If it's your first Morgan I absolutely agree you should buy on condition. £25k will get you a really nice Morgan however if you are after a particular model you may well have to spend more, a lot more for many cars.
My advice would be to go for as recent a car as you can afford and live with it, so a 4/4 or Plus 4 on your budget, After a year or so you will have a much better idea as to what you really want and as long as you are careful in your purchase you should get back most, if not more, than you paid should you decide to trade the car in for something else.
After living with your first Morgan you will understand what appeals most. You might want the more traditional 50/60s cars, a big engined rocket, a lighter more responsive back road car, and so on.
Morgans vary more than you may think and even though they look, to the unitiated, the same they drive very differently. Took me 15 years to work out what was the best Morgan for me and many on this forum would rather have a different model. What I can say that is I would be happy with any Morgan and I am sure you will be too.
Good luck with your search.
