I love my P38 Oil Burner....
It is slow, but I am comparing it to my previous V8's...but the big fella will leap into action if the pedal is prodded hard enough....
The M51 engine is more refined than the 300TDi, with a little more oommpphh and tad more torque....but it delivers it in a smoother fashion and not all in one chunk.
The auto is better suited to the Diesel as the power doesn't really come on tap until around 2200rpm, so in a mnual you have to slip the clutch quite a bit to get it moving esp. if you are towing a trailer/load.
A chipped diesel will give a bit more poke, but this is at the expense of both fuel and gearboxes, as the extra torque tends to chew them up over a period.
They can overheat if the cooling system is not maintained properly and this will knacker the heads even more so than the V8's, the water pumps (originally) were fitted with plastic vanes that break off into the water system and causes over heating issues...you can get better pumps with metal vanes.
They hate starting when warm, this is caused by stretch in the fuel injection pump timing chain at over 20k miles, there are two 'solutions' - pay to get the pump retimed (£££) or fit a 'Hot Start Fix' kit, which fools the ECU into thinking the engine is cold and thus increases fuel input during starting....but ensure it is the timed version, or else it will always be injecting too much fuel and that will hit economy.
If it struggles to start (hot or cold) with the tank level below 1/3rd full, this would indicate a weak in tank lift pump, also a sluggish engine will be an indication of duff ITP too....replacement is easy enough, either drop the tank and replace or cut a hole in the boot floor and replace....around £50 or so for a new ITP.
The leak off pipes connecting each injector can leak, and this causes air to be drawn in when the engine is off and can cause starting issues too, but the pipes are only a few quid and an hour to fit (dead simple) so not to worry on that one.
P38's hate weak batteries, so budget to fit a C31-1000cca (as recommended by many on here - around £100 or so) as this is the biggest that will physically fit in the space, and should provide plenty of juice.
The EAS can be a diva, but with propoer care and maintenance is actually very reliable. Datatek can supply software and a lead for a few sheckles (£11 plus postage I believe - check with him first) that can be used to diagnose EAS faults.
The EAS is much better than coils ride-wise....others may disagree, but coils just don't have the same comfort in my eyes....
Conversions to coils just indicates lack of maintenance, so query and question other service items too, if it is on coils...
post '99 models are considered a better option if your budget stretches that far.
The P38 is more car like and more comfortable to be in, rust A LOT less, and waft along comfortably....but are more complicated when things go wrong...but thats what the kind sould of the LZ forum are here for
I return on average 25.8 mpg with a good mix of town, country and Mway driving...
I have mentioned previously...I love my P38 - I wouldn't get rid of it, but I had more fun in the Classic - as I didn't worry about stracthing it, or it breaking down and the repair bills....but I wouldn't swap the P38 for a classic...I'd have both.