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Recommendations on cheap, fun second car?

Volvo 850R, for that money you could get a nice example, maybe even with enough cash left to get it chipped (i dunno price wise though as i am in UK) I love my volvos (crazy i know) people don't realise that a chipped one of these can give an M3 a good run for it's money! If big Swedish wagons/saloons aren't your cup of tea consider small Euro hatches (Golf GTi, finding a nice example may be a task though)
 
Datsun Z-series!!

Choose from 240, 260, 280 or 280ZX. Iron dependable, very affordable, parts are available, and there are plenty of nice ones available at reasonable prices.

Porsche parts are OBSCENE and they're not that special anyway. Example: the four bolts that hold the turbo on a 924 are $80 each. PER BOLT. Gag.

My 280ZX Turbo runs like a dream and is fun to drive...and parts and maintenance are easy.
 
Another vote for the Z cars, right up your alley. 240's and 280's are sick awesome fun to drive.

Who knows? You could get incredibly lucky and find an older 300z in that price range...not AS bulletproof, but a wicked car.

Also if you could find a Toyo MR2 that isn't beat to snot, those are trick, and are as go-kart on wheels as you will ever get. the footprint is practically square (corners like it, hahahaha) , and you sit low low low.

And as for the Porche 914, my friend Greg is selling a canary yellow, fully restored one. 14 grand. I know, spendy, but it's a peach.
 
For that price, you could get a 2nd Gen Mazda RX-7 Turbo... w/ a little effort & a couple of easy mods, you could turn it into something that'd make your pee your pants.

The only problem is finding one.

Yeah, they have disappeared up here, mostly succumbed
to rust as my old 84 RX7-SE did. Wonderful to drive, but
I did have reliability issues that I finally cured by changing
wires every tuneup. It was prone to flooding in wet weather
and needed to be always fully warmed up when started.

I put a replacement engine in at 120k, it was ready again for
on at 225, rotor seals.

Buddy of mine dropped a small block V8 into one, egads!

I'd grab another in a heartbeat if I could find one at the right
price.

Miata might not be bad. (hairdresser car with a V6 could
be a bad@$$ sleeper).
 
mr2 turbo, or na second generation, mr2 supercharged 1st generation are all in your price range (turbo will be alittle rough at that price) and give huge fun per dollar and amazing handling with proper alignment. Also they are well, Toyota reliable. Check out mr2oc.com it is one of the better car forums out there.
Chris