To my mind the key to this question is whether you want to keep the vehicle after the expedition.
For the long term go for a 110. If it is just for a trans africa trip then take a series III.
Most non essential modifications to a Series vehicle such as putting new salisbury axles with disk brakes, a new galvanised chassis and parabolic springs on a series III are arguably a waste of money as you wont recoup the cost when you sell at the end of the trip. If you have the money to pay for these things then buy a 110.
When buying a series vehicle for an expedition you must first ensure that the chassis is sound as a new one costs over 1000GBP. Then obviously the gear box and engine are very important. Check you can engage all the gears and high and low ratio. The gearbox and engine can be reconditioned and perhaps before buying you should get a quote from a workshop for this work, such that you have budgeted for this eventuality.
Having purchased the vehicle give it a thorough overhaul replacing parts where necessary & all fluids such that you leave with a sound vehicle.
Daily checks on expedition and "jobs a good un!"
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