1976 Elite 502 Value

[Bibs]

A friend of TLF has this up for sale and I'm sure he's got it too cheap.

Due to owner’s ill health car off road and garaged on stands since 2000. Engine running well at that time. Body and interior in reasonable condition. Mileage 63039.

Vehicle owned since 1981. Interior view of car featured on p153 of The Lotus Book 50^th Anniversary Special by William Taylor published in 1998. Winner of Concours prizes.

Any idea on what it should be worth before he sells, or is anyone interested?

[Trevsked]

How much is it up for then?

Trevor.

[Bibs]

Not enough IMO!

[Dunc]

such a tricky one...

2+2's have such a small pool of enthusiastic buyers. But interest seems to be rising.

A lot depends on its current condition and how much needs refreshing after its storage. It's a previous concours winner but body and interior are described as "reasonable"? Is the headlining okay? whats been done to it during its lifetime? Original box and chassis?

It's in a good colour... (my favourite colour for an elite/eclat) in fact I'd quite like one like this.

D

[Trevsked]

Why so gaurded? How much is not enough and if it is for sale and nobody has bought it then surely it is too much. I don't understand why people want to talk prices up of whtever car it is as this never has any influence on prices ever. Cars find their own worth over time, not because everybody that owns one wishes they were worth more. Just put the price up or put it on Ebay and that will tell him (and you) what it is worth.

Trevor.

[Bibs]

It's not for sale yet until I advice them on what's a good price. I've seen what they want for it and told them it's too cheap in my opinion.

Nothing guarded about trying to stop a friend mugging themselves off. I'm asking what the car is worth trying to establish it's value.

[Dunc]

Up to a point I agree Trevor, but with 2+2's it often takes a good while for the right buyer to come along.

There is not a lot of buyers so its a limited market, and if Bibs is being asked for advice by some old enthusiasts wife or an estate executioner, then it's a difficult position to be in. Price it to sell immediately, and it will be too cheap.

If you wait long enough a good buyer will pay a higher amount, but its the old adage, that elites and eclats are worth what someone is prepared to pay, and that depends entirely on there being a buyer at the time that wants it.

If it has had a really caring owner who's lavished time and expense on it then its worth considerably more.

A getrag, a galv chassis, a recent headlining or retrim and recent trailing arms all add up to make a car worth more than the average car.

If its an original car in average condition, then it might not be worth as much as people might think if its been in a garage for 10 years.

I bought a dusty one in 2002 that had been in a garage for 7 years that under the dust after some time and modest outlay was a concours contender. It had an eye watering history file with receipts for thousands, a retrim 6 months before layup, and came with a galv chassis fitted and a rolling road report (from 3 months before layup).

I paid £800 because nobody else wanted it....

Bibs, PM me with as much info as you have on the car and I'll PM you an honest answer as to whether or not its too cheap. Not really in the market for another due to space restrictions, so no axe to grind.

I trawl the internet for eclats and elites every day and have a reasonable idea of what they will sell for.

D

Edited August 19, 2011 by Dunc

[Trevsked]

You said it was up for sale so assumed it was up at a price. If we take it the car has no MOT and has been in storgae and was once in nice condiution but not so now, I would think it's £500-1000. If it has an MOT then thats different. Any more details?

Trevor.

[esprit s2]

I'd add £1000 to that in my opinion Trev. I say that cos I know how much I paid for mine and if the above car was on sale at the same time I probably would have bought that one.

Bibs: PM me the price (if we are keeping it secret) and I'll see if I'm interested.

[Bibs]

I think the price is too cheap though, that's the thing.

OK - Let's say it's £2k. Anyone interested? Too much, too cheap?

[Trevsked]

Bibs

So I was pretty close then. :-)

Paul,

Let me know next time you want to buy a car, I am sure I can sort you out. :-)

Trevor.

[esprit s2]

Ha! I've always paid too much for my cars......a car dealers dream.

[Trevsked]

Bibs: PM me the price (if we are keeping it secret) and I'll see if I'm interested

Paul,

Don't make me tell Hazel :-)

Trevor.

