Lot details
Year: 1978
Make: Lotus
Model: Elite 501
Registration: XSO 596S
Odometer: 75,000
Engine: 1973cc
Transmission: Manual
MOT: exempt
HPI: clear
Location: Derby
The 1978 Lotus Elite 501 is a fascinating and often underrated classic British GT that marked a major shift for Lotus in design and engineering during the late 1970s. Designed by Oliver Winterbottom, the unusual and distinctive 2-door shooting brake styling was finished off with (always cool) pop-up headlamps. The interior was the height of GT luxury for its time with the large rear hatch and fold-flat rear seats making them a surprisingly practical sports car.
With a fibreglass body on a steel chassis, 2.0L Lotus 907 Inline 4 engine, front engined/ rear wheel drive configuration, independent suspension and disc brakes all round these are a light, nimble, powerful and well balanced sports car; offering the outstanding handling that’s typical of Lotus engineering. With 155 hp, a top speed of 120 mph and a 0-60mph time of 8.1 seconds these were something else in 1978!
Having been in dry storage for a number of years, we are delighted to offer this example ready for restoration/recommissioning. Originally finished in red records would suggest it was repainted yellow in 1997 with the front and rear bumpers colour coded at the same time. There are areas where the previous red colour is still showing and the HPi report shows it as red, an easy detail to amend when applying for a V5C.
The interior is finished in black velour which appears to be in good shape, its been fitted with a pop-up sunroof and cassette player and its riding on the correct Lotus alloy wheels.
Whilst the file has been lost it has retained the keys and we can confirm that it starts and runs, albeit briefly as the water pump belt is not present. As with any car that hasn’t been used for a long period a full mechanical recommission will be required along with a check of the braking system and structural integrity to safely return it to the road.
Often overshadowed by the Esprit, the Elite 501 is now appreciated as a unique GT with its innovative construction, engineering, styling, and Lotus DNA; a worthwhile project to return this piece of British motoring history to the road.
· PLEASE NOTE: A V5c will need to be applied for by the new owner.
Thanks to the vendor for providing/checking this information.
Please note: All lots are subject to a Buyers Fee of 6% plus VAT with a minimum of £600 plus VAT
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