There once was a time when $5,000 could score a decent sports car. Unfortunately, those days are long gone. Today, finding new sports cars for under $5,000 is as difficult as expected. Finding any used car for under $5,000 is a search that will leave you empty-handed. Used car prices have been soaring for the last couple of years, and even though there are signs of the prices leveling, all that most can do is hope they come down in price.

Fortunately, there are ways to score good deals on cars for under $5,000, including those of the sports car persuasion. You'll have to look long and hard for these bargain finds and accept that none of these cars are fresh off the line. But if you set your expectations right, you can unearth some good to great deals on cheap sports cars under $5,000. It is important to be patient and not fall for the trap of buying the first one you come across. Find the perfect vehicle for the best price, hopefully leaving a little bit of cash left over.

Updated March 2023: We've added five more models to our already exhaustive list of some most affordable sports cars that cost less than $5,000. It makes for a grand total of 15 models that you can now consider if you're looking for some snazzy wheels that won't break the bank.

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2001 Toyota MR2 Spyder Is Not A Supra But Has Plenty Of Potential

The Supra understandably gets all the attention, but the two-seat, mid-engine MR2 with its rear-wheel drive layout had an impressive 23-year run, culminating in 2007. The 2001 Toyota MR2 Spyder came from the factory with a 1.8L 4-cylinder that could pump out 138 horsepower and 125 pound-feet of torque.

These days, used versions of the MR2 — either the coupe or spyder version — can be bought for less than $5,000, a pedestrian price tag for a sports car that looked the part of a mini exotic. This is especially true if you take the time to watch all the auto sales sites, such as the ones on Facebook and Craigslist.

2001 Toyota MR2 Spyder specifications

2001 Subaru Impreza WRX STI Is A Sports Car Worthy Of Being A Drift Master

Sure, recent versions of the WRX have entered the U.S. market with their own set of appealing qualities, but older versions of the Impreza WRX STI were something else. The second-gen version of the four-door sports sedan —launched in 2005 — utilized a 2.5-liter turbocharged four-cylinder engine that produced 300 horsepower and 300 pound-feet of torque.

Newer versions of the WRX STI offer more power and more tech, but their presence was largely due to the foundation set by older-generation models. Even better, these older Impreza WRX STI models can be had these days for less than $5,000.

2001 Subaru Impreza WRX STI specifications

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1999 BMW M3 Convertible Is A High-End Luxury Sports Car

The E36-generation M3, in particular, holds a special place in this author's heart. It's one of the first cars to fall in love with, and the passing of time hasn't dampened that affection. It's not just that it carries a timeless look that imbibes all the qualities of BMW's craftsmanship, but it's also in the way it was built.

The E36 M3 is one of the best-handling performance cars of its time. You can drive one today, and it will still put a smile on your face. Remember, the E36 M3 was powered by a 3.2-liter straight-six engine that produced 282 horsepower and 236 pound-feet of torque, making it the first M3 to use a straight-six unit.

These days, you can buy a used E36 M3 for less than $5,000. You'll likely have to perform some modifications, but with the proper setup in place, you can bring the M3's stature back as one of the most reliable cars under $5,000.

1999 BMW M3 Convertible specifications

2004 Ford Mustang GT Is A Muscle Car Turned Sports Car

Fortunately, everyone agreed that the 2004 Mustang GT had the power and performance chops of a true muscle car. It was powered by a 4.6-liter V-8 engine that produced 268 horsepower and 302 pound-feet of torque. Those numbers helped the '04 Mustang GT accelerate from 0 to 60 mph in 5.4 seconds before maxing out at a top speed of 149 mph.

Different versions of the 2004 Mustang GT can be found in the used-car market for around $5,000. These models typically have six-figure mileage, but with the proper modifications, you can get it back to running as it used to.

2004 Ford Mustang GT specifications

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2001 Audi TT 1.8T Roadster Is An Award Winner

Have you ever driven a car that was not only nominated for North American Car of the Year in its heyday but also made it to Car and Driver's Ten Best lists in 2000 and 2001? If you're in the market for a first-generation Audi TT, that's what you're in store for.

