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MG MGF Technical - Why are MGF's such good value?

Probably a daft question but am seriously thinking of buying a 7-10 yr old MGF convertible (1.8i) and I was wondering why are is this great looking car SUCH good value? How can I pick one up for anywhere between £2-3k?? Is there an issue with parts, or are they known for being unreliable, are they outrageously costly to insure? I want one v much but the cynic in me says "why are they such good value when you look at what else £2-3k gets you that are in no way as great looking and fun?".
Any/all advice welcome. Thanks
Michael

Now is the time to buy. They are the most fun for the money on the road and I have found them very reliable and economical all year round transport too.
They are good if you are aware of the concept of maintenance, but less so if you only want to spend money on an annual service; never use all your money buying one. Insurance is as reasonable as your age. Don't buy the first one you look at, there are some miserable howlers out there. Look at this first:
http://www.mgf-tf-central.co.uk/faq-buying.htm
Charless

Any convertible has a dip in values during the winter, but the MG Rover demise has hit the residual values of all the Rover & MG range. The low values are actually the salvation - dismantlers everywhere are stockpiling parts and are able to sell at bargain prices, so although there is in fact very little that isn't easily obtained through the traditional dealer parts network, the projected cost of ownership of an MGF is at an all-time low. So as Charles suggests, now is definitely the time to buy.

The financial predicament of MGR during the formative years of the F led to a lot of 'for the sake of cheapness' decisions, and many of these are at the root of the known weaknesses of the F. In the last 13 years, the MG-owning community have put their collective efforts into resolving as many of these weaknesses as possible, and the result is that yes, an F does require a more involved maintenance, but will reward the careful owner with many many years of enjoyable driving.
bandit

Many thanks for that chaps - MUCH appreciated. Michael.
Michael

I too have just bought an MGF for the reasons you are considering. They are really cheap to buy. Why?

Because they are notoriously unreliable in the headgasket department. This seriously affects values as most punters are worried by that failure.

However if the headgasket fails after you buy the car it can be repaired for about 400/500 quid. So factor this into you calculations. So buying a car plus 500 quid for a future HG failure is still good value for money.

Oh and I got classic car insurance on mine with Peter Best so as an additional car got cheap insurance without the need of no claims bonuses.
Robert (Bob) Midget Turbo

This thread was discussed between 13/01/2009 and 14/01/2009

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