£1500, fun and 30mpg plus... what would you buy?

It's a good question, isn't it? Particularly if, like me, you happen to have that budget, and those requirements from a car. £1500 gets you a surprising amount these days, anything from tidy superminis, MPVs and third-hand family cars to classic roadsters, hot hatches and sports saloons. Some will make great runarounds or first cars and others fun weekend toys.

But, if you're like me (young, skint, and like a bit of fun from your car now and then) you might find your choice rather more limited. Sure, you can find plenty of old hot hatches at this price, but unfortunately many have been ragged to within an inch of their lives by now, and insurance is still very expensive even with a few years no-claims behind you. Such is the plight of the young driver.

However, hope is in store. There are still choices out there, if you look hard enough, that will provide you with fun and reliable motoring, but importantly, not emptying your wallet come renewal time or at the pumps. With fuel prices as they are, easily doing more than 30mpg is virtually essential nowadays. Below is a selection of cars that meet the above criteria. What would you buy?

BMW 316i/318i (E30)

The E30 3-series is slowly becoming a collectors' item. Partly due to it being an important model for the marque, and partly to ensure the survival of original cars before they're all snapped up by the tuning brigade. The 316i and 318i aren't the fastest, but they are both cheap to run and the £1500 budget will get a model in very nice condition. A bit of rear-wheel drive fun to start the list.

Honda CRX ESi (3rd gen)

Having seen the success of Mazda's MX5, Honda decided to make their own sports car based on the Civic. It wasn't as light and loony as the model that preceded it, but it has it's own character and roof-out fun. The ESi has roughly 120bhp, does almost 40mpg and is much cheaper to insure than the screaming VTi.

Honda HR-V

A choice from way out at left-field here. You might not have expected to see a small 4x4 here - after all, they're not known for their great fuel economy or fun. Yet Honda were singing from a different hymn book with the HR-V - not only does it do at least 33mpg, but it's also supposed to be good fun to throw about.

Mazda MX-3 V6

Mazda's coupe has managed to avoid the general public's consciousness thus far (thanks to more popular choices like Ford's Puma and Renualt's Megane Coupe), making it a great second-hand choice with low prices. The V6 engine sings yet manages mid-thirties mpg, and the cars seem generally well built and reliable.

Mazda MX-5 mk1

Another small Mazda, but one you've heard of this time. £1500 is remarkably little to buy a classic, but it's achievable with the MX5, and it's going to buy you a whole bundle of affordable fun. Ignore the hairdresser jibes - anyone who's driven one will tell you it's impossible to have perfect coiffure after five minutes with the hood down...

Porsche 924

You what? A Porsche for how much? It was always designed to be affordable and now you can buy one for pocket money. It isn't, as you might have heard, equipped with a van engine - it was an Audi engine that was tuned for use in the 924 and detuned for use in a VW van. Owners report 30mpg, and £1500 should get a nice one.

Saab 900 T16

Turbo lag and torque steer. Right, now the stereotypes are out of the way, we can appreciate the car's unusual styling, great seats, bucketfulls of character and great performance. Not only that, but many insurers consider it a classic now, so you might be able to benefit from cheap classic insurance.

Toyota MR2 mk1

Rumor has it that the MR2 project was initially developed with Lotus, but Mazda took the project on fully when Lotus had financial issues and abandoned their share. So if you squint a bit, you're looking at an 80s Lotus Elise. Maybe. Either way, it's a brilliant drivers car which does mid-30s mpg. You may have to look hard for one untainted by rust, however.

Toyota Paseo

Even less known than the Mazda MX-3, and arguably not as special, but with 40mpg easily achievable it has it's own merit. And of course, being a Toyota, it'll last for ever, and ever, and ever. It enjoys a very low insurance group as well, and should be fun, if not up to Ford Puma levels.

Volkswagen Bora Tdi

Although a small saloon seems a bit incongruous next to small sports cars, coupes and hatches - especially a diesel one - the Bora represents brilliant value for money. It's cheaper than the equivalent Golf both to buy and insure, yet shares the same great engines and build. The diesels get an easy 50mpg and can be tuned very easily for much more power and torque.

Volkswagen Golf GTI mk1

My final suggestion is, undoubtably, a classic. If you want to spend £1500 on one, do it now because they're unlikely to stay at that price as they become more scarce and more popular for restoration. Manages 35mpg and faster to 60mph than the standard mk4 Golf GTI. Cheap to insure on classic insurance, too.

An eclectic mix then, and perhaps a bit more interesting than your average hot hatch, yet likely to provide many miles of reliable, economical and fun motoring. If you're lucky, you may even find a little practicality to add to the mix. £1500 really does get you a lot of car.