The Audi TT Roadster, in particular, looked the part of a proper sports car. It also featured a 1.8-liter turbocharged inline-four-cylinder engine with 178 horsepower and 173 pound-feet of torque. The peppy roadster could sprint from 0 to 60 mph in 8.4 seconds to go with a top speed of 138 mph.

Used versions of the 2001 TT with six-figure mileage sell for less than $5,000 these days. Look hard enough, and you might even find one that comes in at a cheaper price.

2001 Audi TT 1.8T Roadster specifications

2002 Pontiac Firebird Convertible Lets Your Hair Fly Free

The Mustang, Camaro, and Challenger weren't the only muscle cars to ride around America back in the day. Other pony cars joined them, none more memorable than the legendary Pontiac Firebird. Classic Firebirds have shot up in price in recent years, but the last generation of the Firebird — the one that was in the market from 1993 to 2002 — can still be had for bargain bin prices. The early 2000s models, in particular, can be scored for as little as $5,000.

That's an insanely affordable price for a muscle car that still packs a 5.7-liter LS1 V-8 engine that produces 310 horsepower and 340 pound-feet of torque. You won't find fourth-generation Firebirds with that much power on tap by virtue of their age, but with proper modifications, you can get these birds of prey back to their old selves.

2002 Pontiac Firebird Convertible specifications

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2001 Mazda MX-5 Miata Is An Affordable Way To Own A Sports Car

Part of the MX-5's appeal can be attributed to its energetic ride, and another part can be attributed to its low price tag. Yes, the 2022 MX-5 comes with a base price of just $27,650, making it one of the best sports car purchases on the market today.

But if you don't have that kind of cash, cheaper versions of the MX-5 can be purchased for less than $5,000. An early-2000s MX-5, for example, can be bought for that amount — maybe even less, depending on the condition.

These models came equipped with a 1.8-liter inline-four-cylinder engine that produced 142 horsepower and 125 pound-feet of torque. These Miatas could jolt off the line, too, achieving a naught-to-60-mph sprint time of just 7.7 seconds before peaking at a top speed of 130 mph. As far as buck-worthy sports car purchases go, the MX-5 Miata has one of the highest ratings of the bunch.

2001 Mazda MX-5 Miata specifications

2003 Mazda RX-8 Sport Was The One After The Famous RX-7

Here's another Mazda that became popular in its own right, even if it wasn't able to sustain that popularity, as well as the MX-5 Miata did. The first-gen RX-8 arrived in 2003, and people often remember it for its freestyle rear doors. But the first-gen RX-8 had other qualities, none more important than its RENESIS 1.3-liter Wankel rotary engine that produced 189 horsepower and 159 pound-feet of torque.

This version of the RX-8 could split a 0-to-60-mph time in 6.1 seconds and hit a top speed of 146 mph. For a sports car that had to live up to the legacy left behind by the RX-7, the first-gen RX-8 did that and then some. Unfortunately, the RX-8 fizzled out after a decade in the market. These days, you can buy a used first-generation model for less than $5,000.

2003 Mazda RX-8 Sport specifications

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1999 Mitsubishi 3000GT Can Be Affordable If You Avoid The VR-4

It's a shame because the sports car's design has aged remarkably well, particularly those pop-up headlights that became the trend among performance cars of that era. Easily one of the top 10 best sports cars Mitsubishi ever built, the 3000GT was no slouch on the road.

It was powered by a 3.0-liter V-6 engine that produced 219 horsepower and 204 pound-feet of torque. The high-powered VR-4 models command insane prices these days (think six figures), but the lower-spec models can be purchased for less than $5,000.

1999 Mitsubishi 3000GT specifications

1999 Porsche Boxster Is A Sports Car Legend

Imagine being able to buy a Porsche Boxster for under $5,000. You might not have to imagine it if you look hard enough. The Boxster has been around since 1997, accumulating a trail of awards along the way, including being named the "Best Roadster in the World" by Autocar.

