Launched in the UK in 2000 and powered by the Rover K-series engine, the Exige was Lotus’s gift to those Elise owners who wanted a bit more power.

But despite a healthy 177bhp the Exige failed to achieve its full potential thanks in no small part to the introduction, just two years later, of the high-power Elise 111R. With virtually identical performance and a substantially lower price tag the 111R took potential sales from its big brother.

However, Lotus was not going to let the Exige die. In March 2004 it launched the series II Exige powered by a 1.8 litre Toyota-sourced engine producing 189bhp that could sprint from standstill to 60mph in 4.9sec and reach close to 150mph.

On paper this performance wasn’t that much better than the 111R, but behind the wheel the new Exige was a revelation, feeling substantially quicker and more responsive. And with a price tag of £29,995 it represented the best way to enjoy supercar performance for the price of a mid-range saloon. A year later Lotus introduced a limited supercharged S version that boasted 218bhp, but these are rare on the secondhand market.

Three years on, the series II Exige is considered by many as a modern classic and one of Lotus’s masterpieces, so it is hardly surprising that secondhand values have remained pretty strong.

The low kerb weight may help with performance but it also means that you don’t get many luxuries in the Exige. Standard cars lack electric windows and carpets and have little soundproofing. This is fine if you intend to clock up most of your miles blasting around a track but a little wearing if you intend to spend a couple of weeks touring through France, or even commuting to the office.

The good news is that Lotus offered a number of option packs, giving owners the choice of making their cars either more user friendly or more extreme. The Touring packs add creature comforts such as electric windows, leather and suede upholstery, a little soundproofing and a couple of airbags. The Sport packs offer everything from a switchable traction control system that improves grip to limited-slip differentials that distribute power more evenly between the rear tyres, allowing aggressive acceleration.

With many owners choosing to tweak and modify their cars it’s worth checking the exact specification of the Exige you are buying. But be careful: some of these options are much more a question of personal taste than a practical necessity, so do not pay a fortune for performance tuning equipment that ends up doing very little for your average motoring.

The plus side of this passion for performance among owners is that many of them are fastidious about their cars and how they are maintained. So while servicing is due only every 9,000 miles most cars will be checked at least once a year and often twice, even if annual mileage is low.

While a full service history from a Lotus main dealer is desirable there are some excellent specialist nonfranchise dealers who can look after your Exige and save you money, particularly when the original two-year manufacturer’s warranty has expired.

On the road the Exige is never a disappointment, handling sublimely on a suspension setup that is more compliant than many would expect. The lack of power steering is soon forgotten once you are under way as the Exige provides a level of feedback and accuracy unheard of in normal cars.

Access to the cabin is pretty tricky because of the wide sills and low roof but inside it’s bigger than you imagine. The standard seats offer superb support and despite lacking adjustment for recline more often than not drivers will find that the car still “fits” them.

The Exige has established itself as a car for enthusiasts but it’s also one that makes people enthusiastic about cars. If you feel your motoring life has become stuck in a rut then try a secondhand Lotus Exige, it may take you in a new direction.

Tyres Driven hard on a track you can get through a set in a morning. Driven gently on the road you can expect 9,000 miles of use

Bodywork The use of composite materials means no problems with rust but repairs can be very expensive

Wheels Check for signs of kerbing and wear and tear from track--day misadventures

Options In addition to the factory order packs owners could also specify limited slip differential, air-conditioning and traction control on any model. So check carefully what you are getting for your money secondhand

Fuel tank A 43 litre tank means limited range so expect to stop every 200 miles if you are driving enthusiastically

Bonnet Check nose area for stone chips that have been poorly repaired

Seats No adjustment for recline but most drivers still manage to get comfortable

LED rear lights 35% brighter than standard bulbs

Vital statistics

Model Lotus Exige

Engine 1796cc, four cylinders

Power 189bhp

Transmission Six-speed manual

Fuel 32.1mpg (combined cycle)

Acceleration 0-60mph: 4.9sec

Top speed 147mph

The one to buy

A 2005 05 Lotus Exige with 10,000 miles. Pay £23,000 at a Lotus dealer or £21,250 privately

Values Mileage

5,000 10,000 20,000

2004 04

Trade £19,350 £18,850 £18,050

Retail £21,750 £21,250 £20,500

2005 05

Trade £21,100 £20,600 £19,700

Retail £23,500 £23,000 £22,000

2006 06

Trade £23,650 £23,050 £22,050

Retail £26,000 £25,500 £24,250

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