Hi Guys and Gals

I have a Octy Mk1 2003 red-eye which has performed faultlessly for the last five years. For the last two months or so the engine has been down on power (fine sometimes but sometimes not), I have trawled through the the forums and have found answers? Not really sure ,my problem is, under medium acceleration there is what sounds like a slipping belt (twice and then power loss). Also when under very hard acceleration black/blue smoke comes out of the exhaust and it slows to 30mph max. When I stop the car and pop the bonnet the engine is doing an irish jig. These symptoms disappear when I turn the ignition off and leave it for five minutes. I can have days when the car is fine and then the symptoms are back. Help, is it time to trade in or could it be a quick fix? Any help would be appreciated.

Thanks

Could be your MAF Sensor playing up. Would explain the engine miss-fire.