krudmuphin

iTrader: (1)

I need some experienced opinions here, what the hell am I getting myself into?

I'm seriously considering a new car, and believe me, it's not anything like a Civic, well, besides the 4 cyl. engine.

I have my heart set on a 2005 Lotus Elise w/ 50,000 miles for $21,000.
Here is a link to the car:
http://lincoln.craigslist.org/ctd/2995344195.html

Here's the deal, I could get about $7,500 for my vic and maybe another $500 by parting out my custom stuff. But it gets crazy when I mention that I'm only 19 years old, have very little experience driving a manual, and have absolutely no credit.

My parent's have agreed to co-sign on a loan if I'm truly set on getting this, but the payments and insurance will be my responsibility.

I work a low-wage part-time job currently and make about $800 a month, but I don't pay anything except gas and food right now. I can expect to pay student loans within the next year, but I will have a $12+/hour full-time job by then.

Soooo....
Have I gone insane?
Should I do this?!
Do you think I can afford this in my situation?

The Lotus Elise and Exige has been dream cars of mine for several years now, but I never knew I could be so close to owning one at my age. My desire to own one is overwhelming. It may not be practical, but I seriously don't mind that. I can always by a cheap used car later on (probably another Civic!)

Suggestions?
Do you think I can live day to day with an Elise in Midwestern weather?


Thanks a bunch guys,
I still love my Civic, but this is way too tempting...

94civicd16z6

what the heck? tried editing and it posted twice? sorry..

94civicd16z6

awesome idea but probably not feasible. just think if that thing breaks down, how much it will fix to cost. and you have barely any experience with stick and your going to learn on a lotus? you have to be VERY skeptical buying cars off of craigslist i will also add; a lot of people trying to sell cars that have been ragged out and are close to breaking down and they are trying to get their money before it does, you have to really feel the person out before buying any car from anywhere though. i like to buy my cars from older people that have taken care of their cars , not kids who treat them like crap.. and having a lotus for a daily driver is probably not the best idea.. people who own these cars and have the money to maintain them usually drive them on occasions and summer only. although i always find my way in, i try to stay out of debt the best i can (cars are my weakness also..) if you buy this you will have a student loan to worry about paying plus a car payment. i wonder how much insurance would be on that thing! also you can only fit one chick in it; with the honda you can fit 3 or 4, depending on size! just my 2 cents, hope this helps.

lowlife9

i have a visa with a 10,000 dollar limit i have always wanted a cartier watch and rite now i could buy one but i won't because im not stupid. im saying its a very very bad idea and i can't believe your parents would agree to co sign.also lol at his custom DDM tuning hid's if that's not a red flag.

04 Honda Civic

iTrader: (2)

Bad idea.

Probably not the best idea to learn on a 20k car how to drive manual.

Also the car has alot of mods.

Does it have a warranty? If something happens to the motor or tranny do you have money on the side to fix it?

Buying a car over 3-5k without any warranty is crazy to me.

Buying a 20k car with no warranty is insane.

krudmuphin

iTrader: (1)

I'm the kinda guy that lives for the moment and doesn't have a grasp on reality, so it doesn't seem too ridiculous to me to drive something completely impractical. I also have never regretted anything I've ever purchesed (Quite the achievement honestly, haha) including a $700 guitar I barely know how to play

To answer your other concerns, I will dedicate to learning stickshift in my friends car and ease my way into as I feel comfortable, keep my auto Honda as a backup for a few months. If I do check the car out in person, I will do a very very thorough inspection and beat as many details out of the owner as I can so I don't get screwed over. Cost of repairs in much like insurance, it's an inevitable price you have to pay for an exotic car, but I feel like I can handle it.

I may end up in debt, just slightly for a year, but at only $21,000 minus the value of my car, it can't be too severe, even when student loans start flowing. I have 99.9% job security where I work too which is great. Thankfully I have very supportive parents... they don't mind if I live at home for a few more years and if for some odd reason I couldn't cover a car or insurance payment, they'd be willing to cover for me once or twice, seeing as they're fully paying for my $10,000 Honda.

All things considered, it seems possible in my mind, but the only thing I'm hesitant about is the conditon of the Lotus and if i can drive it, lol
Thanks for your opinion! I need all the help i can get for this big decision.

krudmuphin

iTrader: (1)

And my apologies beforehand, I'm not trying to sound like an arrogant punk, so if I come off that way, sorry. Just because I'm young and rapid-fire with decisions doesn't mean I have no idea what I'm talking about and not open to your valuable opinions. I'm not your typical teenage scumbag who wants to go fast. I'm a reserved, nerdy little guy who loves cars, loves looking at cars, driving them for pleasure, and obeying the speed limit

I want my life to be full of as many sweet cars as I can handle, and this feels like a door opening to that future

04 Honda Civic

iTrader: (2)

Why not keep the civic as your daily? It will be your best bet. But could be a little more money.

It is what I did when I purchased my S2000.

sl33pyriceboi

iTrader: (3)

do it. its got a mother flipping toyota engine in there. who says its not reliable?

its the same proven GTS engine thats has a wide aftermarket support...

you wont regret the purchase.

gearbox

iTrader: (95)

i wouldnt do it. i dont trust used cars at all anymore after seeing what most people do to them. and remember, there is always a reason why they are selling it. even in the first year, you can do serious damage to a car. if it was a perfect working car, they would keep it. and that one you posted looks crazy (too dark) and modded to hell and back. i would bet money he beats on it regularly. if you really want a lotus and wont get tired of it, save up til you can actually afford a new one and then hold onto it. sometimes you get lucky buying used, but more often you get burned.

gearbox

iTrader: (95)

the mod list is questionable (ddm hid kit? lmao) and he sounds arrogant in the post. prolly a 20 something douche who hacked it together and got sick of stuff not working all the time (due to his bad install jobs). i would stay far away. wouldnt even want to meet this guy.

mac25

do you know you'll have a job?
do you know the market and banks won't screw you over before you pay it of?
do you know that once you've almost paid it off that you won't hav;e to give it to the loan office or bank to pay off the interest?
are you sure you can afford a student loan, a car loan, going out with friends, gas, books,cloths, fuel down the road?

since your asking here i'd guess inside you know it's not a good idea. fallow your gut.

