Lotus Elan

Why do some cars take ages to sell?

PostPost by: dusty » Mon Dec 14, 2009 7:58 pm

I've noticed that there are a few Plus 2's around for sale that seem to have been on the market for ages whilst others are gone before the ink is dry, why is this?

It seems to me that the expensive dealer cars (12K+) sell reasonably quickly and the cheap (3-5K) barely roadworthy ebay cars also sell quickly. But the reasonably priced (6-10K) useable cars seem to hang around.

Is this because most of these are private sales and people want the security of buying from a dealer?

Is it because these cars are actually 3-5K cars whose owners have rose tinted specs?

Is it because they may need some improvements and most prospective purchasers are either looking for a car for restoration or a fully restored one and there are fewer purchasers in the middle ground?

Any thoughts?

Cheers
Jon
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PostPost by: 1964 S1 » Tue Dec 15, 2009 3:47 am

Hi Jon,
I think you hit the nail on the head.
Many buyers are out checking the ads and they swoop on any good deal. Some sellers overprice, some underprice. The dealers understand the current market.

Eric
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PostPost by: terryp » Tue Dec 15, 2009 7:36 am

Jon
I thought the same thing when I saw YANDY's yellow car still for sale. Its a great car, well sorted but why hasn't it sold? Its in that middle ground price bracket.
I beleive the problem is that you would only know not to buy the cheaper car and to buy the best one you could afford if you already own one! :wink:

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PostPost by: Elanintheforest » Tue Dec 15, 2009 10:15 am

The middle price bracket is always the most dangerous for the unwary. Pay ?3000 - ?5000 for a Plus 2 and you?ve got a project, no doubt. Pay ?12,000 - ?16,000 at a REPUTABLE dealer, and you?ll get something that?s been restored properly and should be thoroughly sorted. In between you could have a full blown project, or it could be fettled up to a very good standard, and that?s the dilemma for most buyers, especially those who don?t know about the particular model.

The problem with Yandy?s car is, I fear, his last statement. ?For the person who is prepared to put time and energy into preparing and re-spraying the body, it has potential to be one of the best?. Yandy is providing folks with the major reason NOT to buy his Elan.

If the paintwork is bad enough to justify a complete re-paint, then it?s a ?5000 car, even with all the work completed. However, if the problems are confined (mainly) to the bonnet, then this can be sorted very cheaply. Then put a horn push on, get the wheels blasted and painted, and the car will sell for sure. It?s the right colour, stands well and sounds to be mechanically and electrically 100%.

Mark
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PostPost by: curly type 26 » Tue Dec 15, 2009 3:52 pm

Sorry guys, but why do we continually undervalue our cars? I feel even a basket case should start at ?10k. Im sure its all caused by kit car syndrome. And after all how many are left? :o Curly
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PostPost by: Elanintheforest » Tue Dec 15, 2009 4:20 pm

We don?t undervalue the cars, the market values them. What makes a mint S1 convertible E Type worth ?100k and a mint S1 2+2 E Type only ?25k? I don?t think it?s the owners!! It?s the same with Ferraris, where the Plus 2 versions often sell for a fraction of their 2 seater siblings.

The Plus 2 Elan is in a better position than many of its contemporaries. Try selling a Scimitar or a Gilbern of the same vintage. They are both rare, but that doesn?t figure in the equation. TVRs don?t fare much better.

Mark
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PostPost by: dusty » Tue Dec 15, 2009 4:49 pm

Yandy's car and also this one are two that spring to mind, both look nice but have been on the market a while. Perhaps the owner's should consider putting the price up so a not to frighten off prospective purchasers!!! An odd logic but it might work. "looks like a nice car but why is it so cheap, must be something wrong with it"

http://www.pistonheads.com/sales/1119426.htm



I think classic TVR's will follow our cars in the upward trend

The Early TVR Vixens and Tuscan as well as the M series cars are definately on the rise
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PostPost by: curly type 26 » Tue Dec 15, 2009 7:04 pm

Mark, comment not meant as an insult on the owners of our fantastic little cars but I have always felt they are worth more. But im sure the strip & e-bay brigade will disagree. :) Curly
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PostPost by: Lincoln62 » Tue Dec 15, 2009 11:10 pm

Plus 2's are well undervalued for what they offer as a classic car, all Elan's are. I can't believe that anyone would pay more for a Lotus Cortina than a Plus 2.

