Damn, if the £40k spending only values the car at £2k, that's only a 20th.
I've spent about £2k on my car, so its only worth £100 then

I guess I best start taking offers then, £110 anyone?

As already said, check out the shell/chassis/engine. £40k of receipts could attribute to a fairly large crash repair bill - it is technically worthless (unless the parts are still guaranteed).