Zetec - you are having the same questions I had. I was offered a 08 Project One chassis which had a couple of bits on it - stub axles, rear bearings. When I looked into it - to get this chassis up to a rolling chassis would cost about £1200 in total with new parts - plus the cost of an engine (You could do with 2nd hand parts cheaper but I don't have that knowledge yet). I got an 09 Project One complete kart for £1100 which I thought will give me a few years (my son is 9) without worry before I think about the next one.
Be careful with Ebay as there seems to be a lot of stuff going on which is just about to become illegal to race or is near the end of its life already, try asking at your local track as there will probably be some cadets looking to move on in the next couple of months.
As others have said though, with your son on the weight limit already (103kg), it might pay to look at TKM or similar and miss the cadet stage - or else pick up an older kart at the end of the season which will give you a year of experience before moving up.
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