Okay then. Using Parkers to check prices, and frankly, I think Parkers is a load of crap. We'll use the 'good private' prices.
406 Coupe SE - your £5K will get you a P-plated, 60,000 mile V6 Manual. Tellingly the owner reviews give it 2 stars out of 5 for costs, 3 for reliability.Rover 200 Coupe - yes, seriously. They're not bad looking, have Targa glass roofs (T-top style) and are quite quick. Your money will get you a
40,000 mile 1999 T-plate, and probably one of the best at that, with the 1.8 VVC engine (160bhp, not bad for the car).VW Corrado. 1996 N Storm 2.9 V6, should be the best available, too.
BMW - Yes, amazingly even Parkers agrees - BMW 328i Coupe, 1996 N, 70K £5,000 is trade price, so find a good private one and haggle.
Fancy something with real grunt? Admittedly LHD, but a Camaro (official import, not a private one) from 1998 with the 5.7 V8 can go as low as £5K - go for a better condition one with higher miles.
There's that Accord Coupe again - the V6 Parkers reckons should be around £5K for a '98, which ties in with the X-reg I found at a dealer for £7ish.
Parkers seems to think that you can have a Jaguar XJS V12 Coupe (final edition) from 1996 for a smidge over £5K private...
Mazda MX-6 V6, last off the line 98, well within budget.
The Nissan 200SX - a real driver's car - should be a 1999 S for your money. Amazing value...
Finally, the Calbra V6 SE9 - last one, 98R, is cheaper than your budget.
This is just coupes, and not looking at other cars which might have
200bhp (I know many of these don't have that much, but I've also driven Peugeot 200bhp and Subaru 200bhp, and I know which feels like real bhp ;) ). Volvo C70 T5 isn't quite within your reach yet, but only £1-2K off.Out of those, I reckon I'd go in this order:
Nissan 200SX - admittedly it's 'only' 197bhp, but according to most owners - some of the most fun you'll get for the money.
Jaguar XJS - oh, come on! You can't fail to fall in love with the V12, even if it would be ruinous to run. If you're going to make an expensive mistake, here it is. But you'll enjoy every minute of it.
Chevy Camaro - with the V8? Yes please. I'd have an auto though, a manual + LHD + good ol' yank chassis would make British roads a little too stressful.
Honda Accord, as late as possible. I like the US-made Accord Coupe, and the reliability appeals.
Rover 218 VVC Coupe (or whatever it's actually called) - low power, but it's FWD so it should be 'about right', and it's got that glass roof. Rare, too, and quite pleasant styling. Dealers are usually alright.
VW Corrado - just because. The Storm is a future classic.
Peugeot 406 - yes, of course I count it. It does look stunning. How many
504 Coupes do you see these days?BMW - I'd place it above the Peugeot, Corrado except I personally can't stand BMWs.
Mazda - again, would be above, but I'm not wholly convinced that Mazda do anything better with the 2.5V6 than Ford did in the Probe. Actually, I wonder if a Cougar would be in your price range...
Calibra - not bad reputation for reliability and is totally worthy of direct comparison.
Get the 200SX. You will enjoy driving it, it will teach you so much more about handling a car, break down less, probably cost less or the same to service, depreciate less (if anything, the 200SX is going to be the AE86 Corolla of the 2010s - and those fetch nearly as much as a mid 90s 200SX gets now), and is highly unlikely to fall apart. And no-one who knows about cars will accuse you of being a hairdresser (says the man who wants an MX-5).
Note that none of these options include imports or significantly older cars than the 406 you could get. And there are some nice machines, like the Mitsubishi GTO, that could be within reach...
If you do go for the 406, I can understand the looks overriding everything else; I've owned plenty of inadvisable cars. However, I've also learned that financing inadvisable cars is, well, inadvisable, and indulge in such cars on a banger-money level now. Having bought a similar age of Volvo 480 (similar market of car), lost £4,500 in 18 months, I will never do that again. Many people would have said "don't", but I liked the look of the 480 - it just coincided with the used car price crash, the import rules changing, etc, when it became the case that instead of a good banger costing £1,000, they cost £100 - and everything fell accordingly.
Richard