first of all, i think you've got to take it for a serious testride to see if nothing anoying comes forward. Those little anoying things that you cant see or hear if you dont test it seriously (like dasboard rattles, door resonances, electronics that don't work, airco and heating, etc...) Be sure you get the service book, and try to find out if nothing is messed with! If you buy it, have fun with it, becouse an MGf-Rover is a marvelous car to drive!! Greetz
If its only a year old, there isn't going to be much to look out for, the earlier ones are the cars that tend to need looking at. General rules though are:
* Check the hood for damage, the windows should meet up with the seals and form a generally water proof seal. If the glass rides up over the seal the window stops need replacing.
* Check the oil dipstick for light brown-watery marks. This is a sure sign that the coolant has mixed with the oil, only way this can happen is through a head gasket failure (not unknown on earlier MGFs, on the more recent cars MG improved realiabilty).
* Check the tyre wear, the tyre wear should be even across the rubber, any increased wear on the inside or outside edges usually points to tracking problems, another area to look out for with MGFs.
That's all I can think of off the top of my head, just a suggestion though, I would think twice about buying a year old model right now, the MG-TF, the MGF's sucessor has just been launched in the UK and it is probably going to have a sizable effect on the values of 1-3 year old MGFs.