Finance calcs

[Leonard]

Never tried that. But can't afford £1100 pm payments.

892 pounds over 5 years. Worth finding a bit more per month as you will save a fortune in interest
£3600 interest IF you had it for the whole 5 years

 

[Calran]

I suspect Magnitude are taking a bit of a punt on residuals to get their packages out quickly - I think their figures are slightly on the low side.

From what the Lotus sales folks said at roadshows they are looking to match or better the current Porsche packages, which I think are around 5.9% currently? They were also expecting 3-year residual to be 51-54%, so better than Evora and not quite as strong as an equivalent Cayman.

Lotus packages should be announced before 3rd deposit/commit date.

Hey Tom, you seem very knowledgeable on anything Lotus. Read a load of your content on here, so big thanks for all the info, far more than I’m getting from Lotus.

With regards to the above on residuals; appreciate it’s mostly guess work as nobody really knows how the car will drive etc but is the 51-54% residual you mentioned above based on the worst case scenario from Magnitude? Seems quite steep from research I’ve been doing.

Still trying to justify the £80k new spend. Said I’d never buy a new car because of the depreciation hit but fell in love with this car as soon as I saw it and have always loved lotus. Still trying to justify the amount of lost money in depreciation to myself.

I’ve done a bit or research mainly through google and autotrader etc and if we use the Exige as an example, it looks to retain approx 67% after 3 years with 20,000 mileage.

At say £78k spend (I’m going black pack and few others) the difference between say a 48% loss (£37,440) in value over 3 years as you’ve suggested vs 33% (£25,740) loss is quite a bit.

Don’t know if I could stomach a nearly £40k loss over 3 years, and may well spend a similar budget on a 2016/2017 car that’s already had that big hit and then maybe look for a used Emira around 2024-2025 time, when if the above is correct, the first editions will be around the £40 k mark.

I know the Emira is more of a mass produced car than the Evora but hoping because of the way it looks and being the limited first edition it should have pretty strong residuals of 60% +

Appreciate, it’s all guess work, so if you have any thoughts on this, it would be really appreciated.

Cheers

 

[Tommyboy1986]

Hey Tom, you seem very knowledgeable on anything Lotus. Read a load of your content on here, so big thanks for all the info, far more than I’m getting from Lotus.

With regards to the above on residuals; appreciate it’s mostly guess work as nobody really knows how the car will drive etc but is the 51-54% residual you mentioned above based on the worst case scenario from Magnitude? Seems quite steep from research I’ve been doing.

Still trying to justify the £80k new spend. Said I’d never buy a new car because of the depreciation hit but fell in love with this car as soon as I saw it and have always loved lotus. Still trying to justify the amount of lost money in depreciation to myself.

I’ve done a bit or research mainly through google and autotrader etc and if we use the Exige as an example, it looks to retain approx 67% after 3 years with 20,000 mileage.

At say £78k spend (I’m going black pack and few others) the difference between say a 48% loss (£37,440) in value over 3 years as you’ve suggested vs 33% (£25,740) loss is quite a bit.

Don’t know if I could stomach a nearly £40k loss over 3 years, and may well spend a similar budget on a 2016/2017 car that’s already had that big hit and then maybe look for a used Emira around 2024-2025 time, when if the above is correct, the first editions will be around the £40 k mark.

I know the Emira is more of a mass produced car than the Evora but hoping because of the way it looks and being the limited first edition it should have pretty strong residuals of 60% +

Appreciate, it’s all guess work, so if you have any thoughts on this, it would be really appreciated.

Cheers

 

[Tommyboy1986]

Hey Tom, you seem very knowledgeable on anything Lotus. Read a load of your content on here, so big thanks for all the info, far more than I’m getting from Lotus.

With regards to the above on residuals; appreciate it’s mostly guess work as nobody really knows how the car will drive etc but is the 51-54% residual you mentioned above based on the worst case scenario from Magnitude? Seems quite steep from research I’ve been doing.

Still trying to justify the £80k new spend. Said I’d never buy a new car because of the depreciation hit but fell in love with this car as soon as I saw it and have always loved lotus. Still trying to justify the amount of lost money in depreciation to myself.

I’ve done a bit or research mainly through google and autotrader etc and if we use the Exige as an example, it looks to retain approx 67% after 3 years with 20,000 mileage.

At say £78k spend (I’m going black pack and few others) the difference between say a 48% loss (£37,440) in value over 3 years as you’ve suggested vs 33% (£25,740) loss is quite a bit.

Don’t know if I could stomach a nearly £40k loss over 3 years, and may well spend a similar budget on a 2016/2017 car that’s already had that big hit and then maybe look for a used Emira around 2024-2025 time, when if the above is correct, the first editions will be around the £40 k mark.

I know the Emira is more of a mass produced car than the Evora but hoping because of the way it looks and being the limited first edition it should have pretty strong residuals of 60% +

Appreciate, it’s all guess work, so if you have any thoughts on this, it would be really appreciated.

Cheers

Hi calran I had this quote of my friend this evening so I know what sort of numbers I will be paying per month.
Thought this might be helpful to others .

 

[Tommyboy1986]

Absolutely. Would you be happy to share the contact details of your finance broker? You might want to ask them for some referral commission if you publish their details on this forum!

I will ask him if he is interested in the business , he’s done numerous different types of asset finance for me and is a top bloke

 

[Calran]

Hi calran I had this quote of my friend this evening so I know what sort of numbers I will be paying per month.
Thought this might be helpful to others .

Thanks Tommy, appreciate the reply. It was probably the wrong chat group to post that message in as I’d be looking to buy cash rather than on finance. Just saw the post on 51-54% depreciation after 3 years which worried me, so was just more of a general question to see what people thought on this.

 

[Calran]

Thanks Tommy, appreciate the reply. It was probably the wrong chat group to post that message in as I’d be looking to buy cash rather than on finance. Just saw the post on 51-54% depreciation after 3 years which worried me, so was just more of a general question to see what people thought on this.

I’ve just posted a new thread for this “ emira residuals” as realise this was probably the wrong group as based on finance. Thanks guys and sorry for the boring subject

 

[TomE]

@Calran bear in mind the residuals the finance companies are using are for a balloon payment or guaranteed future value. This is so they can work out a monthly payment and protect their position if you don’t pay the balloon/GFV and hand the car back after 3 years. So it’s going to be on the conservative side.

The 51-54% figure was on that basis and was what Lotus were reckoning for their finance package and keeping it competitive with Porsche finance deals.

You’re right that if you’re a cash buyer you could reasonable expect the car to be worth more than that after 3 years. Not loads more but probably a few %.

 

[Tommyboy1986]

I

Thanks Tommy, appreciate the reply. It was probably the wrong chat group to post that message in as I’d be looking to buy cash rather than on finance. Just saw the post on 51-54% depreciation after 3 years which worried me, so was just more of a general question to see what people thought on this.

no worries at all let’s see what Tom e thinks will be interesting to hear