What Is It: 1976 Lotus Elite 504 Automatic

My favorite seller of the month, Euro Car Garage, is offering yet another rare car at a very reasonable price.

I've never seen this car before and was surprised to learn it's a Lotus from the '70s. Apparently, there were a whole bunch of funky cars from Lotus I've never heard of until now. This is one of them.

The Elite nameplate was originally used for a classic two-seater coupe made from 1958 to 1963. Then Lotus used the name for a totally different and unrelated much larger two-door hatchback from 1974 to 1982. This is the latter, of which only 2,535 were made.

This Elite had a front-engine and rear-wheel drive setup underneath a fiberglass body and quirky massive glass hatchback window. From the rear it looks dangerously close to AMC Gremlin territory, but the long front hood and pop-up headlights resemble the Esprit so it fortunately salvages some commonality and swag with the rest of the brand.

It only had a 2.0-litre inline 4-cylinder engine, but was supposedly an ok performer, thanks to a weight of only around 2,000 lbs. Typically, 5-speed manual gearboxes were standard, but from January 1976 onward automatic transmissions were optional, such as on this example.

The seller is mum on any details but this one appears to be an original survivor with only 79, 471 miles. Condition doesn't look too bad. The body looks mostly straight and clean, without any visible rust.

The interior is pure '70s, with suede literally everywhere and white sheepskin seat covers that make it look like a playboy lounge. Note the sagging blocking half the instrument cluster.

The rear seats feature a surprising amount of room and look clean and cozy with the headrests.

This could be an incredible chance for either a Lotus fanatic or obscure car buff to acquire a rare car for relatively cheap. It definitely looks like it's going to be a project, but it could be a fun one, not taken too seriously, as this is a goofy car, right down to the swirly western pinstripes.

Find the craigslist ad here and the dealer ad here with an asking price of only $3, 895.

Yellow Submarine: 26k-mile 1980 Lotus Esprit

This 1980 Lotus Esprit is being offered up for sale by the same seller I wrote about here who were selling two rare Mercedes.

They are a dealer and are quickly becoming our favorite local seller as they have obscure cars at decent prices, and are located right in New England, where older cars are harder to find.

This Esprit is listed as having only 26,072 miles on the odometer. The seller doesn't say if that's original miles or if the odometer overturned, but if it is original that's very few miles and would classify this as a survivor.

What is clear is that this thing is awesome.

The body is perhaps the definitive wedge shape of the '70s and '80s. It was created by legendary Giorgetto Giugiaro and has become his signature design. It is clean, simple and still modern looking. A white 1977 model that transformed into a submarine was famously driven by Roger Moore in The Spy Who Loved Me.

This is a second generation "S2" Esprit and looks great in yellow. The S2 models were made from 1978-'81 and came after the first-generation S1 models from '76-'79. They featured minor cosmetic and mechanical improvements.

The body was fiberglass.

The Esprit had a mid-engine and rear-wheel drive. Since this is a 1980 model, it could have the 2.2-litre inline 4-cylinder engine that was introduced that year and had increased torque, or just a 2.0-litre. These are not the later turbocharged engines, so it's just a plain four-banger that is propelling you. While they are said to handle well and weigh only about 2,205 lbs., they are not rockets and could prove surprisingly slow.

That said, they are still probably a hoot to drive, especially with the low seats and manual shifting.

The seller has no details on whether it's running or not. Some of the pictures seem to show the vehicle sitting outside at a wholesale auction lot, so it may have been an insurance loss or donation that the seller then purchased. I would get the whole story on how this was acquired and what, if any, work was done. Any service receipts would be nice. If there is no history, be prepared to sink money into getting it working. Also check for rust on the undercarriage.

Early Lotus Esprit models are the best looking, even if they are the slowest. They are rare cars in any condition, and this one looks good in and out, which could corroborate the low miles. The body seems straight without any major problems. I'm not sure what it takes to rehabilitate fiberglass, but it could be similar to buffing a boat, if you've ever done that.

Find the craigslist ad here and the dealer listing here.

Right Hand Drive: 1959 Peerless GT

I didn't know much about Peerless before I found this car. But I know enough about cars to know this is an unusual find.

The seller does too.

They state there were only 325 Peerless GT cars were ever built. This one is #145. The seller also estimates there are only about 40 left. That's not much.

Peerless was a short-lived UK car manufacturer from 1957 to 1960, during which they made this car. It was then supposedly re-started from '60 to '62, but folded again.

The body was a fiberglass unit that has a nice shape, a cross between Aston Martin and Jaguar, with a little Ferrari. The fins are interesting. The engines were from the Triumph TR3. It also had a de Dion tube rear suspension. "Phase 2" cars supposedly had slight improvements over earlier cars.

This example is a Phase 2.

The seller claims its a "barn find", one of the most cliched and over-used terms in the classic car market, and it also seems factually incorrect in this case. Instead, the seller explains it's been sitting for 15 years before they bought it from the previous owner who also let it sit for 15 years. Collectively, it's been overdue for a restoration for about 30 years. There is no 'barn' and no 'finding' in that story. Instead, it just makes you think less of the car if two different owners both felt it wasn't worth restoring and better left to decay outside for almost a third of a century. They must have thought, "Hey, it's fiberglass, it's not gonna rot it'll be around forever." Sure, it'll just look like garbage though.

And yet, there's no disputing in doing anything else than a complete restoration to it. It's definitely worthy, if the production stats are accurate. The question is whether you have the time, energy and deep pockets to restore.

The seller states they think a door handle is the only missing component. I'm not sure if they have a parts bin lying around for this car that wasn't photographed, but there sure seem to a lot more than just the door handle missing. I count a front grille, bumpers, gas cap and side mirrors all visually missing to start. They do say they have the bumpers, however.

It's also questionable on whether you'll ever see your money back. These cars, while attractive, apparently did not have unique engines which no doubt reduces collector value, as they therefore do not offer a wholly unique engineering and driving experience.

The seller also states the car was hit. They make it seem like the fiberglass repair is a piece of cake, "all easy fiberglass work". I've never personally repaired fiberglass, but any repair to a pre-molded fiberglass body, especially with as many cracks and shatters this one has, can't be easy or inexpensive. What would it entail? A total stripping and repaint, for sure.

The up side is that there is no rust on the body at least.

The seller does state the engine turns over, which is good.

I think this is a nice piece as a leisurely long-term project for experts but only for the right price. The bidding is over $3,500 right now and 6 days left and the reserve not met. I have no idea what direction it could go. I think anything under $5k is a bargain. Anything under $10k is reasonable. Anything over $15k is probably way too much.

 Find it here on ebay.