mark,
since i set the exact same "ground rules" for myself a year ago when i went car shopping ill throw in my 2 cents. i wasnt going to spend any more than $5k but i wanted something that would be fun to drive (since i was gonna be stuck in it 4+ hrs a day) but also reliable. looks really didnt matter but obviously was a plus. i started out test driving v8 foxbodys because i always loved the way they sound and its my fav body style and parts are cheap. after the 3rd one i just couldnt belive how sluggish they all felt. all three had atleast a k&n and exhaust and one had quite a bit more than that (including NOS). the torque was there so it was very easy to spin the tires but short of power-shifting the car to death it just didnt feel like you were going anywhere. and i wont even start on fit/finish. next i drove a couple 3rd gen fbodys (see above). then i started looking more at turbo cars. i test drove an awd automatic eclipse gsx and just really wasnt that impressed--mainly cuz i HATE autos. but the styling was ok and the gas mileage was sooooo much better than the big v8. soon after i stumbled upon the laser. fwd for better mpg vs the awd cars. and already had a 12.9x timeslip to its name. car only had 61k miles and was in very nice shape. no annoying squeaks or rattles or interior that looked like it was designed in the 70s. got the car NICELY modded for $5k and havent regretted it at all. the dsm aftermarket is HUGE and replacement parts are very cheap. ive put 50k HARD miles on this car over the past year and save for routine maint items (and things i voluntarily chose to replace) havent had a problem with it. stock versions can be had for less than $2k and for $5k an awd model can hang with damn near anything out there from a light. plus you have the bonus of not necessarily having to be john force to run nice times. i know im a lil biased but i get asked this question a lot too and its always a very easy answer. factor in the 25+mpg (staying out of boost of course), average ins rates, and a damn near bullet-proof motor, and you got yourself a hell of a "beater". just my opinion of course.
jeff