Lotus Elan

Real S2 Barn Find - feedback requested

PostPost by: Tahoe » Sat Jun 29, 2013 11:47 pm

This car was just discovered by my friend. Can't give the location just yet because I'm thinking of buying it. Please check out the pictures and give me your feedback on it's value. Engine is rebuilt but everything else needs to be done (obviously). The car was last registered in 1980 and hasn't moved from it's garage since.

https://plus.google.com/photos/108454271071259338419/albums/5895052062941307169?authkey=CL_gxpXUiYawEQ
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PostPost by: richardcox_lotus » Sun Jun 30, 2013 9:38 am

Wow that's quite a find - an early car which looks like its got all the hard-to-find bits with it, plus hardtop.

So you need chassis; full paint; wiring looms; upholstery; gearbox; probably diff; wheels may be ok but need tyres. And don't forget wiper blades at $10.50.

I'm not up with US labour rates but I wouldn't expect any change out of $25000 if you we're to charge it out. Restored Type 26s go for what - $40k+ US ??

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PostPost by: stevebroad » Sun Jun 30, 2013 10:27 am

Wow, a rare find indeed. Stored in a dry barn may mean the chassis is OK. However, for pricing to buy I would assume a replacement is needed.

The beauty of these cars is the fact that everything is still available.

What makes you think it's a 26R Richard?

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PostPost by: richardcox_lotus » Sun Jun 30, 2013 11:37 am

I don't Steve. But I worked on the assumption that $40k US was about ?33-34k sterling -top line type 26's (not 26R's) are making.

Of course that not to stop people converting it to a 26R....
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PostPost by: nomad » Sun Jun 30, 2013 12:00 pm

So how lucky did you get, Russ? Can you buy it for $3K??




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PostPost by: Tahoe » Sun Jun 30, 2013 1:19 pm

I'm still trying to find out all the details on it. My friend knew the car existed for about 40 years. I also new of the car, but we both thought it had gone away years ago. We were driving around his area one day and spotted the car and even 40 years ago I don't think it ran. Trying to find details on the engine because it was rebuilt in the 90's but never installed. Why you would rebuild the engine before doing the rest of the work I don't know The car has it's gear box and rear end but does not have the original wheels. It took my friend 3 hours to get in to take those pictures. The car is for sale for sure, and I have the right of first refusal. He wants it to go to an enthusiast but has no idea what to ask. It's easy to get caught up in the car and pay too much but I do believe it a very sound basis for a restoration. I say restoration because it would be nice to save the car and not modify it, FYI, one picture shows a non-cross flow motor and trans and that was not part of the deal and I do believe my friend wants that.

If I get cold feet is there anyone interested in it? I can tell you it's in Southern California and I know there are plenty of you in that area that may want it. It would be nice to have a consensus on it's real value though. So in all honesty what would be your maximum dollar amount for it?
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PostPost by: stevebroad » Sun Jun 30, 2013 9:23 pm

richardcox_lotus wrote:I don't Steve. But I worked on the assumption that $40k US was about ?33-34k sterling -top line type 26's (not 26R's) are making.

Of course that not to stop people converting it to a 26R....



Oops, didn't read your post properly, saw 26s and read 26R. My apologies.
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PostPost by: nomad » Mon Jul 01, 2013 6:15 pm

Legal right of first refusal or verbal?? :D
I'm far from an expert but I would say that if you got it for 12K that it would be a bargain. It appears to be fairly complete and I am guessing according to E-bay auction's.
Are you sure the engine was done right?

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PostPost by: Tahoe » Mon Jul 01, 2013 6:52 pm

I have no clue if the engine was done right or not. I have decided not to pursue the car because the timing isn't right, and hopefully someone else can finish the car. If I bought it it would sit for sometime before I'd have the time and funds to finish it properly. I've had several people contact me, and I'm giving them pole position on this car in the order they contacted me.
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PostPost by: RotoFlexible » Mon Jul 01, 2013 8:32 pm

The Twincam does not appear to be the original engine - "L" block and a later cam cover. My S2 has an "L" block but, as has been discussed elsewhere, that is a real oddity. And this car is an S1-1/2, significantly earlier than mine.
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PostPost by: Ross Robbins » Tue Jul 02, 2013 6:00 pm

While I'd love to see this car restored it would have to be a labor of love and patience as the values for type 26 Elans in the USA are not as high as those in the UK. A top notch car might bring $40,000 but the restoration costs wouldn't leave any margin on a $10,000 purchase price unless the frame is OK and one does most of the work.

We have a member on here who has just done this work on a barn find S3 SS I found for him in better shape than this that needed no chassis replacement and who bought the car for less than $10K and I'll bet he would make about $5 per hour for his work at a $40,000 sale price. Chime in if you'd like John and tell the truth about the three steps forward two steps back process over several years. :D :D
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PostPost by: cal44 » Wed Jul 03, 2013 1:07 am

Russ,

I'd start at $5500.00 after a frame peek. The last Plus 2 I bought with pictures out of Kansas City was popcorn fart dry, so you never know. You are lucky that many Lotus parts companies and builders are west of you.

Just figure how much a restored one costs and start subtracting..............

Hope you get it........you lucky so-n'-so. Keep us in the loop.

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PostPost by: theelanman » Wed Jul 03, 2013 8:46 am

cal44 wrote:popcorn fart dry


lol.... :lol:
that a new one on me......
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PostPost by: zog » Thu Jul 04, 2013 1:30 pm

Rebuilding a barn find is a lot of work and it takes a lot of money. I know, I've done a few.

If you are doing it for yourself and you are going to keep it. then the costs are justifiable as you can point at it with pride and say "I did that!"

If you are building it to flip it, don't expect any return on your investment. I am just finishing up an early Coupe. I did almost everything myself and I've just spent a bit over $21,000, not including the original purchase price of the car. I'll get my money back, but I'll make only about as much as a bank CD pays these days.....

But I really enjoy most of the rebuilds. It's a hobby that pays for itself.
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PostPost by: jfornarola » Fri Jul 05, 2013 12:00 am

Since Ross prompted it, I thought I'd chime in. I think this one comes close to mine in that the car is mostly complete and it would be a shame to even think about parting it out. A restoration would be a labor of love. I did a lot of work myself, had lots of help with the skilled work (frame gussets, bodywork, engine) and still took three years (it's not done). I've learned a lot during this project and I've assembled and re-assembled it several times as I've done one bonehead thing after another and learned the right way. And yes, $5.00/hr. is probably a high estimate for my time.

So, you're not doing it to make boat loads of money. I do it to stay out of the bars/pubs at night (and during the day). I agree with Cal44; $5500.00 or a bit less depending on the quality of the frame is a start. The body will need some work - more than just jell coat. But that said, the purchaser can have a fun project and then drive the heck out of it!

Just my $.02...

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