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If I were to start over I would buy a nice 33 GTR with decent bodywork, some uprated ecu, suspension etc. but which had a blown engine. Reckon £5.5k may buy something like that if the seller was desperate. Then I'd build an engine from scratch and stick it in. That way you'd end up with a nice car built to the spec you want and with a warranty on the engine. Cost may end up at 10-12K but it's the only way to really know what your getting.
Plus, if you can build your own engine then this would obviously be a lot cheaper.
But I agree that £5.5k will buy you nothing more than a liability if you expect to get a running car for that amount.
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