94civicd16z6

you talk respectably for a 19 year old, kudos kid! and yes, most are arrogant punks haha. but i totally understand the living in the moment thing, at your age i was the same way, but opposite at the young age about the driving the speed limit.. my quote has always been "live like your going to die tomorrow" and then at 22 i added ",but plan for the future in case you live forever" looks like your about even on the poll so far! best of luck making a wise decision. i would be very leery of the mods done to it (seeming like they tuned it up to race it around) and if you do decide to buy MAKE SURE you have a good feeling from the person you buy from! i have bought cars from people that i didnt know about because of me loving the car and the price was right, a month later broke down, and then again and again.. ever eat a lemon? dont try it, BELIEVE ME, they are SOUR! of ya, and make sure you reply and vote on my poll on my similair thread "91 EJ1 vs. 91 ETC" but wait till theis weekend when i post some pics, believe me it's worth it, trying to make a decision myself. best of luck man. thanks

krudmuphin

iTrader: (1)

phew.. thanks everyone, but just letting you know I'm still on the fence.

Of course, and as I already mentioned, if the car is trashed or poorly modded, I'll turn it down immediately. If the owner is a complete ***** who won't tell me why he's selling it, I'll turn it down immediately. It really depends on the actual car. I have seen this one in person before, and it's not too shabby.

I'm going to spend the next week hardcore talking with my parents and friends about this until I can decide if it's affordable. And as mentioned earlier, keeping the Honda as a DD is an excellent idea. Thank god I'm not paying for that one too, but that would nearly double the loan on the Lotus.

Great input guys!

rjones7755

Yeah i was about to say doesn't it have a Toyota engine in it....but I would never willingly go into that much debt besides purchasing a home. Like everyone's said before, the car looks pretty sketchy and i would be willing to bet mods like the "4 point belts" were not installed correctly. One more thing, why would he move the battery from the trunk to the passenger side..? Am i missing something here?

lowlife9

have you gotten an insurance quote yet ???

Aetoc

iTrader: (1)

Yea I second the insurance thing...it's an exotic sports car, remember! I think that's a lot to spend on that kind of monthly salary, as the loan payments will probably end up being half of that...as much as I'd love to buy one of those myself...I think the better option is to finish school and get a great job where you know you can afford the car and the maintenance. Just my 2 cents.

krudmuphin

iTrader: (1)

My mom's an insurance agent and after all the discounts it comes out about $350 per month. Could be worse! I'm accident and ticket free so far.

I could really benefit form someone hitting me in the head with a baseball bat right now. I'm literally going crazy, haha. I never thought I'd be so close to my dream car though, so I'm so jittery.

Aetoc

iTrader: (1)

So on a 5 year financing plan, you'll pay about $400 per month...add that to the $350 for insurance, and you've got $750 per month to set aside, just to keep it on the road...then add fuel and maintenance, and unexpected "issues" and you're in way over your head. Not crazy for wanting it, but probably crazy to buy it.

krudmuphin

iTrader: (1)

I'm collecting my thoughts a lot better now.
I think what I'll do is wait until I have student loans and living costs coming in. At that point I can decide how to advance my career position so I can nab one of these in pristine condition from a dealer and still have my Honda paid off as a backup.
It's really hard for me to turn this down, but you guys are much more experienced then me so I'll take your word for it. It'll take me about 2 weeks to unwind and forget about it, but I can drown myself in Dr. Pepper and Twizzlers and I think I can handle it.

Thanks a ton!
Guess I'll go get my new muffler welded on my Civic and be happy for now

paulymcd7

insurance quote=Aetoc's signature lol

sdaidoji

iTrader: (1)

...
i would do something different...
here's what i did - note: my vic is outside.
i bought an old miata that i knew is mechanically sound.
.

pmjr0987

thats one hell of a head turner for $20g's. If i wasnt buying a house, and was not 6'5" i would buy one... the handling is stunning miata would not even be able to compete no matter what. but on the other hand $750 a month, save up that $750 for 4 or 5 months and buy that old miata cash lol

krudmuphin

iTrader: (1)

I've never been a big fan of the older Miatas. i like the newer hardtop-conv ones but they're probably not as good to drive as the original. I would even consider getting an MR-2 next if I can find one that isn't trashed (harder to find than it sounds...) MR-2 owners around where I live are much like Nissan owners and beat the crap outta them

At least I know that an Elise has to be somewhat well-taken care of, unless the owner is a total idiot. With some of the cheap-ish mods on this one, it appears that may be the case.

sdaidoji

iTrader: (1)

fact is - all my 3 cars are less than the elise. and i drive all of them depending on my mood (if i ever finish the clutch on the white 01, i mean...)
all manul, the "new" one is already prepped for E-stock class, front sway, koni shocks, engine tuned, etc, etc.
and some e-stock can beat elises depending on driver (same driver, elise might win...).
and i never worry too much about paint or dents, the car already came with them, it's meant for autoX anyways.
and yeah, it's a R-package manual steering, manual windows, no ac, etc, etc. light as hell!!! Yiiiipeee!

sdaidoji

iTrader: (1)

just checked the ad. turn-down from me: it's lowered. a elise does not need lowering - it's wrong.