It's even made it to the "10 Best" list of Car and Driver a staggering 11 times.

The 986-generation Boxster was powered by a 2.5-liter flat-six engine that produced 201 horsepower and 177 pound-feet of torque. It can accelerate from 0 to 60 mph in 6.9 seconds on its way to a top speed of 149 mph. The Porsche Boxster is one of the best RWD sports cars under $5,000. No doubt about it

1999 Porsche Boxster specifications

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2004 Nissan 350Z Is Becoming A Popular Choice For First-Time Sports Car Owners

The 2004 Nissan 350Z will not be easy to find under $5,000, but there are still a few cars out there in that price range. You may have to put a little work into it, but that is parred for the course when buying a used sports car. This car is a two-seater sports car with some attitude built into it from the start.

The Nissan 350Z comes with a 3.5L V-6 that can pump out 287 horsepower and 274 pound-feet of torque. That pushes the car from 0 to 60 mph in a matter of 5.8 seconds, which allows it to gain speed quickly when coming out of a sharp corner. It is truly a car worth waiting for, so keep an eye on the models coming up for sale.

2011 Hyundai Genesis Coupe Is A Blast From The Last Decade

2011 may seem like you are pushing the boundaries of finding a sports car for under $5,000, but the truth is that the Hyundai Genesis Coupe can be found in running condition for right around that amount, and for one that needs a little bit of work they sell for around $4,000 or less. It will all depend on the seller and the market's current value, but it is definitely a car to look out for.

The 2011 Genesis Coupe came straight from the factory with a turbocharged 2.0L four-cylinder pushing out 210 horsepower or a 3.8L V-6 producing 306 horses. The six-cylinder engine gives the Genesis a 0 to 60 time of 5.5 seconds, which is not bad for a little sports car.

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2006 Volkswagen Golf Mk5 GT Is An Unsung Hero

The Volkswagen Golf may not seem to be a sports car of any kind. In fact, it was marketed as a family sedan that was fuel efficient and comfortable. When the GT version came out in 2005, that all changed because it came off the assembly lines with a 1.4L twincharger configuration. This allowed the engine to have two superchargers and a fuel-stratified injection system. The 2006 Volkswagon Mk5 GT engine could push the car from 0 to 60 mph in 6.6 seconds.

Since Golf's are one of those cars people love, you may have difficulty finding a GT model for sale. Still, when you do, it will likely be priced under $5,000 simply because many gearheads do not consider it a sports car. If the price tag fits, the little car that wanted to be designed as an all-out sports car can be yours.

2009 Chevrolet Cobalt SS Is A True Sleeper

The Chevy Cobalt is another car that not everyone will look at like a sports car, but its performance speaks for itself. The 2009 Cobalt SS comes straight from the factory with a turbocharged 2.0L four-cylinder that kicks out up to 260 horsepower and 260 pound-feet of torque. It may surprise you when getting behind the wheel and stomping on the gas because it will launch off the line and reach 60 within 5.6 seconds.

Since this car is not a sports car in most circles, it can easily be found under the $5,000 limit set. The thing is that when looking, you will need to make sure that the car being looked at is indeed the SS model. Otherwise, you may end up with a four-door family sedan with no get-up-and-go.

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2001 Mercedes-Benz SLK 320 Is Luxury Gone Wild

Even in the wildest of dreams, you may never have thought that a Mercedes would be on a list of sports cars for under $5,000. For the most part, that may be a correct assumption, but you would be dead wrong when it comes to the 2001 Mercedes-Benz SLK 320. Examples that need some work can be found for way under the limit. Cars that are in decent running shape can even be found for cheap, which is surprising because usually, the Mercedes name makes it a car worth buying.

Under the hood of the SLK 320, the 3.2L V-6 with an aluminum block and you'll find a single overhead cam. This engine is more powerful than the turbocharged four-cylinder from the previous year, pushing out up to 215 horsepower and 229 pound-feet of torque. This carries the car from 0 to 60 mph in 6.6 seconds, give or take a few tenths depending upon the transmission and driver.