It looks a little old-fashioned, and it only has a four-cylinder engine, but the latest Type 5 is more than capable of embarrassing a Porsche or Lotus on your favourite piece of twisty tarmac.
And it will be doing the same thing in Britain as part of a renewed export drive by Lotus.
Elfin was brought back from the dead by its V8-powered MS8 and Streamliner but it is the Type 5, with a sharper edge and a nicer price, which has the real potential.
Its power-to-weight ratio is better than most supercars and makes acceleration a race against the rev-limiter.
But it's the corners that really reveal what the Type 5 is about.
The steering is so direct it resembles a road-going go-kart and, like a go-kart, you can also steer it with the throttle.
The Type 5 is ideal for the sort of track-day action which is growing in popularity in Australia, as I discovered with some hot laps at the Broadford circuit close to Melbourne. That's where the Type 5 emerges as a giant-killer and more like a 1950s clubman racer than anything modern.
It is a car which loves to be hustled.
The brake pedal is a touch wooden on the first prod but, even as I notice it, I've already dropped 80km/h for the first turn at Broadford. So I turn. And I'm almost around.
It's then just a case of putting in the laps to find where my limits and the Elfin's co-exist. Find a happy medium and it's probably time to upgrade the suspension to add spring seat and rebound adjustment to the standard camber, toe and bump settings.
Unlike its V8-powered stablemates the Type 5 is, according to Elfin's general manager John Clark, a modern-day clubman.
"When we launched the V8s, there was a bit of feedback along the lines of `why don't you develop a true modern clubbie', so we have," Clark says.
Clark is justifiably proud of his new toy — and I use the term correctly.
The Type 5 isn't a practical weekday vehicle. There's no roof unless you remember to fit the optional canvas cover before you leave the garage and storage space is limited to what you can fit on the passenger seat and floor.
It will also pay to apply industrial strength hair gel before you leave home — or pull on a helmet — because this car embodies the carefree "wind-in-your-hair" approach from a time when driving was still about enjoying yourself with the elements.
Development of the Type 5 has been underway for more than 18 months and full-scale production will ramp-up in 2009.
Elfin is part of the Walkinshaw Performance group which also owns Holden Special Vehicles and that mean access to the GM catalogue which provided the engine from a Pontiac Solstice in the USA. Many other components wear a GM label, such as brakes from the VE Commodore.
"You can walk into your local Holden service centre and order most parts off the shelf," Clark says.
The Type 5 is priced from $64,950, though most owners will spend at least $70,000 optioning and personalising the car. To that end, the paint colour choice is virtually unlimited.
"We'll paint it whatever colour the customer wants," marketing executive Gary Beer notes.
Elfin plans to build 100 Type 5s a year, with 65 allocated for sale in the UK. That leaves 35 for Australians who appreciate being part of a select club and enjoy the challenge of driving a car that is more than just a piece of suburban transport.
Snapshot
Elfin Type 5
Priced: from $64,950
Engine: 2.0-litre turbocharged four-cylinder
Power: 194kW at 5300 revs
Torque: 351Nm at 2500-5300 revs
Transmission: five-speed manual
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