IVA does not apply for ANY classic mini
https://www.gov.uk/v...ehicle-approval
followed up by a phone call to DVLA which confirmed that as long as the vehicle is over 10 years old (hence all classic minis as of 2011) no matter what modifications you make you do NOT need an IVA.
I don't understand why it even comes up!
As far as buying a modern car goes, my problem is the cost of insuring two vehicles. I could either keep my mini classic and use it daily (bearing in mind I do in excess of 15k miles a year) and kill it, or I can do an engine swap and put those miles on a micra engine, and then swap it back to original in the future. What I cannot afford to do is as Cooperman suggests, and buy a modern daily driver and keep the mini for the weekends. Quite apart from the astronomical insurance cost (as I only have one set of NCB, a second insurance policy becomes in excess of £5k a year no matter what car it is on due to age/location/lack of NCB) there is the additional running costs of having two cars, two sets of road tax, two garages to rent (cost of renting a garage is less than increased cost of insurance should car be kept on road).
Quite frankly the £3k for the engine conversion is well worth it until I hit the magic 25 years of age & can suddenly afford to run a 'normal' car and revert Percy back to original. Maybe with a 1275 but certainly back to an A-Series.
I would also like to say that I have a 1979 Mini 1000. If he was a special edition or something rare, I wouldn't have modified him. Should I ever get the chance to own something 'special' it will remain original. But for now, I'm having a great time turning Percy into my 'perfect' 'mini'. To me, the mini is about more than the originality of the spec. I think it is about keeping as many of them on the road as possible, in as good condition as possible, and laying Percy up for 5 years just isn't financially viable for me - minis are for driving!