Having owned a Series III and new Puma 110 in recent years, I decided that I still had the Defender itch. I wanted to go the 300Tdi route too, but also with the aim of keeping this vehicle long term. They do seem hard to find in decent condition. In the end, I paid a little more than you suggest for one rebuilt on a galvanised Richards chassis and with a very sound bulkhead. Although rather tatty inside and needing work on the doors, I think that I've got something rather good. My view was that the 'small' jobs needed would not be as stressful and depressing as endlessly discovering more and more rot. Regarding rust, pop into a showroom and have a peek under a new Puma - it won't take you long to find some from my experience! Take your time and search out one where the chassis has been recently repaired well already maybe?
