This is one of the 700 or so remaining Lotus Elite's of the ~1050 built during
the period of 1957-1963. It is configured as a Stage II meaning modified cam
profile and dual SU carburettors. I purchased it from a desperate art student
in 1976 for $1,850, as the third owner (the first being a sports car racer who
prompted the many years of restoration work). The original cost of the car,
which was delivered in kit form to bypass English tariffs, was $4,850. Today
they can sell for as much as $30,000-$40,000.
In the first five years of ownership I completely restored the engine with
all possible attention to detail. Additionally, the braking systems, power
train, suspension, and wiring were restored. For the next 24 years the poor
car has been exiled to 9 different garages waiting for the final restoration operation:
fully stripping, re-glassing, and painting the body.