Why are so many Emiras being resold in the USA?

[Bulls-Vivid-Red]

Between the auction websites and Autotrader, roughly a few dozen Emiras are either currently for sale or have already been resold. To be clear I'm not talking about dealers automatically placing an already spoken for new car on Autotrader. At this moment there are 17 Emiras on Autotrader with roughly 300 miles on them or more, this seemingly implies they've been titled and driven.

So the question of the day.......after waiting for years are people dumping their cars so soon after receiving due to being unhappy with their purchase?

 

[Nick in Sydney]

I don't think it's anything to do with being "unhappy with their purchase".

1. Some US owners have waited three years for their Emiras. It's not surprising that lives have changed and a Lotus Emira may no longer suit them.

2. Interest rates. In June 2021 the Fed funds rate was 0.08%. Money was effectively free. Today the average car loan rate in America is over 7%.

3. A bit of greed. People who no longer wanted to own an Emira but thought they could make some money flipping it.

 

[Bulls-Vivid-Red]

I can empathize with people who have had their lives change, but why then still go through with the purchase? Financially it seems less than wise to take the depreciation hit associated with titling the car and driving it a few 100 miles.

 

[seriously]

Yeah strange. I guess some people really wanted to experience the car especially if they custom spec’ed it. Otherwise why buy then turnover? Maybe some FE1.0 buyers thought they could do this and break even at the FE2.0 price? I think some people had non-refundable deposits through their dealer? I can understand if it doesn’t appeal to someone as well. However softened or enhanced it was, it’s still a lotus and not for everyone.

 

[Nick in Sydney]

Yeah strange. I guess some people really wanted to experience the car especially if they custom spec’ed it. Otherwise why buy then turnover? Maybe some FE1.0 buyers thought they could do this and break even at the FE2.0 price? I think some people had non-refundable deposits through their dealer? I can understand if it doesn’t appeal to someone as well. However softened or enhanced it was, it’s still a lotus and not for everyone.

Suspect there were quite a few who thought they could make a bit of money flipping the car.

 

[seriously]

Suspect there were quite a few who thought they could make a bit of money flipping the car.

It would be true if there weren’t so many orphaned cars out there.

 

[morphious]

Suspect there were quite a few who thought they could make a bit of money flipping the car.

I agree with this statement.

 

[JClem]

Suspect there were quite a few who thought they could make a bit of money flipping the car.

There were quite a few in the UK who got their fingers burnt trying to flip

 

[Vintage]

The car market went from boom to bust in the last couple years. I believe folks thought they could collect the car, drive it for a bit and resell it for a quick profit. Which they probably could of if the car market didn't bust.

 

[EyeFour Eemeerah!]

The car market went from boom to bust in the last couple years. I believe folks thought they could collect the car, drive it for a bit and resell it for a quick profit. Which they probably could have if the car market didn't bust.

The car market has been crapping out for the last year to year and a half. Anybody with the intent to flip or recoup their losses would have seen this for some time, and known they were in a losing battle. They wouldn’t attempt to flip as they would guaranteed lose money. Which leaves other reasons for the dumping…..

 

[CHEESE]

Doesn't the Emira have the highest "sales" (including pre-orders / yet-to-be fulfilled orders) among any model of Lotus ever? A couple of dozen Emiras for sale doesn't sound significant.

I keep reading that people are glad they got rid of their Elise/Exige/Evora for the Emira

 

[kitkat]

It’s a bit of everything honestly, bigger picture is that 2-4% of the Emiras in the US are for sale for any number of reasons you’ll never be able to accurately sample.

That’s really not that many, just enjoy the car you have now while you’re still on this planet. Over the last 3 years of waiting it’s statistically likely some of us never even made it to delivery.

 

[4N MISSL]

I’m hoping the prices continue to drop more especially when the Emira S is announced. People aren’t lining up at the door to buy these cars, and when I daily drove my Elise for 9 years I maybe saw 9 cars randomly on the road when driving. I’m looking to purchase one next year, and seeing how the UK market has many Emiras for a fraction of the price. I’m hoping that the US market might take the same turn. Looking at Bring a trailer, each Emira sold so far has gotten lower and lower in price when sold. Time will tell.

 

[EyeFour Eemeerah!]

