Hi Greg,
Welcome to the forum! I'm assuming your under 25?
I am the group leader of the TR Register "Yoof" group. We are a collective of geezers and girls who own, use or borrow TR's and on the whole we are all aged 17-35!
I ran my 2 litre TR7 while at Uni and for several years after as my daily car. The best advice is to buy the best you can afford. There is no point buying a rolling project if you need to get to work on time every Monday morning! Believe me I know [:D]
Arguably the V8 is a more robust and reliable engine, but as I well know they are difficult to insure. I graduated to a V8 when I turned 24 and was lucky to get insured at the time! Plus they will be doing good to return 20 MPG where as you should expect 30 - 33MPG from a 2 litre 4 cylinder car.
The key to reliability is maintenance really, buy the best car you can find and then keep it well looked after. Unlike a modern car you need to give the car a thorough going over every 500 - 1000 miles to keep the AA truck at bay. Regular checking helps spot problems early so you can plan your major works in advance ensuring the car isn't out of action when you desperately need it!
Once you have the hang of this then they are a great car to use everyday! The biggest problem you have is keeping them from rotting if you are driving them through the winter and keeping them outdoors. It's a case of regular Waxoyl and under seal treatments and jet washing the underside to shift the salt. If you buy a convertible ensure you have a cover for storage and be prepared to dry out those carpets from time to time!
Modifications to look at for everyday use in modern traffic:
Electronic ignition: adjusting points is a pain due to the location of the distributor and needs to be done regularly. Put Lumenition or similar on so its fit and forget.
Uprated 4 core radiator and electric fans: keeps it reliably cool in commuter traffic.
4 pot brake and vented disc upgrade: put your braking on a par with all the over-braked modern ABS equipped vehicles around you!
Halogen headlamps and units: ditch the sealed beam units and upgrade to halogens, they just aren't good enough on a road full of HID equipped moderns.
The main hiccups you might encounter are poorly serviced cooling systems leading to overheating. Water pump failure and corrosion of rear mounting suspension mounting points. All these can be relatively easily fixed and solvable with regular maintenance and generally starting off with a good car in the first place!
As far as insurance goes, its always a challenge when your under 25 and needing it for your everyday car. I'm happy to advise by email
tryoof@djwaynes.com as I have a few bits of experience and advise for you on that front.
Finally, get over to the TR Yoof facebook page and introduce yourself to everyone there and keep your eye out for the event invites!
http://www.facebook.com/group.php?gid=9111382939
<b>Red 4.0 Litre V8 DHC Grinnall (with huuuuuge arches...!)</b>