We used a horrible small broken down old caravan that we won for something like £180 locally on ebay. The deal was similar to yours @Grosey - it had to be delivered (this thing seriously didn't look like it would make it!)
We had it onsite over winter and it was great, actually. It was so small and flimsy that a small column heater would get it quite comfortable within an hour even on a cold day. It was falling apart so we didn't fuss about the inevitable knocks and filth due to muddy-booted builders coming and going. Once we had windows and doors in the house, we were able to move inside and stop using the caravan. In the end, we had to chop it up and get rid of it, which I think cost another £100. Still not a bad deal overall.
Given the way builders tend to treat these things, I'd be reticent to assume it'll be good for anything but scrap once you've finished with it, so factor that into your sums.
Re: a portaloo, having to regularly empty a chemical toilet used by builders is a false economy in my opinion. I'm not squeamish but I had better things to do onsite than deal with this every other day. I'd pay the fee to get one onsite, serviced weekly, and use the time not spent emptying it to do something more productive.