I had a '63 Spitfire, purchased in 1967 with a hole in bell housing from where the P.O. blew up the clutch. It was my $600 college car and I loved it. I drove it tens of thousands of miles from Vermont [where I went to college] to home on Cape Cod, in all seasons. I loved the car but I remember it as pleasantly primitive. It's a lot closer in creature comforts to my '66 Land Rover than it is to my '80 TR-7 Spider.
Now, I've always wanted to find an original model Spitfire. I really do enjoy them. However, nothing, nothing, in any automotive engineering logic makes a '63 Spitfire -even with the optional wire wheels - worth $49,000.
The ad reminded me, though, of a Series Land Rover offered for sale at the British Invasion event in Stowe, VT, two years ago. The owner had put a lot of cash into his Land Rover and the results were mixed. However, his sign in the "car corral" read "$40,000 or best offer." That would be more realistic than a $40,000 floor on a $2,100 [new] car.
Jeff