Lotus Elite 501

Lotus began the difficult and expensive task of replacing its model range in the early 1970s. The Elan and Europa were beginning to look a little dated and the Ford-Lotus engine had reached the peak of its development. 

Colin Chapman decided to move up-market and the result was the smart square tailed Type 75 Elite along with its slopeback stable mate the Eclat, both arriving in 1974. The glass-fibre reinforced polyester body was produced in two horizontal halves by the Lotus patent ‘Vacuum Assisted Resin Injection Process’, the two halves being bonded at the waistline. Steel door beams and a roll-over bar made sure that it had good crash protection, aided by the massive steel-backbone-chassis in true Chapman tradition.

The new, all alloy 1973cc Lotus designed engine had first been seen in the Jensen Healey.  It was on a slant to keep the car’s nose low, had 16-valves and could produce 155bhp breathing through its twin Dellorto 45 DHLA carburettors. True to form, the basic car weighed in at a whisker over 900kg (contemporary sports car makers take note) which gave it a very respectable turn of speed.  Just as well as it was the most expensive 4-cylinder car on the market at the time.

Elite production ceased in 1980, ensuring its relative rarity, the distinctive wedge shaped styling being very much 'of the period'.

This car was purchased by the vendor in 2006 as a rolling project. Due to work commitments the car has seen little use, however he has continued to improve it. In 2008 he fitted an expensive stainless steel exhaust system, whilst he has also attended to the wheel bearings and fitted a new pair of carburettors at a cost of around £500.

The vendor advises us that the oil pressure gauge doesn’t work, although he believes it to be a faulty sender unit and that the speedometer is also out of action. He adds that it "runs and drives well", is taxed until next January and is MOTd until July 2014.

This example looks like an excellent opportunity to acquire a distinctive and rare '70s icon in running condition at modest cost.