I have had an R500 from new in 2000 and my car has seen a lot of action over the years, including lots of track days, sprints and road use. Of the 18,000 miles it has done, about 10,000 have been on track. When i bought my car i agonised about whether to get an R400 instead, largely because i was terrified of the engine. There were so many stories about them at that time. Some were justified, because the early cars did have reliability issues. These arose for two reasons that i can recall. The first was the use of standard Rover big ends that failed at high revs. They were retro fitted with upgraded items FOC by Caterham and the problem went away. The second was that Minister were too optimistic about rev limits. The early cars were red lined at 9,200 RPM, although that was revised to 9,000 by the time most cars were made. That was too high because some harmonics developed that snapped crank shafts, so the limit was reduced to 8,600. From that point the cars I have known have been very reliable and it didn't affect the power output, which is only developed at 8,600 anyway.
The rebuild interval is something that people get too worked up over. Caterham did originally say 3,000 track miles which freaked people out a bit, but that is A LOT of miles. To put in context, an engine builder told me that Swindons recommendation for a fast Vauxhall is 1,500 miles between rebuilds... No one knows how many miles they will do on the road, but those who know about these things say 20-30,000 road miles will be no problem. When my car was last rebuilt it had done 7,500 track miles (i.e. more than twice the recommended limit) and still ran as well as when new. It had been thrashed though and I felt it was prudent to bite the bullet and get a rebuild. The cost was about £1,000 for parts and the same again for labour. Next time, as the car is no longer doing 10 circuit days a year, I will just replace a valves and springs, which cost c£500 because I am sure the last rebuild involved throwing away a lot of perfectly good parts.
Over 12 years, my car has been very cheap to run for a car of its staggering performance and has only twice not been running at the end of a track day (and I really don't know many people who have had such a good reliability record over that time). The first was my fault really. I did a DIY rebuild in 2003 and didn't know about getting things balanced. I was also not running the 8,600 limit because I knew I would be carefull. The ECU said I was doing 9,300 when the crank failed... The second failure was when a Barnby wheel failed. Don't EVER take a car on track with those wheels unless you like Russian roulette.
The R400 is a great car and certainly is just about as fast as an R500. New slicks on an R400 will overcome the performance deficit compared with an R500 on used tyres. But. For me, the R500 is much more exciting. It feels and sounds much more like a racing car, and is much better equipped. It has things like the aero section wishbones as standard, magnesium dry sump tank and sump, lots of caron bits, Stack instrumentation Watts Linkage etc. many R400's will have some of this stuff, but it was only standard on the R500 when I bought mine. You will have a problem with noise levels though and I think an air box would be needed on either to get through a 100db test
Hope all this helps. BM me if you want to talk off line
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