They did do a 318is in the US and they're fairly common, but I'd still go for a six. You'll never regret having more power and, especially torque. Extra power on the track won't scare you, but not having enough to get away from someone else will.
I've never owned a BMW and I don't even like E36's, but if didn't have my Miata for the track, a 325is is exactly what I would get.
You may want to join BMWCCA and look for one through them.
How about a C4 Corvette? Earliest ones are down on power, but that could easily be added as your confidence grows. I have seen rough ones at $2K, decent ones at $4K.
I've already got a C4 (convertible), don't want another as I would prefer something smaller.
Here ya go, race ready, 6 pt cage, street legal $2k:
http://atlanta.craigslist.org/atl/cto/1734406273.html
FWD is much less likely to spin while you're learning to drive - reduces the scare factor. Do FWD well with sticky tires and you'll push all the E30/E36s thru the turns.
E30 or fox chassis mustang.
Cheap to buy, cheap to build, lots of aftermarket goodies and easy to work on.
Oh and as a CMC racer with years of experience with fox mustangs they are not as heavy as people think and not that difficult to make handle. I would not call a CMC mustang slow. Not the fastest out there but not slow.
I have also built the one and only spec E30 in the rocky mountain region and I really like those cars
http://washingtondc.craigslist.org/mld/cto/1779613084.html
fx16 corolla - race ready, and cheap.
after dong my first HPDE last month we are looking for a car for a friend of mine who also wants to try it. we have looked on craiglist for anything under 2k for a couple of weeks to research it. and out of all the stuff that comes up in that range, my vote is E30 E36, or mid 90's rx7. around here there are several 325 e's available for under 2K (with some budget room for tires) with decent records, several late model rx 7's, and a couple of e36's that might work out if you are willing to do some work on them. i have yet to find a road worth 240 with a stick available but we are looking for those too. you may want to consider whether or mot you will eventually want to enter any racing class. spec e30 has a big following in the southeast (as does spec miata) but you may want to enter cmc or something else and picking a car that helps you get there isnt a bad investment.
RX7 - 2nd gen (FC)
Much lighter feeling than any BMW. Very agile. Nice steering. Doesn't break much. Cheap to buy and cheap parts.
Saturn? There are a lot of cheap ones running around or if you want to be different, Yugo.
Saturns are FWD, correct?
BoxheadTim wrote: Saturns are FWD, correct?
yuppers - and crappy examples of it too :)
I'm amazed how many people are recommending FWD vehicles given that I tried to publicize my dislike of FWD 
.
Oops I missed that. A first generation RX-7 is my recommendation. I like those more then the 2nd gen. Or if you want to be different how about an RX-2 or RX-3.
SVTF wrote: Do FWD well with sticky tires and you'll still push thru the turns.
Fixed that for ya.
I was all set to recommend a cheap 944, but you said they don't agree with you. What about a Starion? Those things were the sports car deal of the century in the U.S. when I got mine a few years ago, probably still are. What else can you get with a 2.6 turbo, factory 2-way LSD, 16x7/8/9 (if you're lucky) wheels, box flares, and some of the best seats I've seen in an '80s car, for under $2500 for a decent one? They don't really rust, which in Nevada will mean no rust, and the parts interchangeability of those older Mitsis is legendary. Disadvantages are recirculating-ball steering and a funky '80s TBI system with plenty o' vacuum lines.
Actually the comment about 944s wasn't a 100% true - the one I like is the 944S2, but they're way above my budget.
Starion, there's an idea - I always liked the looks of them but didn't even think about those as a potential track candidate.
96DXCivic wrote: Oops I missed that. A first generation RX-7 is my recommendation. I like those more then the 2nd gen. Or if you want to be different how about an RX-2 or RX-3.
I do like 1st gen RX7s; As to the RX2 or RX3, I'd love one but I think finding one that drives to the track under its own steam, let alone around the track, is going to be tricky with the budget I have.
