Axel, I agree with you, it is actually a good car, the K series engine is very good, so good that Caterham used it very successfully for 20 years in their cars.
But with engines not given the Caterham treatment, the head gaskets were prone to go bust, which gave Rovers a bad reputation, and to make it worse for the MGF the engine is mid-mounted and very awkward and expensive to get at and repair, which is the main reason they are so cheap. But with a good steel Klinger head gasket on, they are very good and reliable.
The ultimate K series engine ( an 1800) by all accounts were able to produce between 180 and 220 BHP which made the Elises very nippy.
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