The only real draw back with Rob's suggestion of a "buy in" scheme would be after a few meetings any engines that are real "lemons" would be left with the last unfortunate to take a chance on it.
Personally I think the "pool" system of weekly draw and allocation of engines would be fairer. At the start of the season you have an option pay the full price for an engine package or a percentage rate for a package from the season before if you are on a budget or prefer a used engine (me personally i would go for the tried and tested) , each engine is used for the meet then returned to the pool. Any rebuilding cost's to be shared equally, a nominal fee per meet per entrant goes in the pot for such repairs / rebuilds.
After a given number of races the engines could be sold on to drivers for personal use in testing but not allowed to race competitively again.
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