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Check for all the rust. ALL THE RUST.
Then, when was the last cambelt service, if anywhere near 60k miles previously, budget £200-300 for a cambelt and water pump replacement. Get them to do the cam cover gasket while they're doing it.
Then if you want to really enjoy driving get a decent alignment done - it will probably need a couple of alignment bolts replacing as they rust up and seize very quickly. Mine lasted less than 2 years, getting an alignment done regularly helps keep them not seized.
‘04 plate MX5 Mk 2.5 Euphonic 1.8 in sunlight silver with 118000 miles for £1500. Is this a good idea?
Asking for the wife obviously… ;)