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It's a tethered model car. Popular in the days before RC, and an analogue of control line planes.
They were anchored to a stake and ran in (usually fast) circles until the fuel ran out.
Looks like it could be worth a few bob. Are there any manufacturers marks / logos on it or the engine? 'Frog' were popular at the time.
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As the engine looks like a 'glow' type, rather than a diesel (though that could be a tiny spark plug), I suspect it's probably a later one, or has had the engine replaced with something more modern. The early ones will have been diesel engine powered.
like apache says rod look for a manufacturer name or mark.it could be worth a few quid,to a collector,pity its not in tip top condition it could of been worth a mint.they hold toy fairs and autions all over the country try and get some background as to how much its worth take a look on e-bay too just in case there are some on there then you will get a rough idea of the price.failling that take a few piccys and a few details and get in touch with a toy auction specialist,w h smiths sell a magazine called collectors gazzette theres plenty of web addresses and tel nos of auctioneers in there.good luck mate.
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