MGB (themorningglory/Bigstock.com)

Nearly £80,000 may seem a lot for an MGB – but the updated Abingdon Edition is no ordinary MGB. Boasting a 2.5 litre, four cylinder Mazda twin-cam that delivers 304bhp and 242 lb-ft of torque, this legendary British sports car can now hit 162mph; substantially faster than 125mph achieved by models built between 1973 and 1976.

Indeed, there isn't much left of the old car. Each Abingdon Edition is built around an original body, but almost everything else is new. While it looks like it has just rolled off a 1970s production line, the car boasts up-to-date, mechanics and digital instrumentation.

Along with fuel injection, the Abingdon features electric windows, electronic power steering and remote locking. Although if you want air conditioning you'll need to stump up an extra £2,895.

It takes Tim Fenna's engineering company – Frontline Developments – 700 hours to build each Abingdon Edition, so it's not surprising there won't be too many on our roads.

Production numbers are likely to be in the dozens, rather than the half-million-plus originals that were built between 1962 and 1980.

To those among our breakdown cover insurance customers who remember the old MGB as a common sight on British roads, the price tag of £79,895 may seem a little high. But those seeking a nostalgic, fuel injected reprise of their youth – and who have the requisite cash – may find the new Abingdon Edition hard to resist.

By Craig Hindmarsh