Welcome to another edition of What Could Possibly Go Wrong — our used car series where we dive into whether that tempting exotic car in the classifieds, priced like a sensible secondhand runabout, is a hidden gem or a fast track to financial ruin.
This week we’re looking at a car that can be picked up for around £10,000 if you don’t mind looking around and can live with a careworn example. Up the sum to £15,000 and you’ll be looking at well-looked-after example that could realistically be used as a daily-driven car.
But, £15,000 opens the possibility of a new car (a Dacia Sandero is the best bet) and a treasure trove of used buys, covering all bases and needs. Beyond the blossoming world of used SUVs, there’ll even be a healthy selection of our 2025 Parkers Used Car of The Year, the BMW 3 Series. So why would you instead go for a car that doesn’t even have carpet? Read on and see whether a Lotus Elise should be the wild card choice on your next car shopping list.
The first-generation Lotus Elise is now firmly in the collectible camp, so I’m instead going to focus on the Series 2 Lotus Elise, made from 2000 to 2011. From as little as £10,000, it’s still possible to pick up an example of one of the finest-handling sports cars of the last 25 years.
Everything about the Elise, other than the driving dynamics, is a question of compromise. There’s no power steering, which makes low-speed manoeuvring a pain, but the trade-off is steering that’s scalpel-sharp and wonderfully communicative. The interior is spartan, but every kilogram saved helps keep the weight down to a featherweight 860kg. To put that into perspective, that's 250kg less than a Mk8 Ford Fiesta.
Normally with WCPGW, there’s enough mechanical red flags floating around to make it obvious what could possibly go wrong – everything and anything. But examine the underpinning the Lotus Elise should proof to be rather reliable and stress-free to run.
This generation of Elise used two engines: 2000-2005 examples use a Rover K-Series unit that has an unfortunate habit of cooking its head gasket – often leading to catastrophic engine failure. I doubt you’ll find many that haven’t had some preventative action taken. A 1.8-litre engine Toyota unit was introduced from 2004 and is far tougher.
The plastic composite (fibreglass) body is tough and won’t rot, while the exotic bonded aluminium chassis is strong – as long as you keep an eye out for galvanic corrosion, where different bonded metals corrode due to contact and the presence of electrolytes. It’s nice and simple, too – no leaking air suspension, outdated infotainment system, or trick dual-clutch gearbox to go wrong. Its mechanical simplicity is a massive plus point when buying used.
While a full servicing kit isn’t readily available, I was easily able to source the correct oil, filters, wiper blades, and spark plugs – and prices were what you’d expect to pay for a used hatchback. Brake discs will set you back just £65 for a front pair, while a new clutch is £110. Need a new fibreglass front end? An unpainted clamshell is £499.
Don’t forget, there’s a blossoming cottage industry of Elise upgrades, which means aftermarket support is excellent. Better brakes can be sourced for £250, and a racing clutch is £400. A dedicated and engaged ownership base also ensures that almost any technical question has an answer buried somewhere on a forum.
As for rivals, there’s the suspiciously similar Vauxhall VX220 – a car co-developed with the S2 Elise but sporting an optional turbocharger for more power (yay) and a Vauxhall badge (meh). These do tend to sell closer to £20,000 though.
A Porsche Boxster or BMW Z4M Roadster of a similar vintage are worth a look too. They’re heavier and softer, and while they can’t quite match the Elise’s agility, they are more powerful and easier to live with thanks to their plusher equipment levels.
If you need something more modern, the obvious choice is a current-generation Mazda MX-5. There are plenty of used examples around for similar money. Like the Elise, it’s a two-seat convertible sports car, but with more creature comforts to make daily life easier. It’s not in the same league on a track, but it’s still great fun to drive, reliable, and affordable to run.
To find out more, read our full Lotus Elise (2000-2022) review
Pros
- Huge fun to drive
- Affordable to buy and run
- Strong performance figures
Cons
- Don't expect any luxuries
- A pain to get in and out of
FAQs: what you need to know about a used Lotus Elise
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How much does a used Lotus Elise cost?
A ropey, tired example that’s spent most of its life on a track will be available for around £10,000. These can be worthwhile projects but will need some hefty TLC to get them into a respectable condition. The sweet spot is £15,000, here you’ll find clean, respectable models that might have the odd blemish but should prove mechanically sound. Special edition examples can easily command north of £20,000.
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How much did a Lotus Elise cost new?
Part of the appeal of the Lotus Elise was its reasonable price tag new. According to our logs, the Lotus Elise cost just £23,000 in its most basic form when it launched, raising above £30,000 for later, more powerful variants like the supercharged SC and R.
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How to buy a used Lotus Elise
We don’t blame you for being tempted, but despite mainstream mechanicals there are a few problem spots to look out for. Here are our five problem areas to inspect:
• Body panels: The exterior panels are all fibreglass, which is lightweight and won’t rot. However, they can crack — which is unsightly — and are a pain to repair. New panels are in plentiful supply for a reason.
• Head gasket: Up until 2005, the Lotus Elise used Rover’s K-Series engine — a light and peppy unit that gained a reputation for cooking its own head gasket. Check under the oil cap for a mayonnaise-like substance (then walk away), and keep an eye on the temperature during the test drive.
• Radiators: Factory-fitted units are plastic and can crack over time, leading to overheating issues. A popular aftermarket upgrade is to an aluminium radiator.
• Gearbox: This issue affects later models running Toyota drivetrains. The synchro wears noticeably between third and fourth gear, which can cause gear grinding or hesitation.
• Leaks: All Elises are convertibles, and there are reports of the seals between the windows and the fabric roof failing over time. The good news is that moisture should be easy to spot — there are no carpets to hide it.
Should you buy a Lotus Elise?
If you’re prepared to look around £15,000 mark for used Lotus Elise Series 2, and you make sure to tick off the essential checks we’ve listed above, then yes you should. I’d certainly be very tempted by a thrilling to drive, reasonably lean to run and reliable sports car. The biggest blocker are the shortcomings of space, refinement and equipment, but an Elise is probably the best sports car in this price bracket.
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