What you need is my wife's 2001 VW Cabrio.. Fun little car that proves that you are one secure guy when you drive it.
I tried to buy one about a month ago for a good price but i backed out when the guy raised the price by 50% at the last moment.
Which is the same exact reason why i didnt buy a Subaru Baja last year.
Im really starting to hate when that happens. The ultimate solution is to have about $10k in cash at all times so that i can move faster than they can change their minds.
Not sure where in the northeast the OP is located, but here ya ago:
http://newyork.craigslist.org/wch/cto/2318684060.html
http://hudsonvalley.craigslist.org/cto/2274980395.html
Doesn't get much cheaper than that. Drive it around, then drive it down to the Challenge with the biggest tires you can fit and all the nitrous the car can handle. Just arrange for a ride home after you blow the engine. 
Saab 900 or Mk.2 Golf Cabrio would be my picks.
I'm good with my two 'verts below (plus Spridget race car). 
The Hiroshima Elan is an obvious choice, but I think the newer, rubber-bumper MGBs can be a great choice. Lot's of "experts" complain that they are dogs, but back-dating the carb and ignition is child's play and will solve most of the real problems (inexpensive, too). Lowering and pulling the rubber bumpers is equally simple, if you're so inclined. Plenty of decent ones still out there for <$2K. (mine's a real '69 chrome-bumper).
Fiat 124 spider, no one wants them, they rust like no ones business, wiring is dodgy at best, interior not as nice as MGs or Alfas, but my oh my what a sweet sound that motor makes, and given all that, they're cheap and easy to fix, and you can usually get a good runner for cheap. And it's a decent sized car, you won't feel cramped. I have trouble fitting shoulder-width in cars, the Fiat compared to say an Alfa is spacious...
Y'all are missing the 2+2 requirement 
Raze wrote: Fiat 124 spider, no one wants them, they rust like no ones business, wiring is dodgy at best, interior not as nice as MGs or Alfas, but my oh my what a sweet sound that motor makes, and given all that, they're cheap and easy to fix, and you can usually get a good runner for cheap. And it's a decent sized car, you won't feel cramped. I have trouble fitting shoulder-width in cars, the Fiat compared to say an Alfa is spacious...
Don't be too sure on that. I am seeing rust free (don't laugh, I own one) 124s going up in price.
Personally, my father had MGBs and I had 124s.. I would take the 124's interior over the MG's anyday. Good Gages, real wood, amazing heater. Not to mention fibreotic lighting on the centre console, great seats,
It also has the easiest convertable top to use anywhere, and a smooth five speed trans and 4 wheel disc brakes.. and as you said, an amazing sounding and performing engine.. once you lose all the emissions crap that doesn't do anything anyway.
the trouble is finding one of those rare rust free cars.
I will be buying up a 91 vw cabriolet today for $700 if the seller doesn't flake on me. Photos to follow a successful purchase!
Derick Freese wrote: For some reason, Jeep Wranglers have fallen in price by about 20% over the past month here. Even more odd is that Cherokees have increased in price about the same percentage. My vote is for a Jeep.
I must know where you live RIGHT NOW!
914Driver wrote: You can find them at half this price.http://boston.craigslist.org/nwb/cto/2314399969.html
Just bought a driver for $400
Its an anomaly sure but they are out there and fit the summer convertible beater role nicely.
Page 3 and not one mention of the RX7
damn guys you are slipping
not sure that qualifies as a "summer beater"
In reply to poopshovel: 98$ back then......more pics..
and
When I find a picture of the latest one, I'll post it.
I love the Samurai too!
This is what I ended up with
120k miles, 5 speed, tt 260* cam (why you bother to "build" the 1.8L 8v I will never know), diy cold air intake, pacesetter header, autotech springs, fresh kyb gr2s, prothane engine mounts (bleh), energy suspension complete suspension bushing kit, some wheels i dont like, a spare set of 14" steelies, a new oil filter, MSD blaster box, MSD timing retard box, MSD blaster coil...
no rust perfect vinyl top
a crapload of audio stuff (rockford components in all four corners, 10" sub, two rockford amps, cap, etc)
AND YELLOW UNDERGLOW!!!!
He sold it cheap because it has "issues" of which I have been chipping away. Driver's side door didn't open from the outside (fixed), starter was sluggish when hot, idle was stumbling when rpms drop from a cruise, the passenger top to window seal leaked (fixed), and the exhaust is loud (it's a fart can.. of course it's loud!)
Looks entertaining (other than the power). good luck!
Vigo wrote: Looks entertaining (other than the power). good luck!
You got THAT right. Looking into options that are budget oriented. :)
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