Other than it simply being tired from age and needing a lot of TLC I can't think of anything other than environmental limitations. Like I said though, I haven't tried any speed tests in any stock MKIIIs (I highly doubt I'd feel safe enough), so I don't know what's a realistic cap... I'd think a bit more than that, but it's going to depend on a number of factors.
I really do hope you're exercising due caution when during these attempts and have made sure that your tires and brakes are more than up to the task.
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