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For some reason I don't have my magic carpet anymore.

I think what happened was I parked my carpet at the front of a city then, neglecting to pick it up, I explored the city and as I did so I changed floors. Back at the entrance the carpet is no longer there. And it doesn't seem to be in my inventory either. Of course I don't have a previous save.

Is loosing the magic carpet actually possible in U5?
This question / problem has been solved by dtgreeneimage
First, I am going to assume you mean "lose" rather than "loose".

Anyway, one thing about Ultima 5 and earlier is that the game does not remember the state of areas that you are not in. Therefore, what probably happened is that you left the carpet on one floor, changed floors, and then the game forgot about the carpet, causing you to lose it.

Fortunately, there is a way to get the carpet back without starting over. You see, since you don't have the carpet, the game does not remember that you picked up the carpet in the first place; if you go back to where you originally obtained the carpet, you will find another one there, ready to be picked up.
yup note if you enter combat while riding your carpet you will lose it if you die
(same is true i believe for any vehicle)

but as the 2nd poster said you can get a new one anytime you go to the location
where you gained the 1st one
even to the point of stocing up several carpets if you choose
Yep. I was able to get back to where the magic carpet was found and get another one.
avatar
Aaron86: Yep. I was able to get back to where the magic carpet was found and get another one.
hapy flying sir or miss may your skys always be friendly