eek, looks like you've not only got an Atom/Elise/Exige debate, but almost an Exige/Elise and S1/S2 debate!!
Whatever you do, don't rush into it. All of us that went out to a dealer with money to spend have come back sith at least
some regrets - either having spent too much, or way too much! The thing with any of the cars you've mentioned is that they're so different to any other car, you're likely to be smitten as soon as you turn a wheel

I'd suggest you go to a dealer to get a test drive, and then take that experience with you to a private sale... there are some cracking deals on pistonheads at the moment on S2 Exiges (most under 25k) and S2 111Rs (sub £20k); I'd wager thats around a 3k saving from a dealer price.
Don't worry about warranties - you'll likely only get a 12 month deal from a dealer and unless you're spanking those toyota engines on track (i.e. going over the rev-limiter on downshifts) then the engines ought to be bomb-proof. If they're not completely bomb proof, I'd wager they'll not go pop in that first year anyway!
As for the engine to go for, that's a whole other can of worms! Some feel the toyota engine in the S, 111R and Exige is a bit gutless, most of its torque needing you to be on the 2nd cam at 6k rpm. The K-series engine has an odd reputation for head gasket failure so people are worried about its reliability. However, the K is an easily and cheaply tunable engine; plus, if it goes pop, you can buy another one for about £500

You can easily get your S2 K-Series car up to 160hp for about a grand... and it'll be a lot torquier at lower revs for everyday driving.
All in all, its a nice desicion to have to make - just take your time and make sure you see what's out there before lining Graeme's pockets too quickly

Mr Robertson's just too good a salesman
