Take a look at this:
http://www.modelsport.co.uk/hong-nor...roducts/366531
This is a 1/8th RTR race buggy with Force 25 engine, 2.4Ghz radio and 3-shoe clutch for £220!
When my neighbour bought his it was £250 just for the car/engine/radio, it's now been reduced to £220 or £250 for the combo which includes fuel, tx/rx batteries etc.
Also i've had a scout around ebay and found the parts are cheaper than most 1/8th buggies (and quite a few 1/10ths!!) which means if you're on a budget racing this will be more sustainable over time.
Or you could forget the combo, get the car for £220 and get a gallon of better quality fuel for £30ish and still be within your budget (the Model Technics fuel in the combo isn't the best stuff anyway, and you can get duracell procells on the web for peanuts).