From my experience, there is no problem buying a chassis that is a few years old. I am on the second chassis for my lad - the first was an 'Allkart' chassis which was great to get him started. The second was a 3-4 yr old Zip storm.
The problem with a significantly old chassis is that firstly some spares are no longer going to be easily available (although ebay can be useful). This may be a particular problem with brake pads, pod bars etc. Secondly, if you move into MSA racing, you will find that a very old chassis is no longer homologated / allowed for competition and you may find yourself needing to buy another chassis fairly quickly.
For a first kart, I can thoroughly recommend getting a chassis that is a few years old. Strip it completely (taking photos as needed). This will teach you how the thing goes together and will highlight any bits that need replacing.
It is then worth getting it checked to see if it is 'straight' (ie not bent !) by someone like Beddall Race Tuning (BRT) or someone nearer to where you live. This will then help rule out any problems when you start tuning the kart at a later stage. I can also recommend getting the chassis shot blasted and powder coated before you then rebuild it. This helps to clean up any scrapes and helps to prevent rusting.
Lots of parts can be salvaged off an old chassis and cleaned up with degreaser, elbow grease and a cheap ultrasonic cleaner. It is worth replacing running gear (fuel lines, brake and throttle cables etc) with new, as well as replacing nuts (and bolts) if necessary. A bit of time spent at the beginning saves lots of heartache when you start racing or testing.
Also choose a brand that is raced at the circuit you are most likely to visit - dads with a similar chassis will be able to help with a basic setup and advice for further tuning and repairs.
Whilst we use a Comer (groan....) at present, the same applies to the engine. Don't waste your money on a 'multiple championship winning engine' until your lad is getting up with the main pack - and even then it is questionable as to how much improvement you will see. Learn to strip, rebuild and tune the engine yourself. This helps enormously when things inevitably go wrong.
All this depends on how mechanically minded you are, but offers a way into the sport on a restricted budget.
Finally (!) once you have got a reliable kart / engine, get as much bum in seat time as possible for your lad - this is the quickest way to help him to be fast.
I hope this helps - most of this has been learned by me doing this year exactly what you are looking at doing. It is seriously frustrating at first, but the good folks on this forum have mostly been in a similar position and I have found their advice extremely useful.
Good luck ! - oh yes...... enjoy watching you bank balance drop at a serious rate and above all else.... KEEP THE WIFE ON SIDE !!!!!
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