Not necessarily. Just because you can't get a loan for it doesn't mean the value automatically must drop to whatever Joe Average can afford to have as pocket change. If that were true, plenty of vintage cars would be worth precious little, but that is not the case.

Holy mother of all that is good! Wow. I picked up an '05 Elise in July of 2013. I got a five year loan from my credit union for full purchase price and rate is 1.49%. Right now they offer 1.99% on a five year loan for '05 vehicles. 125% of wholesale KBB.

Note, though, that to get the great rate, I have to allow automatic withdrawal for the payments (no sweat!), use their insurance agents (which makes no difference to anything since I still end up with Mercury), and have a savings and checking account with them. I've been a member for a couple of decades so that's not a problem.

 

These cars are only getting more and more collectible. If you buy the one you referenced and keep the miles low, condition original and maintenance top-notch, you should have no problems selling it. Email me in five years!

 

Thanks everyone for your input. Financing an older car isn't as difficult as I expected.

 

Same here but through Wells Fargo. That was a year and a half ago though so I was able to get a 2005. I had excellent credit but not a lot of history (less than 3 years at the time), I think that's what it was for me.

 

I have great credit and when I got my 01 the best Wellsfargo could do was 5%, and the guy was surprised he could do that well on an 01. I almost pulled the trigger then came across an add for Nationwide bank (yes associated with Nationwide insurance) and they were able to do 2.3%. Despite everything being done through the mail, it went flawlessly, they were an amazing bank to deal with and would highly suggest giving them a call.

 

They gave u 3k extra for the hard top?
the heck, they only gave me 500 bucks for mine -.-

 

My credit union didn't care about the age as long as it was below 100k miles...bought my s2k with 99k on it