[esprit s2]

Don't you dare! Bibs - count me out, I value my life.

[Bibs]

Trevor, if you're interested PM me an offer. As I mentioned, I believe their price is too low and that the car is worth more.

[SafraneV6RXE]

Interesting thread,it would be interesting to know how good this Elite is now,after storage and since its concours days,any of the common Elite problems?

Its got plus and minus points i guess, in storage for 11 isn,t good unless started/moved often and we all know they don,t like sitting still for long,so also no MOT etc 502 so no PAS,BUT nice colour(Same as mine)and may have good potential.

[Trevsked]

Bibs,

As much as I would love one for a while, an early car is not for me. I am always on the lookout for a 2.2 as it has lots of improvements but the right one hasn't come up yet. Henry on here has the sort of car I would pay reasonable money for but as it stands there are none out there at the moment that I have seen. No big rush and wouldn't be interested in a biding war if one did appear.

Trevor.

[mat grant]

Hi all,

Iinteresting thread - I think it's really hard to put a value on this car just from the photo and the few lines. It could be great or need lots of work. The brakes could be stuck on and need stripping, the clutch could be stuck, the engine could be siezed etc. Antifreeze loses it's antifreezing properties after a while, and we've had some really cold periods - that could be bad news if the car was in a non heated garage. Various seals and bushes could have hardened up and other perishables could have suffered. And to state the obvious - possible rust to the chassis in the usal places.

I think it would be worth changing the fluids, cambelt etc, draining the fuel and refilling, then trying to get it running. It would be a much more saleable proposition then.

The value could vary massively accoring to the above. I'd suggest not just bunging it on evilbay but instead inviting potential buyers to inspect to see it up close. From the description it sounds like a good car, but if it needs a new chassis and an engine rebuild(?) Anyway good luck with selling it!

Cheers, Mat.

Edited August 19, 2011 by mat grant

[eliteman]

Just to get my pennies worth, if she has no Mot but is in decent condition i am saying around the 1000-1500 mark.

To an non mechanic like me to get this car up and running you could be looking at anything from 500-1000 easy!

I just paid £412 for a cam belt from Morland Jones which i thought was okay, the full service was around £800.

Looks like a nice machine and hopefully it will stay within the circle and not go out of the u.k!

Do you have any solid offers for her yet?

Eliteman....

[Roger 912]

it's funny, but I never liked the shape of the Elite, but just recently, the more I look at it, the more I like it.

I think that two grand is not a high price for this car and if I were living in the UK I would certainly add it to my collection.

I read the post regarding how much one member paid for a cam belt change. Ouch. Over here I paid my Italian mechanic just over 100 pounds to do the cam belt on my Excel.

[Herc]

Bibs,

having bought one with very little reference to the market a couple of years ago, I have been watching it quite closely since to see how stupid I was. Overall I think the advice above is about right.

A car with 60K miles, runs well, tidy interior, acceptable paint, OK chassis, MOT, can get into the £2-3K band if you're not in hurry. Very little is advertised over £3k unless is it from a dealer, or concourse.

If its a non-runner and untidy then you are quickly down to £500. Between £500 and £2K is a bit of weird place, because the condition of cars is so varied, and the potential outlay so great. Some good buys to be had and some total junk.

Mat is on money, I think. If the basic quality is there, the best option is to get is running and MOT'd - but you'd have to DIY it - to do that through a garage will cost up to a £1K. It might then fetch an extra £1K, but only if it is tidy.

As has been touched on above, people are very scared about the chassis. It the back end is on it's last legs, the car is junk value. And it is hard to tell in situ. If the rest of the chassis is excellent, and the car has been garaged, the original chassis can be OK.

The other thing I'd say is that the quality and volume of photos really matters on eBay etc. All Elites look pretty good in photos of the quality you'd attached above, even the trashed ones. You need much sharper, closer shots.

Good luck!

Herc

[eliteman]

Hi Bibs, has this car been sold yet? Liam 0781 886 7399.