How about a V8 Fiero? You won't be able to go fast in the turns because of the ride height required to clear the exhaust. 
http://cleveland.craigslist.org/cto/1779106055.html
"This car has less than 100 miles on a V 8 engine it has been modified to a V 8 and it rocks black in color leather seats chrome side pipes must see to believe it is a 5 speed and all parts are new must sell moving price firm at 1500 this is a give away serious offers only "
Jay wrote: I was all set to recommend a cheap 944, but you said they don't agree with you. What about a Starion?
My father's neighbor had the tsi version on jackstands for years - blown engine but a clean, rust free roller. One day I went by and the drivetrain was gone.
I was all set to go see what he wanted for the shell - its a cool looker and I figured... $200 and a wrecked S2000 it would be a sweet car. He wasn't home - came back the next day and it was cut into pieces in the back of his pick-up.
I should have thanked him for saving me thousands of dollars and hundreds of hours but... I just left. I'm still kinda annoyed thinking about it now.
Mk1 MR2's are probably pretty ideal. They tend to be cheap, and are tons of fun to drive.
Don't fear the stories of snap over-steer that the intrawebs will feed you. Yes it does rotate rather quickly after lulling you into complacency with some corner entry under-steer, but it doesn't snap, that was mostly an early mkII issue.
I'm not too concerned about the snap oversteer, after all I did take my Lotus on a trackday or two before I sold it.
I'm admittedly biased, but I'll just second the Mk1 MR2. They fit your criteria nearly perfectly (lighter than the BMW's, more powerful than the X1/9). I have found mine very easy to drive at the limit, and I've come from a fwd background. There was recently a thread on tracking them (& the Mk2) here
Also, if you get power-hungry down the road there are a number of options ranging from a mild smallport 4AGE upgrade to the 20V 4AGE, supercharged 4AGZE, 5SFE, 3SGE Beams, & 3SGTE (mk2 turbo) engines.
Okay....Stay with me for a moment:
Volvo. P1800: http://dallas.craigslist.org/dal/cto/1761236318.html
...Hell, any old volvo. The 122/Amazon isn't a box, doesn't weigh much, and turbo Volvo engines are swapped in frequently. The 140 series is quite light and can be made to go like snot. 240 + 5.0 = Win.
Also, found something only the crazies will like:
$200 chevette Shell
http://mohave.craigslist.org/cto/1774392620.html
Now ask yourself: Can you find yourself a $500 engine, trans, and rear axle? Now, not only have cheap as chips HPDE car....but you can also enter it in the Sub $1000 category of the $2011 challenge!
Old Celica? http://yuma.craigslist.org/cto/1783598104.html http://lasvegas.craigslist.org/cto/1777438064.html '75 Running, GT Coupe. $1750. Awesome. http://lasvegas.craigslist.org/cto/1763283625.html '77 Liftback. $1800. Do it!
Or how about the awesome, sexy, Opel GT? http://abilene.craigslist.org/cto/1776662118.html Set up for mini-stock, so it's already stripped and caged. Ready to rock, just make the dude an offer! (Someone here needs this car!)
I always wanted an Opel GT . . .
ScottRA21 wrote: Okay....Stay with me for a moment: Volvo. P1800: http://dallas.craigslist.org/dal/cto/1761236318.html
Love the look of these.
ScottRA21 wrote: Also, found something only the crazies will like: $200 chevette Shell
I would love to tube chassis one of those just for the shock value of that as a road racer. Seriously though? $200? How about FREE and I get it out of there? $200 should buy one of those you can drive home.
ScottRA21 wrote: Or how about the awesome, sexy, Opel GT?
Love those too although I have no idea what was under that skin... knowing GM... probably iron duke bits and powerglides.
If you want a cheap car to run that you will spend more time driving than wrenching? Miata. Leave it stock and you'll drive until your arms fall off. It's lightweight so it's easy on tires, brakes, and gas.
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