Banks Europa value

[fillpoke]

I've got the chance to buy a Banks Europa in totally excellent condition for 18000 GBP. The car was originally an S2 but now has a Banks 47 bodyshell. The chassis is Lotus and the engine 1600 Vauxhall. My question concerns the value of these cars. Since they are not original what is their value? Are they a good investment? Thanks, Dave

[4129R]

IMHO, they will go down in value whereas a genuine TCS with a 1558cc genuine Lotus engine will appreciate currently at £2,000 p.a.

But you cannot pick up a good working TCS for under £28k, so if funds are limited, so is your choice. 

[BDA]

  fillpoke!

Knowing the quality that Richard produces, you surely have a really nice car! As for the probable value, it's hard to tell. Normally, modified cars go for substantially less than unmodified cars. Checking the history of Europa sales on bringatrailer.com  (clicking on "search" and enter Lotus Europa) tells the tale. The last one that sold there (https://bringatrailer.com/listing/1972-lotus-europa-twin-cam-3/) was heavily modified but in spite of the fact that it was well documented - there is even a large website about it that explains all the modifications (https://www.prevanders.net/europa/index.html). That was a really nice car but it brought only $15,000. The guy who built the car is said to have spent over $100,000 on it.

I would expect that your car would be worth relatively more given that it is a Banks car. Richard is a well known quantity among Europa owners. Beyond that, I would have no idea what it would be worth. I know Richard has built dozens of cars and I wonder if there is some price history that you could research.

[EuropaTC]

Hi Fillpoke and 

Hmm, value of a Banks Europa, now that's a tough one.  Firstly, at £18k for any sort of running Europa in above average condition is good value and if the car is excellent then it's extremely good and someone along the line has taken a real hit on depreciation.  We have a forum member who worked for Richard (Banks Europa) so he'll be the guy to talk to about how much it cost to make these replicas and possibly even some history of this car ?

About investment ?  Well, there aren't many around so I can't see them losing that much money if people are paying £10k for projects.  Whether or not they'll gain in value is harder to guess. I'd say yes, but not as quickly as a genuine Europa.  If you look at the 60's Elan market there's a few look-alikes (Evante, the CN Sprint) which came out and like BDA says, modified or replica cars tend to go for less than OEM ones. 

Having said that, if the car still has it's original registration/VIN/Chassis numbers on the DVLA log book they'll be thinking it's an original S2, which of course gives you  the option to return it to S2 specification should you feel the need for it.  Personally I wouldn't  but it's always an option unless the car was registered as "new" after Banks sold it and has a post '73 plate.  Does it qualify for "historic vehicle" status by any chance ?  If so I wonder if it's really an S2 that's been restored rather than a "made from new" Banks Europa.

Finally, should you buy it ? Personally I'd say yes, it's a bargain and the cheapest way into 60's style Lotus motoring you're ever likely to see with the added benefit that it's likely to be faster, stop better and be more usable. 

If you want an investment then I'd say no. It will increase in value but nothing like a genuine Lotus car because people will always pay more for originality. Having said that, if the DVLA think it's still an S2 registered in 1968-71 then ultimately that's what it is, a Lotus that's been restored and had an engine change. Something that's reversible if the prices of Europa S2 cars warrant it.

[JR73]

Welcome to the forum.

If it's the Black one I've seen advertised for sale recently then it was built after i moved on from Banks....

Again, if it's the same car then i would guess that a certain amount of it was possibly built at Banks and then a portion was finished off by the owner? - I say that because there are a number of things about it that I can't imagine Richard doing the way they have been done so to speak...

Also, it has a Twin Cam body not a 47.
See pic below of the one I've seen for sale.

Regardless, it would have cost a lot more to build than the asking price, the majority of the car is original, it retains its original I.d, it could be fairly easily restored back to 'original' should the values rise enough to warrant it and it isn't too heavily modified anyway (Lotus chassis with a Banks twin link kit and possibly some other bits and bobs) but enough to make it very useable. The 1600 8 valve Vauxhall engine is well suited (both in weight and power etc) and again would give you many more trouble free miles of enjoyment than an original Renault engined S2 would (I have seen more S2's with engines swapped than I have original! - Renault crossflows, Fuego Turbo engined etc etc that would have been done late 70's/ early 80's - still modified all the same!). Again though, if you find a Renault engine it's easy to revert back should you wish (I wouldn't!).

It is a good few years since I worked at Banks and even with the increase in values since then, any of the fully restored to original Twin Cam Specials that were done back when I worked there still wouldn't be making back the money they cost to restore...