From experience I bought an Mi1 after a long break, last racing buggies in the 90's.
Mi1 is a good car but if you race anyway you would be better off with a 1 or 2 year old top line chassis, I moved up to a used Xray T2 009 like new but nearly 3 years old(£120) Raced it for a year before moving up to a used T3 12 (£180) parts interchanged between each chassis and stocked everywhere.
The Mi4cx/cxl's are also now in your price range, good support and still competitive, there are many more Yokomo BD5, AE TC6, TRF416 etc all coming in around your price range but probably a bit less support
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