 1st quarter. I have a Z06 arriving mid 2023 and a Emira this time next year, depending on the economic situation I could be selling one of them. Do I have too no but I am very frugal and live like I am living in a recession daily.

 

[Mistral]

Unfortunately when the Emira arrives in the USA, the rates will even be higher. The Fed has been printing money since the last crisis and finally slammed the brakes in 2022, companies are scrambling to figure it all out. Unfortunately it’s not going to end well, UK is already in a recession and USA will be full blown by mid 1st quarter. I have a Z06 arriving mid 2023 and a Emira this time next year, depending on the economic situation I could be selling one of them. Do I have too no but I am very frugal and live like I am living in a recession daily.

Actually, UK is not in a recession. Yet!

 

[Fasttoys]

Actually, UK is not in a recession. Yet!

Your correct but maybe it depends on what side of the coin your on. It’s already started according to most financial Analyst. Some say the UK is like the titanic, people on the ship are in denial it can or will sink. Back to the car thank G the company that now owns Lotus has deep pockets, this will help all of us who are wanting a Emira.

 

[Pops68]

The economy and £s tanking in the UK and the inevitable interest rates rising, and the extended supply chains led delays, anyone here in the UK having second thoughts on the Emira purchase?

For me, I’m still in, but that really depends on interest rates not being crazy high and how my other investments are doing to be honest! It’s a real shame Lotus has been caught bang in a middle of the economics woes!

i think there are more people with the same thought than will admit! Here in the states it looks like most of us invested in the market will be down near 50% by the time this hits bottom. That changes the personal narrative!!! Me, I'm still in so long as it doesn't get worse than that and there is renewed hope of a recovery! All that makes me happy I'm having to wait till the end of next year for my car...

 

[Pops68]

Unfortunately when the Emira arrives in the USA, the rates will even be higher. The Fed has been printing money since the last crisis and finally slammed the brakes in 2022, companies are scrambling to figure it all out. Unfortunately it’s not going to end well, UK is already in a recession and USA will be full blown by mid 1st quarter. I have a Z06 arriving mid 2023 and a Emira this time next year, depending on the economic situation I could be selling one of them. Do I have too no but I am very frugal and live like I am living in a recession daily.

Don't forget cost of living inflation too! Heck $7 butter, $7 gas, just paid $50 for McDonald's last night....Tough stuff when you're retied and counting on that nest egg to get you through!!!

 

[Magicman]

I'm probably just here for the flip now, unless it blows me away. In the last 6mth delay, my car has devalued 10k, my mortgage has doubled, my home fuel bills have doubled, business is down, investments are down 100k plus and the Lotus Apr has gone up. Its all a very different scenario

Cheers Lotus

 

[GetawayDriving]

Interest rates 2 points on a 60 month loan with 20% down equals about $3600 difference. Not insignificant, but not the kind of money that would dissuade from a $96k car.

Considering the prices are very likely to go up in the near future, it'll probably be a wash anyway.

So no second thoughts here.

 

[Wake]

I wasn’t planning on financing the car, but with the state of things at the moment I think I will find it hard to justify the car longer term. I had intended to keep it for a while but unless the car is absolutely fantastic I will likely sell after 6 or so months, hopefully get most of it back and then get into a late model Evora which will have probably depreciated a little more by then.

We will see how it goes, buying a car like this is always a heart decision not a head one. So I’m trying not to think about it too much!

 

[Lotustoronto]

This fed/government induced recession was forced and completely necessary for us to continue to grow economically in the future. If they did not slam the brake's on the markets and continued with cheap interest rates we would be far worse off. I am ok with the rebalancing and optimistic of the future.

Edit * at this point with markets reaching new lows over the short term, financing the Emira and using the cash for assets will be the best play. These opportunities don't come by very often. Just my opinion.

 

[912Matt]

Spoke to finance broker yesterday for an idea re rates. I’m a Nov build () but if that turns into Dec/Jan/…. I’m worried finance rates could be much higher by then. He asked if I had other cars I could set finance against now to secure current rates, and then use the cash to buy the Emira outright. I do have a classic that I could use for this purpose, so going to explore this avenue further. Appreciate this won’t work for everyone, but thought it was an interesting idea, and one that I hadn’t considered.

