Not Ranked
Speaking personally, I think building is the best way to go. It makes it truly yours, you know the car intimately, you learn a heap of new skills and knowledge along the way and I think the finished car will mean that much more to you.
Plus, it's cheaper to start (though probably not to finish). One lump sum payment for the kit and the rest is smaller more affordable chunks along the way you can save for.
Finally, if no one was willing to butt heads against the compliance issues, and just push through it somehow, then cobra clubs would slowly die out. Local manufacturers wouldn't have a market, and if you don't mind me bring dramatic, the fun police would win again...
I reckon half finished EBay kits CAN be fantastic, but you'd want to be VERY careful in checking for compliance issues/dodgy home fabrication. Which probably means you'd need to know what you're looking at with them. Which probably means a new builder should not buy one.
That's just me though
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