I’m hoping the prices continue to drop more especially when the Emira S is announced. People aren’t lining up at the door to buy these cars, and when I daily drove my Elise for 9 years I maybe saw 9 cars randomly on the road when driving. I’m looking to purchase one next year, and seeing how the UK market has many Emiras for a fraction of the price. I’m hoping that the US market might take the same turn. Looking at Bring a trailer, each Emira sold so far has gotten lower and lower in price when sold. Time will tell.

I keep going back to the fact that the U.S. does not have the support system and dealerships in place to maintain these cars. The need to travel hours each way to service your vehicle grows old real fast. While I still had an open allocation, I drove to the dealership and back to see how I would tolerate it. It was two hours each way on chopped roads. While this was not the death knoll for my decision to abort, I cringe at the folks who say their closest dealership is four or more hours away. I don’t know how prices are acting here in the U.S. yet, and it’s probably too early to gauge.

 

[Blackthought_]

I’m hoping the prices continue to drop more especially when the Emira S is announced. People aren’t lining up at the door to buy these cars, and when I daily drove my Elise for 9 years I maybe saw 9 cars randomly on the road when driving. I’m looking to purchase one next year, and seeing how the UK market has many Emiras for a fraction of the price. I’m hoping that the US market might take the same turn. Looking at Bring a trailer, each Emira sold so far has gotten lower and lower in price when sold. Time will tell.

This what people will look like when waiting on an Emira S here in the US (and especially that they’ll be automatics only)

 

[EspritGuy]

This what people will look like when waiting on an Emira S here in the US (and especially that they’ll be automatics only)
View attachment 47330

I thought that was the Lotus Customer Care help desk 'employee of the month?'
You know, the one behind the 'Worth the Wait' blurb.

 

[Climber]

It’s a bit of everything honestly, bigger picture is that 2-4% of the Emiras in the US are for sale for any number of reasons you’ll never be able to accurately sample.

That’s really not that many, just enjoy the car you have now while you’re still on this planet. Over the last 3 years of waiting it’s statistically likely some of us never even made it to delivery.

I will note that my Emira drove really ruff the first 600-1000miles. The brakes were really touchy, sometimes throwing the passenger forward. The gear shift was stiff and sometimes didn’t want to go into first. The acceleration was not smooth… In short not a nice place to be compared to my Porsche GTS…

However today with 2800 miles. I will stay it’s a completely different machine. The brakes respond amazingly to lightly contact as you apply more pressure the bite increases proportionally. These brakes let you control stops very delicately.
The shift has smoothed out and if feels mechanical and precise. Not buttery… intentional.
The engine pulls from lower on the rev range than Porsches and builds really nicely. It’s much smoother, however Porsches rev smoother and longer almost asking to look for the red line..

The most striking thing is that it really feels special “ for the drives “ This car is not for everyone. I will teach you if your not paying attention..
when I want to feel like a rock star the Emira all the way. When I want to feel like an actor the Porsche….

I can understand someone being seduced be the drop dead gorgeous looks of the Emira and them being asked to drive better really being a wake up call.. Shit this is the real thing.

Then selling it in short order…

Personally I love both for what each does well… Rock Star or Actor??

 

[WestCoastJunki]

I will note that my Emira drove really ruff the first 600-1000miles. The brakes were really touchy, sometimes throwing the passenger forward. The gear shift was stiff and sometimes didn’t want to go into first. The acceleration was not smooth… In short not a nice place to be compared to my Porsche GTS…

However today with 2800 miles. I will stay it’s a completely different machine. The brakes respond amazingly to lightly contact as you apply more pressure the bite increases proportionally. These brakes let you control stops very delicately.
The shift has smoothed out and if feels mechanical and precise. Not buttery… intentional.
The engine pulls from lower on the rev range than Porsches and builds really nicely. It’s much smoother, however Porsches rev smoother and longer almost asking to look for the red line..

The most striking thing is that it really feels special “ for the drives “ This car is not for everyone. I will teach you if your not paying attention..
when I want to feel like a rock star the Emira all the way. When I want to feel like an actor the Porsche….

I can understand someone being seduced be the drop dead gorgeous looks of the Emira and them being asked to drive better really being a wake up call.. Shit this is the real thing.