Peter
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PostPost by: terryp » Wed Dec 16, 2009 8:03 am

Lincoln62 wrote:I can't believe that anyone would pay more for a Lotus Cortina than a Plus 2.

Peter
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Seconded! I'm astounded every time I see one at ?30K. When I bought my Ginetta G15 (In 1984) I saw an advert for a Lotus Cortina for ?475!!!!

Terry
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PostPost by: GrUmPyBoDgEr » Wed Dec 16, 2009 8:26 am

Perhaps the value of Lotus Cortinas, Twin Cam escorts etc. is so high is because of their eligibility to compete successfully in Historic competition events?
Another similar comparison could be made with S1 & 26R Elans maybe.
Having wandered around the Paddock at many of these events it quickly became apparent to me that those Competitors are not exactly short of Money & pay to get the best.
So possibly the value of such cars is dictated by supply & demand, competition regulations & those competitors with the right amount of funds being prepared to pay for what it takes to run a competitive car.
From what I've observed, later model Elans & Europas can also race fairly competitively in their respective Classes but rarely win anything other than Class Wins rather than outright Wins in races. +2*s on the other hand are very rare animals in competitive events.
Just a thought.
John
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PostPost by: Timb » Wed Dec 16, 2009 5:07 pm

I was looking to buy a Lotus Cortina but just couldn't justify the prices, having owned them in the past. I ended up buying a 1970 +2S for 3K complete, needing commissioning, which I did and been using it now for 18 months and done about 7K in it. I'm amazed at what a good car it is and it out performs any Lotus Cortina or Escort TC in every department, but as has been said if people pay high money for them then that is what they are worth. The Elan and especially +2 must be the most under rated Lotus classic about.
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PostPost by: richgilb » Wed Dec 16, 2009 5:41 pm

Timb wrote: The Elan and especially +2 must be the most under rated Lotus classic about.


What do you mean? They are both widely ackowledged as ace cars and the Elan is expensive - at least to me
I am now an ex-Elan owner but will drop by from time to time with some suitably inappropriate comments.
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PostPost by: Timb » Wed Dec 16, 2009 10:04 pm

My context was under rated in terms of the price they sell for compared to other Lotus. So I think I was agreeing with what was said before and you too. Maybe I didn't word it clearly.
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PostPost by: yandy » Fri Dec 18, 2009 5:23 pm

Gosh, I'd missed this thread up until now - very busy at the moment.

And obviously it's something that's been exercising me in the spare moments.

In the case of my car, it was certainly priced quite high at first - thought I'd test the water. The result was a couple of test-pilots who were in the area and wanted to see if they could fit into an Elan before trotting up to Matty's and payng 16K for a shiny one.

The price is now about where I originally thought it would have to be, but also being sold on commisison by Nadder Valley because I also figured that buying privately puts a fair few people off. It's also difficult for me to be as available as I need to be to show people the car - I found myself putting people off by just not being available for weeks on end. The commission may well be covered by the increased likelihood of it selling.

We looked at the cost of spraying the bonnet and restoring the wheels. It's not too much, and would increase the headlinable price. In the end however, the outlay may not be much less than the gain. Better someone has the option to get a good +2 at a reasonable price because of the paint. Working with them too enabled a couple of things to be easily sorted (the oil leak and tracking) which should make the car more attractive.

Anyway, it's been up for sale for four days now under the new regime. If it sells by summer I'll be perfectly happy. And now I can't risk breaking it because it's out of my hands!

Have a very jolly holiday,

A

Just arrived? Here's what we're talking about: http://www.naddervalleyclassics.co.uk/i ... 5&page=171
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