I have an '89 +4 2-seater M16 which I bought 4 years ago. Like you I was limited to a budget and started looking at 4/4's because that was all I thought I could afford. I tried several 4/4's of the era (mid/late 80's) but they were 1600's and I found them underpowered. The +4 was/is a different ball game, much more gutsy.
Many people on this site have more modern 4/4's which have 1800 engines and are therefore faster than the 80's versions, unless they've been tweaked a lot.
My suggestion would be to try as many as you can of both the 4/4 and +4's, but of the era you can afford. I found my car on the Car and Classic website and found all the dealers I dealt with very helpful. Try the Car Locator site on Morgan's web site - it has a full range of what is in their dealers. Just enter your top budget and see what cars are available.
I'm in North Essex near Harwich - if you're down this way send me an email and I'll give you a drive out.
Geoff
