Want to own a Lotus but don’t want to stump up all the cash in one hit? You’re in luck, as there is a range of new finance deals on offer from Lotus and its partner FCA Bank.
The finance packages are available for the Elise, Exige and Evora – so you’ve plenty of options if you’re seeking a quick, compelling and gratifying driver’s car.
How much do the Lotus finance packages cost?
For a £41,695 Elise Sport, you’ll have to put down £10,499 and pay £369 a month for 47 months. If you like the car and want to keep it, you’ll then have to stump up an additional £18,667. The APR is a sensible 4.9 per cent, however, so you’ll end up paying a total of £46,509 if you keep the car; that’s a tolerable £4814 more than buying it outright from the get-go.
The higher-performance Elise Cup 250 commands a deposit of £13,599, monthly payments of £399 and a final payment of £22,866. Again, as is the case with the Elise Sport, you’ll end up paying about 11 per cent more than the £49,595 on-the-road price in the long run.
Seeking a bit more of an edge and want an Exige? Well, the £62,375 Sport 350 requires a deposit of £13,379, monthly payments of £599 and a final payment of £28,282. The mid-range £82,675 Sport 410 will set you back £22,549, £699 a month and £36,588 respectively.
Make a beeline for the flagship £103,375 Cup 430, however, and you’ll have to initially fork out £21,019 and withstand monthly costs of £899. You’ll also have to wrangle with a hefty final payment of £53,153 if you want to retain the car, which could prove problematic.
Acquiring a £88,675 Evora GT410 Sport, on the other hand, necessitates a deposit of £14,449, monthly payments of £899 and a final payment of £43,197 – and choosing the finance option will ultimately cost you £99,899 compared to buying the car outright, which is a 13 per cent premium
Do the deals represent good value for money?
The new deals aren’t bad but there is one major sting in the tail: the mileage limitation. Yes, despite the cars being made for driving, these deals are limited to 5000 miles a year. Creep above that and you’ll have to pay an excess of six pence per mile, which could further rack up the costs if you want to use and enjoy your new Lotus in earnest.
There are also comparable finance offerings on rival cars which could make justifying a Lotus trickier. One finance example listed for a Porsche 718 Cayman required a deposit of £10,500, 35 monthly payments of £331 and a final payment of £30,209. A 10,000-mile limit was also standard, although the excess charge was a hefty 20.2 pence per mile.
That particular 6.4 per cent APR deal would result in you paying £52,337 to finance and buy the car, compared to a list price of £48,150 for an outright purchase. It’s a somewhat different proposition to a Lotus but the improved refinement, cachet and usability of the Porsche could be worth considering.
If keeping the kerb weight low is essential, you could even consider financing a new Alpine A110. I saw one deal that required a deposit of just £6453, 37 monthly payments of £499 and a final payment of £28,574. The mileage limit was also higher, at 10,000 miles a year, while the excess was eight pence per mile.
The hefty deposits required for the Lotus options do blunt their appeal, especially when you factor the numbers into the overall monthly outlay, but at least alternative purchasing options remain available. Not all of us are in a position to put down £40,000 or more on a new car, after all, and being able to spread the cost can help us get into something we’d love to own.
The figures do once again demonstrate how expensive the brand’s line-up has got, that said. However, its cars offer truly remarkable and engrossing driving experiences – along with low kerb weights and manual transmissions – which may help you justify paying a premium.
What is FCA Bank?
FCA Bank is a 50/50 joint venture between Fiat Chrysler Automobiles and French bank Credit Agricole. It’s reputed to be among the largest car finance companies in Europe and works for 18 brands, including many that don’t fly under the FCA banner.
The contract struck between Lotus and FCA Bank will also initially apply to Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, Switzerland and the UK – and the finance deals may also be made available in other countries in the future.
Phil Popham, CEO of Lotus Cars, said: “I’m delighted that Lotus and FCA Bank will be working together. This partnership is a huge step forward for customer choice, and yet another example of how we’re transforming the Lotus business. For those who have always wanted to own a new Lotus, they’re now more attainable than ever.”
Keyword: Lotus unveils new finance packages for the Elise, Exige and Evora