you could get a tidy one for that money i would think,i dont look at mine as a money pit its a 50k car thats worth 2% of its origional sale price but has the running costs of a 50k car,all the depreciations gone out of mine and it wasnt me that suffered it so im not too worried about repair bills,im going to part with mine due to redundancy next year but ill be wanting a lpg v8 or a deisel p38 because i coudnt imagine not having one in the family.go for it and enjoy the ownership off a superb car,motoring in the uk isnt cheap due to tax's etc but i still think owning a v8 at least once in my driving life is worth every penny i spend on it.
good luck with your hunt and hope you find a nice tidy p38.
tony