Thanks for the replies, keep em coming!
The Miata looks like great bang for buck, but I'll need a four seater. It will occasionally get pressed into family duty.
Roughly a hundred thousand times more interesting, a million times better looking
Aren't they. The GTV is still sitting at the top of my list, but I sort of feel like I've got an opportunity to stretch my experience. In particular, I wouldn't mind a rear wheel drive.
Actually, that's unfair on the Audi as I presume a TT is now available for that kind of price at that age, and they're good looking cars.
TT is still going for a little more. I'd be looking at an A4 or something, which is pretty bland. The GTV seems to be very well priced in the second hand market considering its quality.
1) Local: Commodore SS. If you like Australian cars, it's pretty hard to go past the SS. 5.7L LS1, 6 speed manual, and you should be able to pick up a VX for under 12 grand.
Nice, but I'm after something more nimble. I'm in the country and I'll be doing a lot of windy roads.
2) Japanese: Nissan Skyline GTS-25t. In my opinion this can't be beaten for the price. I have never been a Skyline person, but my brother owned one which put out around 400hp and driving it totally changed my opinion. 2.5L inline turbo 6, rear wheel drive and usually with less than 100,ooo kays on the clock. Get a nice clean one with not too much work, then spend money on it as you get it. Definitiely one of the best sounding and performing cars I have driven.
Skyline is definitely on my list, and I was pretty keen on them to start off with. However they've pretty much all been imported into Australia by enthusiasts, which is nice, except they then go and modify them. I'm not sure I've got the time and patience to get them all checked out (I don't have the skill) and make sure the work on them is up to scratch. Plus you know they've been driven hard. All the cars I'm looking at have probably been worked out a little, but the Skylines you can be sure have seen a lot of testosterone...
Any six-cylinder E21/E30.
What about this, I thought this looked like a real contender:
http://www.carsales.com.au/all-cars...ing|0||pCar_Model_String|0&keywords=&__N=1216 1246 1247 1252 1282 4294967079 4294729572 4294967061 410 898&silo=1011&PriceTo=410&seot=1&tsrc=allcarhome&__Nne=15&trecs=33&__sid=12EF79C3F7D0
What about a Volkswagen Bora V5 or 4-Motion? I was looking at those for an increasingly long amount of time until I realised that I can't actually afford it and set my sights lower. Well equipped, if you get a good exhaust system the sound is just

and they actually look pretty classy as well. And in the V5's case, they're pretty robust and reliable as well, haven't heard any real problems apart from the window regulators which is a common Bora problem.
Looks great. Getting shortlisted!
Alfa Romeos don't seem to be very popular where I'm at and I can't really speak for their reliability from experience but from what I've heard they're all about passion, flair, character...and the electrics ceasing to work along with them being regularly on the side of the road in a cloud of steam.
I think the GTV still suffers from the reputation of its 80's introduction to Australia, which had a terrible terrible record. They seem to be underpriced to me. I absolutely loved the twin spark and although it felt a little underpowered I always knew I was driving an Italian sports car. I test drove an R-spec Integra later and while there was no doubt about the power it had, the handling was stiff and souless.
From what I've heard while being in the same sort of predicament I found that one of the best value-for-money cars to go for if you want a reliable luxury car is a first-generation Honda Accord Euro. It's not the most fun car to drive out there but the K24 is a pretty good engine with VTEC and 200hp and the 6-speed manual is a very good transmission. There is of course also the Mazda 6 Luxury Sports *waits for Rotary Junkie*. Test drove one myself and it's got a very good chassis. The 2.3L isn't as powerful as the Accord's K24 but it's still good for 170hp standard.
I definitely want the tilt towards performance more than luxury...
If you want no-holds-barred performance though then there's even more choice than that, although it may be hard to get a few of these that haven't been thrashed or done a million kays on them. I personally stand by the Subaru Impreza WRX whole-heartedly, and the Nissan Skyline but for your price you would have a much easier time finding a non-thrashed R34 than an R33 as CarreraGT suggested. They have the same RB25DE(T) but the R34's NEO RB25 is a little bit more powerful than the R33's. As far as weapons-grade performance cars go your best bet here is going to be a Toyota Supra, but like the Skyline many of them are likely to be thrashed.
It all depends how much performance you want.
...but as you point out the real well known budget performers have usually been ridden hard.
Really appreciate these comments, exactly what I was after. A bit of a sanity check and some new ideas.