My first Elise? Advice welcome!

[Hello Paul]

Hello,

I am interested in buying my first Lotus, and hoped I might be able to get some views/input/ideas from some more experienced Lotus owners here.

I've test-driven an Elise (long time ago, Elise S1 - it was fantastic) and have also had the fun of a day at Hethel in an Exige 360 (incredible, amazing) and now I think it's about time I got one of my own. I've a budget of about £20,000 - or less, preferably, and have taken a nose through the ads on Autotrader, PistonHeads and lotusforsale.com. I'd plan to use it as my only car, but I live in a city (Norwich, so plenty of countryside roads nearby) and generally only drive very few miles, so could live with the impracticalities. It would mainly be for fun, plus the occasional trip to Sainsbury's (which could also be fun, trying to fit the shopping in 😁). Things to consider:

I wouldn't want to spend my weekends entertaining myself taking the engine out and tweaking things - I'm happy to do stuff like changing spark plugs, but changing a camshaft isn't something I'd be happy to take on, so I want the car to be reasonably reliable. I've jumped to the conclusion that the Rover engine is less reliable than the Toyota one from previous experience of UK vs. Japanese cars - maybe I'm just being prejudiced here?

I'd prefer it not to depreciate excessively. I've seen the prices that S1 Elises go for these days and wish I'd bought one a few years back! Is it likely that S2 Elises will hold their value in future?

I know I said £20K budget for an Elise, but is this Exige at £23,495 too good to be true? Or about right for one of that age? https://www.autotrader.co.uk/classified/advert/201901123882890

Well, enough of my rambling on...I just thought I'd ask here in case anyone wants to chime in with a bit of advice. Thanks!

~ Paul

[Dan E]

Paul , just a warning I had  S1 Elise one of the first and it was my only car, I still miss it and wish I had kept it, but once you dip your toe in they are addictive, tell me how I know. 

[Stuart Monument]

Hi Paul,

Good time of year to buy as they should be at there cheapest now. Prices start to rise in the spring. S1 have been climbing in price for a little while. Being the first Elise they seems to be getting a good following and great magazine reviews in classic car papers. This also helps with cheaper insurance if you can insure it as a classic (every little helps if it’s a weekend toy). Main thing with the rover engine is the head gasket however most have been done by now. I would say by what one appeals the most to you however if you don’t want to spend your complete budget a S1 makes sense. I use mine only a handful of times a year and it always brings a smile. It also helps that I know it can sit there and isn’t depreciating. I live in Norwich if you want to have another poke around in one.

stuart 

[Barrykearley]

The rover engines are also cheap as chips to buy and have worked on. Fret not - take the plunge*

 

 

 

 

 

 

 

*lotus ownership can become dangerously addictive 

[jep]

Welcome Paul. If you are new to Lotus, I would suggest you buy an Elise that has the correct Lotus specified suspension fitted. Many owners fit aftermarket suspension for a variety of reasons. (a) it can be cheaper (b) they consider it an upgrade (c) it suits their use of the car, perhaps track use. 

I bought an S1 Elise in December 2017 from a well-known specialist dealer (not far from you). He said the car drove just like it left the factory. After a year of use, I felt the non-Lotus shocks and springs that had been fitted in 2014 did not feel quite right (they had only done 10,000 miles). And as I had owned 2 new S1 Elise in 1998 and 1999 and still own a 340R, I decided perhaps my instinct was correct so I spent £1K+ changing the suspension to the correct Lotus specification (in fact, S2 Elise spec as originals Koni's are not available but Lotus Cars recommend S2 set up). 

The car now feels spot on. The ride is less choppy and more compliant, just as a Lotus should be.

As for S1 or S2, I am not sure there is much in it. I think it unlikely S1's will depreciate but if you buy a low mileage example (sub 30,000) you will pay a premium; once you rack up the miles, the cars value will be affected downwards but of course prices in general may rise to compensate. S2's are value but I don't follow that market closely enough to advise; but as you cannot buy a lower powered (say 130bhp or thereabouts) Elise new these days, I think any sub-150bhp Elise will be much in demand second-hand over the coming years.

Speak to a few dealers, the best two in my opinion are Paul Matty Sports Cars and Bell & Colvill, both around since the 1970s. 

Justin 

 

[Hello Paul]

Thanks everyone for your advice and encouragement - and warnings about the addictive nature of Lotus ownership! 😁

@Stuart Monument Hmmm...yes, I wouldn't say no to a "poke around" 😮in your Elise(s)! 

[ramjet]

Welcome to TLF Paul.

You should also have a sticky beak in the Classifieds. Link at the top of the page. You just have to log in again over there as it is a different system to TLF.

You should also say hi in the Introductions area.

[Hello Paul]

Thanks all for the welcome!

I'm STILL looking around for an Elise - probably not the ideal time of year to do so! One thing that baffles me - many S2 Elises from 10+ years ago seem about the same price as a far more recent S3. Here are a couple of typical examples, separated by 6 years, 100 miles and five quid:

S2, 2006, 134bhp, 66,900miles, £18,995 https://www.autotrader.co.uk/classified/advert/201902265318457

S3, 2012, 134bhp, 67,000 miles £18,990 https://www.autotrader.co.uk/classified/advert/201903165963120

This just seems very weird to me...is there a logical explanation? I'm not over keen on buying something over a decade old.

Another question while I'm here - are the seats in a Club Racer as uncomfortable as they look? I've never experienced them in real life. (I'd only be doing relatively short journeys - I hardly have the need to drive at all - I either work from home or get the train in to London, so have no need for a boring commuter car).

 

[PAR]

The very quick rule is that Elise don’t depreciate because of time but because of miles (despite it being quite robust in general).

I have a S1 because this is the one i love looking at. If you go for an S2, you have a better car, a bit better balanced, as analogic, better made fibreglass and a tad cheaper to maintain but less collectable for sure. It does make sense to focus on a S2 with Toyota engine if you aim to daily it, you probably will end up Exiging it if you are a hard core guys and won’t if you are not. I think there are two ways to go here, either you max out your budget for a low miler or you want a car to learn, you go with a cheaper car, with not a great paint, some miles, pay a lot less but learn about it. There is no guarantee on what happens to at resale unless you buy an s1 with low miles and don’t drive it...

As it will be your only car, my advice is to look for something that is driven regularly (check miles between MOT), check that the exhaust does not need replacement if the car is more than 10 year old, and just go with the colour you like! Whatever happens after 6 months you will think few more horses would be nice athough not needed and you will start wondering if you have spare money...