Abstract: A two-wheeled vehicle which can be collapsed into a fully compact, retracted condition or expanded into any one of a number of different forms including the form of a cart, a chair or seat and a two-wheeled carrier for an elongated object, such as a two-wheeled carrier for an elongated object, such as a surfboard. The vehicle has an axle provided with a pair of wheels at the opposed ends thereof. First and second U-shaped elements are pivotally connected to the shaft near respective wheels. A flexible sheet is mounted on and extends between the crosspieces of the first and second elements. Third and fourth U-shaped elements are pivotally coupled intermediate their ends on respective first and second elements, and the positions of these third and fourth elements determine the form in which the unit is to assume. A locking bar near each mounting plate frictionally engages the fourth element to releasably lock the latter in its operative position so that the fourth element forms the handle of a cart.