I have been commuting and doing everything on a mtb for a long time now. Recently I have been wanting to give a road bike a try but dont have the money for something I may not like.
Was riding home yesterday and saw a pile of bikes in a scrap metal pile, stopped and asked the man outside if he mind if I looked through them before he took them off. Well I found what I guess is a '80's Lotus excelle, not in great shape but not too bad either. Tubes, tires, and cables after some cleaning and grease would be really ridable. The worst part is it is really small, like 17" from BB to top of seat post, I am only 5'5 but think it may be even to small for me.
I am wondering if it would be better to just find a frame somewhere and just throw the wheels and everything else on it or fix this up and try to sell it to buy something else. If I go the way of finding a better sized frame what are the difference to be concerned with? I am thinking I would need to find a frame with fork, then make sure the width of frame stays would have to be same to use the 700c wheels from lotus.

On a side note, this thing is light, I really wish it was more my size. I can not believe how light a steel frame can be.

Normally, your road bike frame size is larger than your mountain bike frame. Without seeing it, I'd guess a 17" road bike you found is too small for you. If you post a photo standing over the bike that would help. Getting a road bike that fits you and is adjusted right really makes the difference between a comfortable ride, and pain or cramps after riding a while. You'll help yourself by learning the most about how to choose your size in road bikes and then trying some bikes on the road. It would be nice to get some help from friends with road bikes and visit a bike shop that can let you try some bikes that would be adjusted to fit you best. Good luck!

Depending on your leg length you would ride something around a 52 or so. That is around 20.5". Put up some pics, perhaps someone may have a good trade in mind? You may have to do that sort of thing in the sale forum?

Thanks guys, yea I am sure this is going to be too small. It was only $10.00 so not unhappy about it, when I get home I will try to get a picture of it. I think it's a very nice frame, just wish it was bigger, lol. The best I can figure is its a late '80s Lotus Excelle, has sport series on top tube, seems all original and is extremelly light. Would love to trade it for something around my size just don't know if anyone would have a need for a frame this small. If my math is right it is 43cm, has 6 cogs on rear and 2 up front, the big gear is Biopace, and 700c wheels. Havent been able to find much on it.
Here is a pic I found on photo bucket of a larger version.

Strip it of its parts and wheels and go back to the scrap metal pile for a bigger frame.

The good thing is you just picked up half a bike, now you just need the other half

Posting a pic of the little frame you picked up might interest someone to trade with you for something larger.

Clean it up and sell it, use the money to buy one that fits.

If I get to mess around tonight I will strip it down and post up a pic. Just not sure who would have a use for the small frame but would really like to trade it. There is nothing locally in the way of bikes, 1 LBS and he only sells new stuff, great guy just not enough interest in area I guess.

You may have to look at bigger neighboring cities. Small bikes are easy sells as they seem to be harder to find.

Well, started stripping it down and took a couple pics. I wonder what the chances would be of being able to trade the frame or should I just concentrate on buying a bigger frame due to lack of interest in such a small frame?