IMO, if buying this particular car from the auction, with no back-up or warranty, and given the car needs a few thousand Pounds of service and paint work, you'd certainly not want to pay a figure starting with a 5. A bid at £40k (meaning a total spend of approaching £44k after auction expenses and Vat) feels okay. That way, after the service and paint, plus any minor jobs, you might be at £50k all in, which would seem plenty for what would essentially be a private transaction.
Of course, current MCV owners may disagree, which is fully understandable. But as an ex MCV owner, that's my thoughts on the current state of the market. However, I do believe the MCV is a good bet for the longer term, so if this could be bought cheaply and squirreled away...