The dealer is probably correct. Its a tiny market, and this car has a turbo kit that even the manufacturer says is obsolete.
The dealer needs to make some money on the car, so £3k for the car is very fair. On a good day, with everything good, the cqr will sell for £5k tops. But it will sit around for a while. Even £1500 for a car without MOT is pretty decent. There is no telling what the spend might be at today’s labour rates to get it through. I’m seeing decent Mk1s regularly selling for £2000. This particular car, if you were being picky, needs a few bits sorting out on the interior to get it correct (V-Spec door tops, grips).
Whether a turbo improves the car depends on the quality of the installation and kit. On an old car like this, it won’t improve reliability for sure. Even 15 years ago, owners of such cars were forever fettling/keeping them running. This turbo is basically a FM Voodoo II kit (Flyin’ Miata). It its from 15 years ago, it would likely have been supplied byPhil Dixon at Performance-5. He’s no longer on the scene. Many of these were supplied and fitted by P5. Others were supplied as DIY kits. A few might have been imported direct from FM in the US, but I think P5 might have had exclusivity at one point.
You need to seek out Steve Morecroft; Steve was Phil’s mechanic, but left P5 to go alone, specialising in MX5 turbos. So he knows the FM kit. I think these days he’s more into Land Rovers.
The money spent is inline with what the FM kits with install were going for. That number doesn’t mean whoever fitted had a clue. There were a LOT of cowboys then fitting these things, and taking people’s money. Steve spent a lot of time sorting out other people’s bodges.
One of my previous MX5s did have a FM kit at one point, but the owner had taken it off, put it back to stock. To be honest, there were too many cut and mended wires in the loom, and I decided to keep my high mileage Mk1 rather the much lower ex-turbo car. The car ran ok, but I had enough niggling issues with it to convince me I didn’t want to spend all my time trying to guess where the latest wire break was. And this was a car very well known from the car show scene, which had been in a few magazine articles. Some installs might have been done well, others might be a nightbare of scotchlocks, inept soldering (instead of ■■■■ connectors), twisted wire connections/insulation tape/sellotape. Besides the electrics, fueling, exhaust manifold, you will also need to sort out the sump which will have been drilled and tapped for the oil return line.
It might be running badly because of the map. But it also might be running poorly because of other reasons.
I’m not convinced 15 year old turbo kits are worth all that; a few hundred quid, and it might cost you that putting it back to standard spec. The turbo might be on its last legs. Put it back to stock to get the car running right, certainly, but not because there is any value in what’s coming off.
I have a rule never to sell cars to friends and family. You end up feeling obligated. Its a big risk paying £2500 for this car without a MOT.
