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Purists will say it's not as good, fly by wire throttle, slightly heavier etc etc
But for 2k, with FSH, belts and low miles it certainly sounds like a good buy therefore does the small difference matter? (Though I see you're the other end of the country so I've not much of an idea what this sort of car would go for near you)
You may spend more money on a Ph 2 (Ph 1 comes with 15s for example) and more time on a non-cup (more time stripping, but then again stripping is free...)
Good god, theres feck all real difference when you start tinkering with them!
I agree about the throttle on the phase 1's as I wish mine had it, but this nonesense about the cup always simply being better on track grates me, A few Kg's difference and some thin windows do not transform a car.