Investing in classic cars may become more of a thing than ever with the introduction of more high-tech features in cars as well as electrification. Cars from the 1950s and 1960s, in particular, are still a thing and this Series 1 Lotus Elite is up for grabs for a fairly reasonable price, given all that has been done to it. It’s also finished in the correct colors and it is, essentially, a poor man’s Jaguar E Type, only much rarer.

The Lotus Elite Series 1, internally known as Type 14, was produced from 1957 to 1963 and had a total production run of just over 1,000 units, with around 500 assumed to be still in existence. No doubt, many of the Series 1 Elites were destroyed in racing as the model competed at Le Mans. This particular 1960 example saw some racing before its acquisition by the current seller 11 years ago.

The car is in the proper British spec of dark green exterior color (not the original paint color) with beige Conolly leather upholstery that has been refurbished at some point. Behind the large, three-spoke, wooden steering wheel (which is on the right side) peaks a simple instrument cluster with easy-to-read gauges. The fiberglass body has been kept in immaculate condition with the paint and all chrome bits, including the 15-inch wire wheels still shining almost like new.

The 1.2-liter, Coventry Climax, inline-four is mated to an MG, four-speed, close-ratio manual with 4.55:1 gears, which routes power to the rear through a limited-slip differential. The car is extremely light, at 1,110 pounds (503.5 kg), which is why the 75-horsepower engine provided enough performance for a 0 to 60 mph (97 km/h) time of 11.4 seconds on to a top speed of 112 mph (180 km/h).

Lotus Elite Series 1 specifications

This lightweight Lotus with a chassis number 1146 has been kept in great shape and work over the last year includes cleaning the carburetors and replacing various parts such as the spark plugs, brake master cylinder, and clutch hydraulic cylinders. The car comes with partial service history and a clean California title.

The engine was rebuilt in 1992 by SascoSport of Stratford, Connecticut, and includes extensive upgrades to the engine, including a ported cylinder head, forged internals, the addition of an oil cooler, and upgraded carburetors, all of which should breathe new life into the old engine and give it some extra oomph.

For all its simplicity, the Series 1 Lotus Elite was also fairly advanced, featuring the first-ever monocoque body with a glass-reinforced plastic for the entire load-bearing structure. Peter Kirwin-Taylor penned the design of the Elite, with the help of aerodynamicist Frank Costin. You will notice many design features that made it to the Jaguar E Type Low Drag.

At $45,000, the ultra-lightweight Lotus Elite is one of the most affordable British classic cars. With only around 500 examples still surviving, the Series 1 is becoming an even-more treasured automotive icon, and with 59,000 miles (approx. 95,000 km), it has plenty of life left in it. As a bonus, it also looks like a mini-version of the Jaguar E Type (which came after it), and that’s one of the most beautiful cars ever made.