So I've been thinking about modding my family's old, abandoned 1995 Premier 1.38D into a legitimate project rally car build. The car is in pretty bad shape right now, even though the interior is mostly rust-free - the exterior has a few rust holes and bubbles dot the body panels, surface rust on the brakes, suspension, steering, and chassis, and rust damage on both side skirts and wheel arches (where the mudflaps would go) being beyond repair (the sheet metal chips off pretty easily). The petrolhead in me wants to get rid of the piddly 42 hp Fiat diesel engine in favour of a peppy, tunable 1.6-1.8 cc gasoline one (looking at Honda), as well as add rally spec suspension, and body reinforcement, going custom wherever I can (I'm currently in my final year of B.Tech. right now, with experience in the design department of my college Baja SAE team). Obviously, if I go for the idea, it'll be a long-term hobby project, taking well over 4 to 5 years, costing me I know not how much. But hey, guys in Russia and Eastern Europe have made VAZ 2101 (basically, a crappier Fiat 124 / 118NE) kit cars churning out ~200 bhp with pretty solid ride and handling, so the project is quite tempting, with ample opportunity for innovation (and jugaad wherever necessary). That, and also, it was my dad's first car that his dad gifted him, so there's a bit of nostalgia attached to it as well. I just have a very hazy picture, if not no clue at all, about the overall feasibility, finances, and expenditure involved. How crazy (the good kind and/or the bad kind) is this idea? Experts, please enlighten me.
Secondly, I want some yield out of this build, should I choose to pursue it, hence I want to use the car for competing in a rally racing event or two in the country. Now, I'm a newbie regarding motorsport regulations in India, particularly, rally racing. Can the car somehow count as a Group N or RS Lada 2101 (which is on the FIA list of eligible homologations)? Right now, all I know is that I'll be on the verge of infringing, if not breaking outright, a lot of kit car homologation rules, among other regulations set by the FMSCI and the FIA. Then again, if nothing can be done about the car being able to compete, which events can I look at instead? In the end, I'm just a fish out of a pond exploring an ocean, therefore I need all the expert advice I can get about pursuing this project or instead settling for a scrap City or Esteem like most people
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Anyway, here are some car pics. Feast your eyes