UK I4 Emiras available on 0% PCP

[Superman]

Looks like Lotus are trying to find homes for a few orphaned I4 Emiras in the UK... A good deal for anyone looking currently...

 

[Tokion]

Looks like Lotus are trying to find homes for a few orphaned I4 Emiras in the UK... A good deal for anyone looking currently...

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A very tricky proposition apparently modeled (and based on) the concept of “leasing”. Lotus seems to not be able to sell more V6 cars for the time being, and the Emira 2.0 4-cylinder cars are less attractive after all the negative publicity (which has never been defended by Lotus), it is seemingly neccessary to apply “less than honest” offers to attract customers that otherwise wouldn’t be able to afford.

I am still waiting for my Emira 2.0 4-cylinder approaching 3 years since ordering it. Obviously seeing Lotus actions vs “non-actions” make me feel full of “complicated emotions”. I cannot help expecting that the market value of the Emira 2.0 4-cylinder will drop a lot faster than its V6 “brother”.

I still plan to take delivery of my car, and I do not intend to sell it until after it is fully written down in accounting. I will also apply my utmost positive attitude towards it, and eventually carefully modify my car to become what I think it should have been in the first place.

 

[PsymonR]

A very tricky proposition apparently modeled (and based on) the concept of “leasing”. Lotus seems to not be able to sell more V6 cars for the time being, and the Emira 2.0 4-cylinder cars are less attractive after all the negative publicity (which has never been defended by Lotus), it is seemingly neccessary to apply “less than honest” offers to attract customers that otherwise wouldn’t be able to afford.

PCP is actually a very common way of buying cars in the UK, though normally with an interest rate attached rather than a 0% deal like this one. Monthly payments are reduced compared to a loan for the full cost of the car as they're essentially calculated on the estimated depreciation of the car instead, but then there is still a big lump sum at the end if you want to keep the car. A lot of the time people will just hand the car back at the end of the term and get a different car with a fresh PCP deal.

Being a common route to car ownership I wouldn't class this as a less than honest approach from Lotus. And with 0% APR the amount payable for the car is no more than it would be buying it outright. Also it's not being used as a way to try to sell the i4 as it's also on available UK V6 stock as well.

 

[Tokion]

Thanks PsymonR; as usual your explanations of how things are in the UK is really excellent and very helpful.

I am sure you understand that what I wrote is the perception from an international viewpoint. It really looks like a leasing contract.

I noticed that you did not comment on the lack of any attempt by LOTUS to explain anything regarding all the criticism of the Emira 2.0 (i4) by numerous reviewers (the latest one was PetrolPed.) There is also no official word that the Emira 2.0 (i4) has been worked over (improved) since it was pointed out by many reviewers around August 2023 that the gearbox is extremely slow with time-lags. It really feeels like the greater “LOTUS”, meaning the international group including the “battery cars” are not interested in commenting, and that Lotus Cars in Hethel have their hands (and pens/typewriters/computer keyboards) tied by their true bosses In China. Am I wrong?

 

[Lotustoronto]

In Canada these are called finance loans with balloon payment at the end. Seemed popular 10 years ago, but I have not heard of anyone doing it today?

0% even with the balloon at the end is a no brainer. Would make zero sense in paying for an Emira in cash. Damn I wish they offered this in North America.

 

[Nellie]

Dam, wish it was 0% when I got mine

My interest rate is 8.9% for the PCP, which was an increase from the original rates they were offering, that increase was a hit for the delay in getting the car delivered late as well

 

[PsymonR]

I noticed that you did not comment on the lack of any attempt by LOTUS to explain anything regarding all the criticism of the Emira 2.0 (i4) by numerous reviewers (the latest one was PetrolPed.) There is also no official word that the Emira 2.0 (i4) has been worked over (improved) since it was pointed out by many reviewers around August 2023 that the gearbox is extremely slow with time-lags. It really feeels like the greater “LOTUS”, meaning the international group including the “battery cars” are not interested in commenting, and that Lotus Cars in Hethel have their hands (and pens/typewriters/computer keyboards) tied by their true bosses In China. Am I wrong?

In general I don't see car manufacturers here responding to reviews in that way. I don't think it's just an ICE vs EV thing, there have been negative things mentioned about the Eletre (eg Harry was scathing about the poor range in his review of the car) that I've not seen addressed (though should note that I've not actively looked for Eletre stuff like I have the Emira). Also the car media is unlikely to be interested in revisiting the Emira for review until there's something more major to talk about such as base edition launch etc.

 

[tankski]

Something I've spotted while fiddling with numbers is that the Lotus website itself seems to have a £5000 deposit contribution, but it's not mentioned anywhere? I've attached a screenshot of their finance calculator below; there's a difference of £5k between the deposit slider and the total deposit.

For people in the UK who are looking at getting one of these on PCP, this 0% APR deal is a fantastic opportunity. I spoke to a dealer about it recently and they suggested that this offer is some kind of money pot set aside by Lotus that is used to "pay" for the interest you would have paid for otherwise. Taking that info with a mountain of salt aside, intuition says that demand for the cars is going to affect how long the deal goes on for.

Personally I'm looking to get an Emira to keep so the larger balloon value of these deals, compared to getting an Emira 2nd hand with a smaller balloon, makes it a much less appealing option in the longer term. Your mileage may vary, of course!