Oh yea, the biggest thing this car needs is power.
Any car this heavy that does some form of drifting in our series makes at least 480 to the rear wheels and thats just to get it to the competitive point.

If you're serious about it, put the car on a diet. Stripping everything out of the interior, air conditioning, etc. airbags, superfluous wiring. Anything that you wont need to make the car go, steer, or stop should come off.