I think you could argue as follows:
1) Calculating $\lim_{y\to 0}f^{-1}(\frac 3{1+4y})$ is same as calculating the limit you are trying to calculate.
2) Take $|y|\le 1/8$, then $\frac 3{1+4y})\in [2,6]$. The set $D=\{x\in R: f(x) \in [2,6]\}$ is compact because D is closed and bounded.
3) Define $g: D\to [2,6]$ as $g(d)=f(d)$ for all d in D. $g$ is continuous on a compact set D and bijection from D onto [2,6]. So $g^{-1}$ is continuous.