An old Impreza would be where my money went for turbo goodness, can pick a tatty one up from under a grand but it'll only have about 220bhp, for 3k you'd have your pick of the market. Parts are very very cheap with so many of them around and they're quite nice to work on too, i can't see them being much worse on fuel than any contemporary 2.0 turbo, they're all going to be terrible when driven properly surely?
Fiat Coupe Turbo is another option.
Corrado with a 1.8T converion.
Don't know what price is like, but the Volvo 480 is a very rare sight these days. Volvo's first ever FWD car.
The MR2 has to be a strong consideration for performance and looks alone, but bear in mind that they are all imports (possible insurance issues), they do bite if driven with a fist of ham, and they aren't the easiest things to work on.
Whoever suggested the Octavia VRS, the first generation Octavia is hardly a "retro" car yet.
Just found this by accident...
http://www.ebay.co.uk/itm/VW-Volksw...GTi-Spec-/361190354858?_trksid=p2054897.l4275
Not a Corado but would be fun![]()
Another option is the Galant VR4, this one seems a good example
http://www.pistonheads.com/classifi...o-auto-tip--ralliart-model--low-miles/3018040