It's a blown fuse! Not sure which fuse it was but I had the exact same problem on my 00 GTS a couple years back. I had no lift and the rev limit kicked in @ 7000 RPM. The dealer replaced the fuse for $15
was it one of them big brown fuse with mini fuse inside it?? it got like 3teeth on it..if it is...check the fuse box on the passenger side, left kick panel...they are in there, and under the Hood
too..good luck with that...i've never had that happen b4..the only time rev limiter hit is when my car not warm enuf..2nd notch on the temp gauge..
sorry you already have problem and you just got the car...happen to me with the clutch..feel really disappointed in the car then..but now it's all good..
welcome to the community!!