Talal
Thanks for the kind comments; this little car has probably provided more smiles per mile than any other.
What I don't really understand is why people don't remember that Minis (and MINIs) have been giant killers since the 60s, small, cute maybe, but capable of some serious point-to-point pace. Still, it doesn't get old to overtake ostensibly 'faster cars' at the track – even if they might eventually get by on a straight. Some guys will come over and ask, others will get angry, red-faced and leave.
If you're interested, there is a huge community (and not just in the UK, but the US, Netherlands, Italy...) and tons of garages and suppliers, but these cars are getting old nowadays (the 1st gen R53 Cooper S ran from 2002-2006), and tend to suffer from owners with no brain, no budget and no garage, a lack of proper maintenance and unsympathetic mods. You just need to start reading.
I don't think the cars are unreliable as such. The only times we've been stuck have been when we've been at the track and some mod has let go. And even then most of the time we've been able to fix it in the pits. The underlying car is solid, with a very strong gearbox, a robust engine 8that can produce a lot of power with a few mods) and a good set up out of the box.
I'd say yes, budget 3k for a decent one from a specialist, and then budget another 3k to sort out the delayed and accrued preventative maintenance over the next 12-18 months, and add some essentials. It will have oil leaks, it will have rusty subframes, and maybe some rust around the rear lights, but it'll fundamentally be OK unless there's been some water ingress and a ruined BCM, or it's been run dry.
There's little point in holding out for a John Cooper Works at this stage (unless you're a collector and it's 100% certificated original), as it's just a bit of marketing; all fast MINIs have had almost all the JCW parts stripped off and upgraded (although you would keep the airbox and catback), the rest is just frills. The only part my car doesn't have is the slightly ported JCW head; but if I'm sourcing a new head, it'll be a big valve job, not something with a bit of light dremeling.
So, if you're minded, and you like a bit of whine from a supercharger, get a MINI (probably the facelift from 2005-2006 with xenons, better rear lights, better dash) from a specialist, get some decent brakes (R56 at least) and – this is critical – make sure it's on decent suspension (as the original suspension was cheap crap with the ride quality of a roller skate) and let rip.