I have always been a fan of the small, open wheel sports cars like the Ariel Atom, but as my budget does not allow the purchase of such a vehicle, I have decided to built something along those lines. However, my plan is based on being as low-budget as possible in an attempt to show that you can build a car that is fast, fun, handles well and looks awesome for very little money. Basically, I will try to get as many parts as possible for free or very little money, meaning parts will likely come from junkyards, donor cars, friends, etc, as well as scouring places like eBay for the best possible deals and fabricating parts when necessary.
The basic design idea for the car will be an open-wheel type, with a completely fabricated body of my own design, built upon a tube chassis. I am hoping to keep the car well under 2000lbs, hopefully between 1600-1800lbs. I have not decided on whether it will be front-engine/rear drive or rear-engine/rear drive, mostly as I have not made my final decision on powerplant yet. I have 2 engines in my possession which I am currently considering. First, a 1981 5.3 liter Jaguar V12 that came out of a rusted out car with 80k original miles, cost was $75 after I scrapped the rest of the car. Next is a 1970 500ci Cadillac V8 from an eldorado, complete with trans axle, that I picked up for $200. Each has pros and cons, and while I like the idea of a V12 (nothing sounds like a V12!), the Cadillac V8 and trans axle would make for a great rear-engine set-up with tons of torque (approx 500ftlbs), though it is an automatic transaxle. That said, the benefits of a rear-engine design may outweigh the coins of the automatic trans axle. And there is the possibility that I can eventually locate a manual trans axle that can be made to work.
The chassis will be a tube frame, with 2"x3" rails and the rest being round tube mild steel. I have built several tube chassis for short-track racecars, so I am very much familiar with chassis design, and I have a ton of front suspension components in storage (upper and lower tubular control arms, steering racks, coil-over shocks and springs, basically most everything needed to build a proper front suspension).
This is obviously a long-term project, but I will provide updates as they become available, and I welcome any feedback.