An Elise should be insurable at 21 without too much trouble but expect to pay around £1500-£2000 depending on your mileage. Whilst they are a cheap car to run for their performance they are still not a cheap car to run, I've spent in the region of £3000 keeping mine in top condition over the last year and that has been pretty relaible (only broke down twice due to a blown fuse (50p) and a flat battery (left the lights on)). On the plus side I get ~30mpg when communting and ~35mpg on a run (80mph) so it's pretty good on fuel. If you get a standard Elise rather than a 111s (probably out of your price range) economy will be further improved as you won't have the CR gearbox raising your cruising revs.
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