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Substantial horsepower improvements: no, wrong car/engine
Substantial handling and accelleration improvements: somewhat, bang for your buck it's hard to beat a limited slip dif and gears. Suspension has lots of options...
The hands down best option for being faster is learning how to drive well! Sign up for driver schools and learn to become "one with your car".
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If you can't take the time to teach a kid something good, someone will take the time to teach them something bad.
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