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lynx
When you could buy an old volvo or well built but knackered 5 series for £700 I think it there was some logic to it. It's funny yesterday my OH was saying their mate's mini cooper only cost them £200 or something and was still running aok. Then I pointed out that was almost 5yrs ago and via their dad was a keen motorcyclest who knows his onions with a good network of contacts.
Not full proof, but a quick search on ebay seems to show £1,500 as being about the cheapest you can buy a car. Given what a new clutch or gear box could cost you it suddenly doesn't seem that attractive a prospect.
Unless you have good contacts, specialist knowledge and the ability to work on a car I'd avoid if you have a solid car that's been good to you.