I have a lot of time in a Europa - it was the first manual trans car I drove. My dad bought an S2 in 1970 - kept it for a long time till mid 90's ... had that along with an esprit - they were both kinda bad... and cool... The europa with the renault engine was a bit anemic but it really had no weight to it... so 82 HP was pretty good... but not great by todays standards. I would love one again, but It would have to be totally re built and upgraded: New electrics - entire wiring loom new engine - Honda S2 engine - about 200HP would be awsome beef up the suspension front & rear - Chapman strut great for F-1 not so much for the street wheels & tires - upgrade to set of GT40 retro wheels... slight flair to fender or adjust suspension to keep in same track. Cooling- major issue on these cars - bigger rad with upgraded water pump... A/C for road use is totaly needed. Otherwise to drive its like a kart with a windshield .. and awsome shape. I was at a car show this weekend and saw a series II Esprit and it make me long for one, until i remembered all the Issues --- electrics and stupid stuff... my Dad's cars were all new when bought and really never driven much for fear of them breaking... and seemed like each time one was out - something broke or stopped working...
I like small, "adequate power", eccentric cars. The Lotus Europa fills that bill. I have been able to sample all the variations of the model. The one that I would like to have is an S1. I have a friend that has an S1 that he bought new. It is still his daily driver. There is not much on the road that gives such a fun driving experience. Of course, one has to fit the car. The car makes no provision for accommodating the driver.
Older friend had a Black John Player Special Europa, in Colorado back in the day... nice looking. Was a tripping hazard... what is it 30" tall? Way South of reliable.
GO FOR IT!!!!! Having said that, get a good Twin Cam and not a project car. In about 2 years, you will be laughing your ass off when you realize that for about 1/2 of the PARTS (and not labor) cost of a 3.2 major service you could change the clutch and have the cylinder head rebuilt in the Europa. I know this, because I have owned a Europa TC since June, 1978 and a Mondial 3.2 since April, 2002. If you get a good one and don't like it, shop it by me, and I'll seriously consider buying it from you.
I had a Renault powered Europa in the mid-70s. Driving on a deserted road, you felt like you were at Le Mans; driving in downtown traffic in Washington, D.C, you felt like a cockroach about to be squashed by a truck. Got rid of it to get something even crazier: a 1959 Lola Mk1 1100 sports racer. As a 28 year old, the Europa was the source of my first "published" article, still cited on the internet. From the Lotus ReMarque article index : PLASTIC HEADLIGHT COVERS FOR RENAULT-POWERED EUROPAS - March 9, 1975 - Allan Xxxx Recommends a source in 1975 for headlights covers. (I also described how to use rubber edging from a hardware store and corner braces from an erector set to give a water-tight, fog-free fit. That's how crude the advice was on those old cars, precisely because that's how crude they were).
Just bought three Lotus Europas, two are twin cam Specials. I will be selling the best one of the bunch as I used allocated funds to buy them. If interested PM.