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i *really* think you'd be tossin' good money after bad with the early Europa... and I've had thirty years of Lotus ownership and worked on 'em (the early cars especially) for my bean money. Eschew the S-2, and *patiently* wait for a T/C if you truly WANT a Europa... but that's just the way I think.
The Gordini head was GREAT for the French engine when it was contemporary... and as Tim points out: there are parts you will NEVER be able to replace (at reasonable money) today.
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Opinions are plentiful. Eventually you will have to make up your own mind based on your own priorities.
It sounds like DrEntropy has lots of experience to back up his opinions. But I've been a Lotus fan since 1962, a fulltime owner for 32 years (never had less than two), I've got 220,000 miles of total seat time in four Europas (two S2's and two Twin Cams), and I've done all my own wrench work and most of the local club's.
I've got opinions too, and they're only relavent to my goals for the car. But it's your goals and opinions that will count when it comes time to make the purchase. Don't let anyone else drive you to a car if you're the one who will be driving it.
Compared to an MGB/ Triumph budget level, any Lotus will be a money pit. Lotus-only parts are always expensive, and any common part like a Lucas bit is twice as expensive if you buy it through Lotus dealers (a cross-reference list is a valuable tool). Independent Lotus parts suppliers like JAE are much better about providing common parts at real-world prices.
The Europa purchase price will be much less for the S1-S2 than a Twin Cam. Due to the Renault engine, S1-S2's aren't viewed as true-Lotus by collector purists. All else being equal, a Twin Cam will cost significantly more to purchase just based on collectability and popularity. The TC will offer little in the way of amenities over an S2, will not handle as well (100 lbs heavier and jacked up), and a Renault engine can be hotrodded to more street-power than a Twink for less cost than a straight overhaul on a Twink.
Once you're past the price of admission, both S1-S2 Renault and Twink Europas will be expensive to restore and maintain compared to more common British sports cars like MG or Triumph. And the Twin Cam will cost even more due to the more expensive engine bits.
Twinks have more blue-sky collector value, so if you're thinking of getting your money back when you sell... go Twink. If you want a driving experience and can't imagine ever selling it, go Renault. If you want a comfortable cruiser for Sunday wicker picnic basket afternoons and car shows, if a Miata is your version of "roughing it", then go Twin Cam. If you think of Lotus Sevens and Elevens as street cars and really want a 4-wheeled motorcycle, go S1-S2.
Make a list of British cars rank-ordered from best handling to worst, and the Europa TC will be right up near the top. Moving up the list, one car that can beat the TC on handling is the S2. A car that can beat the S2 on handling is the S1. The sibling's order reverse when ranked by comfort and amenities.
The "best car" is purely a function of what your goals and expectations are for it.
The Renault Europas are the least expensive Lotus to play with. Back in the day, the Elan was the main Lotus offering and the Europa S1 was intentionally designed to be the low cost, entry level model. It was also intended to by Lotus foot-hold in the then-new European Common Market... hence, the Renault pushrod engine & gearbox.
The Europa Twin Cams cost more to restore & maintain because the Lotus-only engine bits are stupid expensive, not because the basic car design changed significantly in expensive ways.
The later 907/910 engine powered cars cost still more because the Lotus-only content ($$) went way up. Especially in the fully Lotus-built engines (Vs Lotus head conversion on a Ford short block). Jump in at any level you like.
I've owned two S2's and two TC's for many years and many miles. I really like both models. I love the early handling. I love the Twin Cam engine, although it's an expensive mistress. For a street car/ cruiser/ over-the-road car, I'd take a Twin Cam pretty much stock. Besides, the extra headroom would be better for my tall son. For an autocross car or Banzai road burner, enclosed Seven alternative, I'd go with a hotrod S1-S2. That's about what I have now in the 69 S2. It's probably pushing the limits of street practicality, but it handles like a waterbug, weighs about 1400 lbs and scoots right along with 110 rwhp. But I sure miss that lovely Twin Cam sound!
Good luck,
Tim Engel
69 Europa S2
78 Eclat (ey clah')
79 Eclat
80 Esprit S2