Only one way to find out ...ask the DVLA
http://www.taxdisc.direct.gov.uk/EvlPortalApp/application?origin=vnav_bar.jsp&event=bea.portal.framework.internal.refresh&pageid=Declare+SORN
Have a look at ZManAlex's Blue Roadster for an idea about subtle track day mods
Subtle? LMFAO Hardly subtle
As Rich has already said brakes and suspension are a must if you're going to track the car
Oh and welcome to the forum
Do not put down a deposit You honestly believe they'd let it go to an auction when there's a buyer interested - don't be daft This is pressure sales at it best.
Go have a look when you can
With the temps being what they are at present a chip will soon become a crack - check your small print on the policy and if it doesn't affect yur NC - just get it repaired
Hi Marco - welcome to the forum
I think you'll find you have to remove the Jap system and fit an aftermarket - plenty previous posts on this
Or of course go take some Japanese lessons - though it prolly hasn't even got UK maps on it
Good luck with your search - but highly doubt you'll find something with less than 50k on the clock for £8500
Quick scan of PH - this is lowest mileage for under £8.5k
http://www.pistonheads.com/sales/2245054.htm