 

[TomE]

I'm lucky that my financial situation means my car buying isn't impacted by the changing economic environment. My only borrowing is on a low fixed rate against assets with a modest loan-to-value and the funds used for other investments. I would have considered borrowing to fund the Emira if the rates were low enough for me to use the equivalent cash to greater benefit, but will probably pay cash now.

My other consideration is about the car itself. As I said on a previous thread, I really need a test drive to convince myself it ticks enough boxes for me. Seeing the demo car at B&C today I still have concerns about a few things (including quality of some components and the precision of the build) but am holding on until I see a final final version. I also want a drive, to be reassured it's not been slightly compromised in order to appeal to a wider audience of daily drivers.

Similar to Wake, I may run my Emira for 6-12 months then possibly modify it or switch to an Evora GT410 or GT430, or a McLaren, and maybe wait for a Base or GT version later.

 

[NicolasB]

Hoping all car values drop hard. Maybe get something else at a more reasonable price than the last year has seen.

 

[Lotustoronto]

Hoping all car values drop hard. Maybe get something else at a more reasonable price than the last year has seen.

This is a good point, with Emira set to rise in price (at least for us...) and the certain decline in the pre-owned sports car market, we may see that the Emira is not the best deal around. I have had my eye on a 997.2 C4S Manual. There are a few that look good but pricing is still high. Another 20% drop in pricing and I will have a tougher time pulling the trigger on the Emira. I'm sure that they might be other "good" deals coming down. It is one of the reason's I am very curious to see the new configurator come live to make that decision.

 

[Jon_N]

I'm lucky that my financial situation means my car buying isn't impacted by the changing economic environment. My only borrowing is on a low fixed rate against assets with a modest loan-to-value and the funds used for other investments. I would have considered borrowing to fund the Emira if the rates were low enough for me to use the equivalent cash to greater benefit, but will probably pay cash now.

My other consideration is about the car itself. As I said on a previous thread, I really need a test drive to convince myself it ticks enough boxes for me. Seeing the demo car at B&C today I still have concerns about a few things (including quality of some components and the precision of the build) but am holding on until I see a final final version. I also want a drive, to be reassured it's not been slightly compromised in order to appeal to a wider audience of daily drivers.

Similar to Wake, I may run my Emira for 6-12 months then possibly modify it or switch to an Evora GT410 or GT430, or a McLaren, and maybe wait for a Base or GT version later.

Agreed… they set out to compete with Porsche, but ended up with an MX5 level product

 

[Leonard]

Hoping all car values drop hard. Maybe get something else at a more reasonable price than the last year has seen.

They are definitely not shifting and on the way down. I've witnessed a 10% drop on some cars I've been looking at and they still aren't selling

 

[Jon_N]

They are definitely not shifting and on the way down. I've witnessed a 10% drop on some cars I've been looking at and they still aren't selling

Storm is coming, people are not committing to large purchases when mortgages & energy eat up so much of their monthly income.

 

[Krisjc21]

Tbh the only thing that's making me hold to my reservation is that the car looks different from everything that's out there the exterior car styling but other than that everything about the car seems to be starting to get bland engine to the interior to the sound of the car up to the speakers it's seems generic nothing new really the longer it takes the car to be available a lot more cars comes with something new and has more to offer so makes the Emira feel even more old and generic although they don't have the car styling the Emira has .

 

[Captain.Kirk]

Unfortunately when the Emira arrives in the USA, the rates will even be higher. The Fed has been printing money since the last crisis and finally slammed the brakes in 2022, companies are scrambling to figure it all out. Unfortunately it’s not going to end well, UK is already in a recession and USA will be full blown by mid 1st quarter. I have a Z06 arriving mid 2023 and a Emira this time next year, depending on the economic situation I could be selling one of them. Do I have too no but I am very frugal and live like I am living in a recession daily.

I’m fine playing the waiting game. So much in fact that my Lotus dealer now has me on a short list (so far) for the Lotus EV (Type 135) due in 2026. It’ll probably be later than 2026 but that’s fine. No deposit yet for the Type 135 because it’s not in the Lotus system yet. I’ve also got a deposit on a C8 E-Ray just in case it looks great. While I wait for these cars to materialize I’m hoping my financial portfolio does some recovery from it’s losses from the economic downturn. However, the wait gets harder every day for these automobiles.

 

[VTECMatt]

Lotus have a habit of launching a car at the wrong point, anyway good point borrowing now, 25k is what I’ll need is £559pcm over 4 years.