MK1 prices in England have been rising for a few years and a good one over there is getting expensive. I'm surprised they haven't started buying our cars to ship back. It will happen one day which will turn your $7K project into a viable long term proposal.

It won't happen overnight but if you're willing to hold on to the car for a few years you should see a profit depending how well you restore your (new) car.

The biggest pitfall is spending a lot of money modifying a MK1 that no-one else wants or can use. Alex G built one of the best MK1's in the world and ended up selling it for $12k but it can't be registered. Another one cost it's builder $80k and sold for mid 20's.

Be sensible, do your research and ask lots of questions. That's what this forum is for.

Cheers

Paul

PS. My 2 door MK1 cost me $2800 with a blown 16v but lots of good gear (Recaros, twin Dellorto's, good coilovers, resprayed engine bay, big brakes, 5 speed, 2 piece wheels, sports exhaust etc). A donor Seat Cupra with 2.0 16v cost me $800 and with a lot of work I should have a 170hp MK1 on the road by this time next year. It needs a respray and I'll tackle that with the help of a few mates to keep costs down but for less than $5k I should have one nice MK1 to play with.