The Lotus Elan arrived in 1962 as the embodiment of Colin Chapman’s plan to improve his company’s road-car regime. With a fiberglass body mounted on a backbone chassis, the new Elan was configured as a two-seat convertible. Fixed-head coupes were introduced in 1965. Repetitive displacement and tuning upgrades delineated models, but the car’s basic features carried through the end of production in 1973: the Elan was a swift, lightweight package offering exceptionally nimble handling. This example has been exposed to the market before now; it was sold by wirewheel.com for around $7900. The current seller believes the SE (“special equipment”) is a rare enough model to command a premium price. Is this reasonable? Let’s check the details….

The 1558 cc twin-overhead-cam four-cylinder turns but does not run. Internal tinkering (high-lift cams, different jets, and an enhanced exhaust) gave the SE about three more hp than the standard Elan. Horsepower quotes in factory literature stood at about 115, but output figures were revised downward across the range when the Sprint arrived. Sprint sales were slow, and this tactic gave the illusion that the Sprint was far better than other Elans – a bald effort to boost sales. The zero to sixty time for a running 1967 SE was respectable at about eight seconds; that would improve when the S4 SE arrived in 1968. Meanwhile, the Sprint could do the deed in less than seven seconds. US-delivery cars were decked with Strombergs, but enterprising restorers can swap to a Weber head and carbs – for a price. The Elan utilizes a robust four-speed manual from Ford’s Corsair 2000E; a rear axle ratio of 3.55 makes highway transit relaxing. Brakes are Girling discs all ’round.

In addition to a couple more horsepower over the standard Elan, the SE’s cabin is better equipped, with thickly-padded carpets, a padded steering wheel, and inertial reel seat belts. A wood instrument panel adds a swanky touch, and this car is early enough to retain toggle switches. Still, the carpets and upholstery will need replacing at a minimum.

The seller has advertised the SE on craigslist, and advises that the current price of $16,500 is down by $3500 from his original ask. On the other hand, the price will rise again as he works on the car, and if you want his brand new chassis with the car, it will cost you another $5000. In another effort at a package deal, the seller will complete the restoration at a cost of around two years and $85k – car included. All this begs questions, including, “Why would I need a new chassis?” – unless the original is rotting – and, “Why not buy a completed, running car for maybe half the restoration cost?” Yes, it’s a rare model, but is it worth the stretch on the price?