This 2001 Lotus Esprit sold for $55,000 at RM’s auction in Monterey, CA, on August 20, 2005.
The Esprit has been around for a long time. Consider that when it was introduced in 1974, Ferrari was still selling Dinos and Daytonas. When the last Esprit rolled off the production line in 2004, the 308 GT4, 308/328 and 348 had come and gone (not to mention the Boxer, TR and 456).
Despite body redesigns and engine upgrades, the car never really caught on with traditional Lotus fanatics (who thought it too plush and cushy), or typical supercar buyers (who found things like “Toyota” being stamped on the taillight lenses off-putting).
The Esprit shocked at its debut at the 1974 London International Motor Show. It was praised for Giugiaro’s sexy lines but criticized for its high weight (for a Lotus)-nearly 2,000 lbs-when the Lotus Europa Special weighed 300 lbs less. Further, it had a four-cylinder, normally aspirated, 2-liter engine that put out just 160 hp. Where was the spartan Lotus of yesteryear?
The market responded with indifference. Sales of all Esprits ranged from 137 to 1,058 per year, with a total of approximately 11,000 sold by the end of its production in 2004.
Lotus responded to complaints about performance by offering a 210-hp, turbocharged, 2.2-liter four in 1980. In 1988, the edgy lines were softened by Peter Stevens, who went on to design the McLaren F1 road car. In 1997, a 350-hp twin-turbo V8 became standard. However, along with the horsepower came an increase in weight to a monstrous (again, for a Lotus) 3,038 lbs.
While this all-alloy engine put the car on an even playing field with its rivals when it came to performance, it was getting more and more difficult to get the market excited about a design nearly a quarter century old.
But life with an Esprit, especially a V8, is exuberant. I bought mine two years ago and have never looked back. That’s a good thing, as you really can’t see much behind you anyway. I’ve learned exactly what contortions I need to perform in order to get into the car, and which driveways will rip the (fortunately replaceable) front spoiler off.
An Esprit makes sense based solely on the performance and price, but if you consider craftsmanship and materials it falls short. The all-rubber steering wheel is straight out of a Pontiac Trans Am, and there are those Toyota taillights. Those kinds of things just don’t happen at Ferrari or Porsche, where making cars is an art form.
According to the catalog description, this 2001 Lotus Esprit’s miles were mostly put on during highway use. I’m sure these are correct since 30,000 is a lot of miles compared to many Esprits that come to market. I don’t think either car or driver is capable of that many stop-and-go miles around town.
If you’ve decided that you want to give an Esprit a try, I’d suggest getting to know the owner before you buy to get a sense of their mechanical intuition. An Esprit emits a myriad of vibrations and noises; some are characteristic, but others need to be addressed.
Letting too many things go leads to the adage, “You can pay me now or pay me later,” which applies to Esprits in spades. Parts are expensive and can take a while to source. I’d also want to squeeze under the car for a look; since the car is low, it is susceptible to frame and suspension damage. If the tires are worn unevenly, it’s another clue something is askew. Incidentally, a set of new tires will set you back over a grand. And it goes without saying that you should check all things electrical.
In the 6,000 miles I’ve driven mine, I have mainly had to fix cosmetic problems the previous owners had ignored. The car has been in the shop for two months with what started as a routine 48,000-mile service and has since turned into a while-it’s-here kind of thing that extended as far as replacing the clutch, a $2,100 part. I doubt I’ll ever get this money back when it comes time to sell.
Let the market’s lack of interest be your friend. Esprit buyers, especially for the most expensive late-model cars, are few and far between. My car belonged to the owner of a high-end used car lot outside Seattle who repeatedly told me he was sad to let the car go, but it didn’t take much haggling to settle on a price of $41,500, washed and with a tank of gas.
The Esprit trades in a buyer’s market until depreciation takes the price low enough that mildly interested observers might see it as a Ferrari for Corvette money. However, by that time, chances are the car has begun its inevitable mechanical and cosmetic disintegration. A cheap Lotus is never cheap.
At $55,000, this was a lot of car for the money, but on-the-button for value. My advice to the new owner would be to drive it as often as possible, and enjoy the experience-while it lasts.
