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i drove it really hard when i had a play in it, drove fine clutch was a bit too stiff for my liking. engines are well built imo, gearboxes are weaker on the ph1s i think we have had a few with noisey diff's. Rear springs tend to snap, as do front ones. thats proberly the main points.
I reckon it could be the idler wheel at the bottom, or the tensioner. If the car has had a cambelt then its proberly had an alternator belt but most people just change the belt, not the tensioner or idler. Top tip would be to listen with a screw driver at verious bits and see where is noiser.
Pictures of the engine, people can only replace the engine you know not, it may have started out as a 172 but had an engine replacement???? and it was cheaper to get a 2.0 the inlet bolts straight on as fred says. and so would every thing else only thing different would be the loom but you could...
Great car used to love this, used to see it everyday (work with dan) im not a big fan off red but it does look nice plus the stcikers look alot better in real life.