FYI: Exploring the Current State and Future Potential of Classic and Modern Cars for Sale
A Rollercoaster Ride with the 1967 Lotus Elan SE Project
Lotus recently announced an intriguing proposition for car enthusiasts—a 1967 Lotus Elan SE project. This beloved classic, known for its lightweight design and superior handling, epitomizes Colin Chapman’s philosophy of reducing weight to enhance performance. With the price recently dropped by $3,500 to $16,950, automotive aficionados are left to decide whether this potential restoration project is a steal or a money pit.
A Legacy of Lightweight Innovation
Colin Chapman, the innovative mind behind Lotus, left a significant mark on automotive history. His dedication to "lightweighting" resulted in vehicles that outperformed many heavier, more powerful contemporaries. The Lotus Elan SE, weighing under 1,500 pounds, is a testament to this ethos. When fully operational, it showcases agility and handling that placed it among the top roadsters of its time, with some even considering it a benchmark for modern sportscars like the Mazda Miata.
The Current State of the Elan SE
The current Elan SE project for sale requires substantial work. According to the advertisement, it needs a complete paint job, interior refurbishing, and a thorough mechanical overhaul. On the upside, most parts are present, and the engine turns over, hinting at a possible easier restoration if the engine’s compression holds up.
Noteworthy Features:
- Engine: The Elan’s 1600cc engine features three camshafts, a unique blend of Ford’s Kent four block and Lotus’ twin-cam crossflow heads.
- Transmission: It sports a four-speed manual gearbox sourced from Ford, coupled with an independent rear suspension via Chapman struts on both ends.
- Performance: Originally, the engine produced around 95 horsepower, allowing it to accelerate to 60 mph in under 10 seconds.
Cost Analysis and Potential Investment
The Lotus Elan SE project’s price reduction from $19,000 to $16,950 brings the question of value front and center. Given its current state requiring significant restoration, prospective buyers must weigh the costs of repairs against the car’s potential value.
Key Considerations:
- Frame Condition: The seller offers a replacement frame from the UK for an additional $5,000. While the ad claims the original frame is usable, this raises questions about its true condition.
- Seller’s Terms: There’s a caveat about increasing costs as the seller continues any restoration work. This might push the project’s final price upwards, depending on how much more work is done.
A Comparison with Modern Offerings
In contrast, a recent sighting of a 2023 BMW M8 Gran Coupe Competition illustrated the rapid depreciation of modern cars, particularly BMWs. This one-year-old vehicle, priced at $114,995, was marked down to around two-thirds of its original price, yet it still couldn’t attract a buyer, as evidenced by the 65 percent No Dice rating it received.
Highlights of the BMW M8:
- Performance: A contemporary beast with luxury and aftermarket enhancements.
- Depreciation: Reflects a steep depreciation curve, making used yet under-warranty modern BMWs an attractive option for buyers looking for value.
Conclusion: Is the Elan SE Worth the Investment?
The 1967 Lotus Elan SE project may capture the heart of a purist seeking to restore a piece of automotive history. While the initial $16,950 price may seem steep considering its current condition, the satisfaction of bringing such a classic back to life could be priceless for the right buyer. The decision ultimately rests on personal passion for the marque and the willingness to undertake a potentially lengthy and complex restoration.
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Donald Smith, Editor of Automotive.fyi
