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Swap it for Pigfarmers when he's not looking.
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My 2p...
Option 1: Good option as you end up essentially getting a longer lasting version of the car you have now which you love. Plus nice NA's are getting harder to find and will always be incredible cars for what they are.
Option 2: Possible to get some decent fun stuff for £5k. My money would be going into soon to be appreciating classics like Civic Type R/Teg Type R (hard to find but some possibilities at that kind of money), 106 Rallye, Clio 182 (possibly a Trophy if I could stretch the budget), a tidy 1st Gen GC WRX Impreza.
Option 3: Don't do it. After having the E39 and the MX, I'd find whatever I was buying to do do all things too much of a compromise. You'll end up buying something that is too nice/road orientated to use on the track or just something that isn't suited to fun/track driving.
Option 4: Same as above, but more so.
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ricky2slicky
@NurseHolliday
Options I am currently considering:
Option 1: Buy a new MX5 with a good shell and move all my parts over, sell parts off new car, scrap leftover old car. Cost hopefully <£2k
Option 2: Part out old MX5, add some money (maybe around £2k) to get a total budget of maybe £5k and buy something new
Option 3: Part out old MX5, sell E39 wagon, add some money (maybe around £2k), get Em to add a bit of money too and end up with around £7.5-8k in total and just have one car for everything
Option 4: Use £5k + E39 wagon trade-in as a deposit on something new or nearly new that I can lease or PCP for about £250/month that will actually be fun on track