But how many miles will a Miata have, that can be bought for $5000? or what will be its condition?
I am watching this thread because our current 3rd/spare/beater car the Elantra has 210k miles and sooner or later we will need a 'new' beater/3rd car. And my budget target was exactly what OP has in mind: $5000. But I won't be too much concerned with the fun part...
It just needs to be a compact, have less than 75k miles (80k tops), and decent MPG, and reliable. IF it's fun to drive, I'll take that as a bonus. (Main 2 cars have enough of that factor).
And I have started tentatively searching, mostly based on ebay and Craigslist prices (which I know is not always a good measure, but man let me tell you, used cars are $$ !! I didn't find a single one that met the criteria for $5000 and even $6000). I guess including Auto trader will vastly improve the search...
My tentative 'targets' included Elantra (XD generation), Imprezas, Focus hatches/sedans, Preludes, Golf/Jetta, Civics, Integra, Cavalier, Saturn SL/SC etc. oh yeah, and Miatas, and Mazda 3, and even Proteges. No Luck! (at least on Ebay and CL so far...)
I am almost tempted to refresh the front end of the Elantra (badly needs springs and/or struts which are still factory and have 210k miles) and keep it, as it never had any mechanical repairs except a radiator replacement.