Description
1978 Lotus Elite 503 for sale, 109, 500 miles, immaculate condition after being restored not once but twice since 2000 by marque specialists Lotusbits. The latest work, carried out between 2018 and 2020, was the subject of a six page article in Absolute Lotus magazine and the car has since gone on to feature on the front cover of the Lotus Grand Tourers 2022 calendar, as well as Lotusbits’ new website Included in the price, is an extremely rare original luggage set, comprising of four suitcases, that was originally available as an optional extra when the car was launched . The car was recently driven down to Lotusbits for a service and MOT and performed faultlessly on the 400 mile round trip.
History and Paperwork -
Manufactured and first registered in 1978
16 owners
Current owner for seven years
Always garaged
Used regularly
MOT valid until 24th April 2024
Large history file including many invoices and receipts, MOT history from 1987, correspondence from previous owners (including period photos), Certificate of Provenance from Lotus Cars, detailed records of both of restorations (including 100‘s of photographs)
Original unmarked Lotus owner’s pack including driver’s handbook, service book, dealer list, two fold out wiring diagrams and a fold out servicing diagram.
Lotus Elite Service Manual and Parts List
Philips radio service guide
Two set of keysThe Interior -
Front seats and transmission tunnel reupholstered in black leather
Original steering wheel rim recovered in black leather
New black leather handbrake and gearlever gaiters
Heater ducts sandblasted and re-painted
Speedo rebuilt
New ‘Coverdale’ carpets
New pleated headlining
Refurbished Philips RN512 radio with ‘Aux’ input lead fitted (for MP3 player)
Re-chromed rear ash tray
All instruments and electrics work (including clock)
Non air conditioning HVAC module fitted using stainless steel fittings (all A/ C components have been removed)
New boot carpet and battery box
Original luggage set, comprising of four suitcases.
The Exterior -
Full re-spray in Lotus Canyon Red (paint code B117)
Series 2 style waistline coach lines and lower body side stripes painted on in gold
Series 2 front spoiler fitted
Series 2 side skirts fitted
Series 2 rear bumper and tail lights fitted
Refurbished ‘Speedline’ alloy wheels fitted
Headlights converted to electric motors (from Excel)
New stainless steel bonnet frame
Clear front indicator lenses and orange bulbs
New chrome L-O-T-U-S and E-L-I-T-E lettering
New Lotus bonnet badge
New tailgate ‘World Championship’ badge and plinth
New front and rear windows fitted
Aluminium window trim pieces replaced by new (where still available) with the remainder repaired, polished and re-anodised
Door mirror stalks re-chromed
Tailgate hinges re-chromed.
The Mechanics -
Galvanised chassis fitted
Lotus 1973cc twin-cam slant four, 16-valve type 907 engine
Last serviced by Lotusbits in April 2023
Last cam belt change on 22/ 04/ 2021
New rear wheel bearing fitted September 2016
Refurbished PAS pump fitted March 2017
Two rear dampers fitted September 2017
Rebuilt prop shaft fitted March 2020
New exhaust manifold fitted March 2020
Rebuilt diff fitted March 2020
Rebuilt wiper motor fitted March 2020
Replacement header tank fitted March 2020
New fuel pump fitted March 2020
Three core radiator and Lotusbits cooling fans fitted March 2020
Two new drive shafts fitted April 2021
Lumenition optronic ignition system fitted in April 2021
Carburettors stripped, cleaned and rebuilt in April 2022
PNM Engineering four pot calliper brake kit fitted.
Details of additional extensive work carried out by Mike Taylor during the car’s first restoration in 2000 are available upon request (three A4 sheets).
Summary -
One of the final projects overseen by Lotus founder, Colin Chapman, the wedge shaped Elite looked like something out of Thunderbirds when it was launched in the mid 70’s and still looks futuristic almost 50 years later. This immaculate example is reluctantly offered for sale, due to a change of circumstances, at a fraction of the cost of a professional restoration of a ‘barn find’ project.
