Collectible autos: the Lotus Elise

Lotus has been making cars since the late 1950s and they're all largely indistinguishable from each other: for example, almost all of the cars are extremely light (like this Elite), look like frogs (like this Europa), and all have names that start with E (like this Elan). I'm not so sure about the names or the frog-eyes, but the speed and handling of the Lotus cars has become legendary—due in no small part to their light weight.

The Elise is a fine example of all three of those qualities: it weighs under 2000lb, it looks like a squinty toad, and its name does, in fact, start with an E. The Elise is particularly notable because it's one of the finest-handling cars available today and it's actually moderately accessible to mere mortals—or at least actually accessible to merely moderate mortals...however you want to look at it.

Now, the Elise has undergone two distinct generations: Series 1 made from 1996–1999 and officially available only in civilized parts of the world (i.e., not the U.S.); and Series 2 made from 2000 and sold here in the US since 2004. It's difficult to tell if you've never seen these cars, so here are pictures of the Series 1 and 2:

As you can see, the lines on the Series 1 Elise are much more subtle than on the Series 2.

Now, all Elises feature an extruded aluminum frame, a mid-mounted 4-cylinder engine, and very little else—and that's really the point, because the lack of all of the heavy things is responsible for the way this car accelerates, turns, and stops. The Elise handles so ridiculously well that it's become the yardstick by which nearly all other cars are measured. Even the Bugatti Veyron, a 1001hp supercar which costs $1 million to buy and $5 million to make, has been called, "a big Lotus Elise." When describing the most powerful road car ever built, the best words were of the 190hp go-kart called the Elise.

Collectability: Above average. It's not a Ferrari, but it's just as fun and a third of the price.

So, on to the breakdown about the Elise.

(+) It's the finest handling vehicle...ever, really. There's not much debate around this—there really aren't many things with four wheels and doors that handles quite like an Elise. I've heard that the Ferrari F430 is close, but the F430 is also four times the price.

(+) It's a genuine exotic. Early cars made by Lotus don't quite have exotic status (e.g., Elan, Europa, etc.) but the later Esprit V8 GT models cemented the British manufacturer as capable of something really interesting. The Elise isn't a stratopheric vehicle, but it's unique and very highly respected.

(+) It doesn't have an exotic price tag. Yes, it's more than a Toyota Corolla, but it's also less than some large SUVs.

(+) It's designed to be driven hard. These cars are raced regularly and if you want to take it out to the track a few weekends each year, it's very likely that the Elise will take the abuse with few complaints.

(-) It's small. Yes, it looks like it's the size of a clown car, but believe me, it's actually smaller than it seems. If you're much over 6'2" you really won't ever fit in the car with the top on. And much like the Lancia Stratos, you don't get much beyond the two bucket seats.

(-) It's designed for track use. This means that it's spartan and rough. If you're expecting a comfortable drive in a car with great visibility and a plush interior, you'll be disappointed. The Elise offers a raw connection to the asphalt—and that means oodles of grip, but a bit of road rash, too.

Expect to pay: $50,000 for a new Elise.

Bear in mind that the Elise has only been officially imported to the US for a little over a year. Waiting lists are still fairly long and if you want one now, you'll have to cough up some extra cash. Some Series 1 and older foreign Series 2 vehicles were individually imported, and can be had for a bit less, but they're nevertheless fairly rare.

What to look for:

• Federal Elises (i.e., those imported officially) are all fairly similar, but if you're getting an older model, there are a number of interesting packages available. Both the 111S and the Exige came with larger engines than the base model.
  
• Within moderation, modifications are acceptable. The Elise is exotic, but it isn't sacred.
  
• Do be wary of any cars that have been damaged in racing. Most Elises will see track time at one point or another, and it's worth checking the undercarriage for any forays into the kitty litter. Be aware of bodywork replaced due to run-ins with concrete walls or other bumpers.
  
• Always be on the lookout for a hooting good time. These cars are fantastically designed and just tooling around in one can be a real treat.