I will back up the points raised about radio equipment. Going from a budget radio to a high end radio is like re-learning driving, it might be good for someone who's trying an RC car for the first time, but you will notice a difference in feel. Besides, some upper end radios aren't much more expensive than some budget items - it's definitely worth the extra outlay.
With regards to electrics, some speedos and motors are ridiculously priced, as are servos. You could get a good Savox or KO servo secondhand for £20-30, which is what some low torque plastic geared items go for new. If you did want to go for a brand new speedo just for peace of mind, I recently switched to Vampire's SR1+, which I highly recommend. Comparable speedos like the Reedy Blackbox are over twice as much (£190 for an ESC is a bit of a joke), but if you aren't running very low winds the standard SR1 will be fine - they're priced around £90 and £50 respectively. All the boost/adjustability aside from things like cell selection and brake strength is done automatically, which makes it a good option for those who don't want to play around with settings cards too much to get the right feel. As mentioned, the SkyRC Toro also has very good reviews and seems good for the money.
Motor wise, if you'd like to go new, a Turnigy Trackstar motor from Hobbyking would be a good bet. The V3 Speed Passion motors also seem to be well priced in several shops.
It all depends on whether you have the budget or not - but the worst thing you can do is buy budget items over secondhand professional equipment that's equally priced, or maybe even cheaper.
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