Love My Emira Too Much to Sell… But Is Mileage the Enemy?

[chrisday1990]

I do around 8k miles a year in my Lotus Emira, which I own outright with no finance, and I’m starting to think ahead about the smartest long term ownership strategy.

Truthfully, I love the Emira so much that I can’t really see myself wanting another car unless Lotus brings out something new. I find most other cars a bit samey to be honest, including many of the usual Porsche options.

For context, I bought my 2023 V6 First Edition last year for £56k with 9k miles, and I’ve recently had Motorway approve a sale figure of £53k now it’s on 11k miles. So depreciation has actually been very mild so far.

Because of that, I’m wondering if the sensible route is to keep mileage under control by selling before it gets too high, then buying another Emira and repeating the cycle.

Has anyone here got a strategy for this?

For example:

• Ideal mileage point to sell
• Best ownership duration when owned outright
• Whether nearly new is smarter than new
• How much mileage really affects Emira resale values
• Whether I’m overthinking it and should simply enjoy driving it

Would be interested to hear how other owners are approaching long term Emira ownership when they plan to stay in the model.

 

[Ellis]

I do around 8k miles a year in my Lotus Emira, which I own outright with no finance, and I’m starting to think ahead about the smartest long term ownership strategy.

Truthfully, I love the Emira so much that I can’t really see myself wanting another car unless Lotus brings out something new. I find most other cars a bit samey to be honest, including many of the usual Porsche options.

For context, I bought my 2023 V6 First Edition last year for £56k with 9k miles, and I’ve recently had Motorway approve a sale figure of £53k now it’s on 11k miles. So depreciation has actually been very mild so far.

Because of that, I’m wondering if the sensible route is to keep mileage under control by selling before it gets too high, then buying another Emira and repeating the cycle.

Has anyone here got a strategy for this?

For example:

• Ideal mileage point to sell
• Best ownership duration when owned outright
• Whether nearly new is smarter than new
• How much mileage really affects Emira resale values
• Whether I’m overthinking it and should simply enjoy driving it

Would be interested to hear how other owners are approaching long term Emira ownership when they plan to stay in the model.

I WAS in a similar mindset, but then just decided to keep using, and keep driving, the car forever. I got the car to use & enjoy, and going through the risks and depreciations roller coaster mean I’m just going to accept one a car I’ll always know the history of, and enjoy every second of driving.

I’ve lived 5,000 glirch-free miles in the Scottish highlands over the winter / think what fun is ahead of me in the summer. I’ve a first edition and I’m not sure a new car will ever add anything this one doesn’t already have.

 

[Justin2]

I have quite recently bought my Emira and have covered 1500 miles so far, I bought it with a plan to daily it and I’m sticking to it! For many years I’ve had nice cars hardly used and lost on them, so when I sold my s3 exige I decided what I bought was going to be my daily and *uck the depreciation! I will undoubtedly cover 40-50k in the next 4 years. I’m 47 and have honestly realised enjoy whatever makes you happy as stop worrying about money! If you have enough for a rainy day life is short and you can’t take it with you!

 

[DigitalWiz]

Living in the greatest state in the USA, I can only say what a joy I have giving 50% of what I make away to the great state of California every payday that I have no issues with depreciation whatsoever. Nothing beast 1k+ annual registration fees for the privilege of driving on potholed roads while paying $6.93 a gallon for gas.. It’s strange that just a few hundred miles north, in Oregon, I could register my vehicle and drive it for 3 years for 200.00. THat’s some funny math right there. Close your eyes and drive it….you won’t care about the depreciation at the end of your life, and you will care the experiences you gained that enriched your life’s journey.

 

[GrahamClark_60-68]

I am getting back my Emira this week after its engine and transmission failed in November (with a new engine & transmission)
5500 miles

I have a 2024 with 5500 miles and now considering whether to get an extended warranty. Do you have a story you can tell on this?

 

[GrahamClark_60-68]

Living in the greatest state in the USA, I can only say what a joy I have giving 50% of what I make away to the great state of California every payday that I have no issues with depreciation whatsoever. Nothing beast 1k+ annual registration fees for the privilege of driving on potholed roads while paying $6.93 a gallon for gas.. It’s strange that just a few hundred miles north, in Oregon, I could register my vehicle and drive it for 3 years for 200.00. THat’s some funny math right there. Close your eyes and drive it….you won’t care about the depreciation at the end of your life, and you will care the experiences you gained that enriched your life’s journey.

FWIW, I've done that drive in my Emira from CA into Oregon and then WA and back, and you really notice and appreciate CA roads (and scenery). Oregon and WA roads are for s__t compared to California's.

 

[GrahamClark_60-68]

You have a Camry engine. It shouldn't so much as sneeze until well over 100K miles. Buying a used car is a gamble. Was it a lemon, did the owner do the break in correctly, was it properly serviced, what half-a$$ed repairs are going to fail, is this one going to have paint bubble issues? If you got luck and got a good one, take care if it and keep it. Ten years from now you will still be less than 100K. These cars will be rare enough that they should hold more value than the average car, and a clean 90K mile Emira in 2036 will likely be a gem. My 2007 Elise has been climbing in value the past few years.

Stop worrying and go enjoy the car.

BTW, for Mr. Sparkle, this was my teams LeMons car...
View attachment 81149

Just loving that roof mounted spoiler and the front spoiler mounted whatever (oil cooler?). You could have a picnic on that front porch.