Is the value of Europa starting to skyrocket?

[BDA]

Back in May, I found a '75 TCS on Hemmings for which the owner would not take less than $36,500 (https://www.hemmings.com/classifieds/cars-for-sale/lotus/europa/1922755.html). I thought that was stratospheric but today, I found one on ebay for $39,750 (http://www.ebay.com/itm/1974-Lotus-Other-Europa-Twin-Cam-Big-Valve-/372035268762?hash=item569f07b09a:g:1owAAOSwTLxZhfn6&vxp=mtr). The one on ebay looks nice, but it is not nearly in as good a shape as the Hemmings car.


It wasn't that long ago that you'd be lucky to get more than $10,000 for a nice TCS so these seem like truly nosebleed prices even, or especially, considering that Hagerty Insurance Co. values a concours '74 TCS at $38,700.


Neither of these cars has sold yet so I think the owners may have an inflated view of the values of their cars, but I find it interesting that at least two people think their Europas are worth well over $30,000!

[FranV8]

If you work on the basis that the dollar price often equals the pound price, then that sounds closer to alignment with UK pricing.

If you want a brief look check out Europas on classiccarsforsale.co.UK

Even at those prices it still feels like less than the cost of restoring one!!

[EuropaTC]

Interesting finds BDA and I'd agree the Hemmings car is the nicer example. The paint on the Ebay one is excellent if it really is completely original and has 42,000 on the clock although I'm not convinced on the originality score. There's been work on the gearbox engine mods and that exhaust looks as if it's going to hit the driveshafts; silly little things like that always put me off.

But pricing in general ? I wouldn't say there's been a big jump over this side of the pond but there is an undoubted increase across the Lotus range and the Europa is plodding along behind.

I've just checked the "Practical Classics" price guide as my insurance is due for renewal and we have agreed values over here. Concours TC/TCS is supposedly £24k, condition 1 £17.5k, so that gives you $31k & $22.5k respectively, so slightly behind the Hagerty guide.  The PC guide used to be on the low side and I think you'd struggle to find a #1 car under £20k here from a dealer, or even privately.   If anyone wants to see the guide, it's here:

https://static1.squarespace.com/static/56cc2816b09f95c5501c6175/t/58c96f85f5e2312e4c598d0b/1489596294678/Price+Guide+Spr17.pdf

When you factor in the cost of a concours respray then you're not going to make money on restoring one of these !

Brian

[Certified Lotus]

In 2005 I was very close to buying a 73/74 Europa (was looking at two different cars) and they were in excellent original condition with proper maintenance records and low miles with only 2 owners. The pricing was close to $12K each, which was strong money at the time. My local Lotus dealer (Sports and Specialist Cars) convinced me to buy a new Elise instead.

So here I am, purchasing a 72 Europa twin cam in 2016 that requires a full restoration.  The price for a running car but needs lots of work is in the $10K to $15K range today.  I figure I'll have about $30K+ into my car when I'm done (including the price of the car) and I anticipated I would be at the top of the market. But I build my restoration projects for me and it won't be concours level because I don't leave them stock (more power, better suspension, removal of all federal emission and brake stuff).

Bottom line for me, if it's a very good car there is always a buyer. So I'm not surprised that Europa's are now in the $30K+ range, but it took a long time to get here (I've got an early Elan too that has been a slow tick up on valuation, but its steady). More importantly when I'm ready to sell my cars they will hold their value and I'll get my money out (while having the enjoyment of driving them).

[Bainford]

It seems unlikely that Europa prices will rise significantly until sometime shortly after I sell mine, at which point I would expect them to rise sharply.

[4129R]

The average asking price for late TCS on classic cars for sale was £30,000 = around $37,000.

I cannot see that changing much over the next few years.

Alex in Norfolk.

[buzzer]

Well it's all down to the old supply and demand issue. When there are more people after Europas then the prices may we'll go up.
I have. 2 door classic Range Rover. Over the last 3 or 4 years they have rocketed up as most have been wrecked or rotted away and people want them to the point where jaguar rover have added range rovers to their classic service, so manufacturers see money and brand value in keeping the heritage going.. Perhaps lotus should set up a classic service!!
The Europa is a bit of a love it or loath it car which has probably suppressed the values.