Then selling it in short order…

Personally I love both for what each does well… Rock Star or Actor??

I think your assessment is probably the closest. It's nicer inside (than before) and a looker, a great switch-up from the ubiquitous Porsches and Corvettes. No shade either I own a 911. But when I ordered my Emira, I knew (hoped) what I was in for. The design draws people in, but they might think it drives like other sports cars. All the other reasons given are valid. But You have three pedals and very few nannies, so you can't just drive lazy. My wife, who always complains when I drive, always asks to take the Emira because I drive better and more responsibly. It takes your full attention, and what I have always loved about Lotus is that on every drive, I try to get better, and I don't get bored. Each trip is a chance to improve my skills, even on everyday trips. I would guess many people would be disappointed unless they have this mentality.
The economics are real as well. I paid cash for mine. These days, I pay cash for everything and don't keep CC balances. The mental hammer interest rates give you with the car market stumbling; that's to much stress.

 

[Lewquatious]

I think your assessment is probably the closest. It's nicer inside (than before) and a looker, a great switch-up from the ubiquitous Porsches and Corvettes. No shade either I own a 911. But when I ordered my Emira, I knew (hoped) what I was in for. The design draws people in, but they might think it drives like other sports cars. All the other reasons given are valid. But You have three pedals and very few nannies, so you can't just drive lazy. My wife, who always complains when I drive, always asks to take the Emira because I drive better and more responsibly. It takes your full attention, and what I have always loved about Lotus is that on every drive, I try to get better, and I don't get bored. Each trip is a chance to improve my skills, even on everyday trips. I would guess many people would be disappointed unless they have this mentality.
The economics are real as well. I paid cash for mine. These days, I pay cash for everything and don't keep CC balances. The mental hammer interest rates give you with the car market stumbling; that's to much stress.

There has been no time ever in the history of capitalism that it made sense to run credit card balances. It has always been ultra expensive to do so, with historic interest rates on CCs averaging 18%, so it's not that. There has also never been a time when it made sense for most to finance exotic cars. I certainly can't remember a time when Porsche, Mercedes, any of the Italians, and especially tiny Lotus offered truly good rates on their sports cars (SUVs are a different story, and Chevy has had 'Vette deals often enough).Perhaps if you had a very good relationship with your bank, you would have found cheap money in the more recent past but that's actually an historic anomaly. Buying toys on credit rarely works out well. While many people will finance luxury purchases, for most of the modern era that has not been sound financial reasoning. Lotus has never had financially sensible finance plans.

I think you were wise to pay cash for your Lotus and for some, expensive money may have been a wet blanket, but for the great majority, I think the cost of money has not been the reason they have moved on. I think there are other reasons for people selling off new cars in general and in this case, it probably isn't due strictly to the qualities of the vehicle itself. Service/after sales support and dealer network? Absolutely a disincentive to buy but the cars have always been worth keeping. Not good for flippers, but good long term depreciation bets. But only if you buy wisely. Speculators have gotten burned here, but many "flash sales" are probably up to a laundry list of reasons, and I wouldn't underestimate the challenges of owning a vehicle with such a small and fractured service network.

Enjoy yours! They are lovely!

 

[scc.131.fe]

We paid half-MSRP for a wonderfully- specced V8 Vantage with 27k on it during the COVID peak car prices. You can get a well sorted one now for 30-40k. I'm willing to bet that if everyone knew how reliable the Gaydon-era V8s are, had a trustworthy local independent mechanic, and had youtubers fawning over the model, they would be holding more value.

Lotus will experience more of the same. British car reputation doesn't change quickly (and let's be honest, the Emira isn't a staight-A student so far). Many people prefer a nice drive with zero headaches over an unforgettable drive that needs caring for and some patience.

I decided to evaluate my purchase by assuming that the car will be worth nothing in 10 years. Says to myself: "think the Emira experience will be worth 10k per year as a 3/4 daily driver?"

Self: "Yes, buy it."

I didn’t buy a car. I bought a luxury experience. If others can get in for half-price, good for them!

The only downside for me with possibly significant depreciation would be if insurance starts to argue with agreed values, which can reduce the type of accidents that are considered 'fixable' without total loss.