I eloped and have no regrets. It'll be 21 years this August. Reasons for it were similar to yours. The money we would have spent on a wedding (yes, my dad would have never paid for it) was our down payment for our first house.

Both sets of parents had separate small parties for us to meet each others families.

No engagement ring, either. He gave me one on our 19th anniversary but I didn't want it and rarely wear it (it's very pretty but I'm too much of a clod and worry about losing the diamond).

A few years after we eloped, we were married by a priest but it was just w/my dad, DH's parents, and my brother & his wife present. We did that out of respect for my very traditional Irish/Catholic family. No mass, no fancy dress, no flowers - just the vows and a blessing.