not much money involved. also preferably rear wheel
preferably rear wheel drive and an import just because they typically have better handling and a readier supply of parts

mustang gt..if youre looking into older car

get like a $400 car from a junkyard then you should put on a roll cage, racing seat (remove all the other seats), wide racing tyres, racing rims, full racing transmission and brakes etc, a racing body, respray the car, reduce as much weight as possible and improve the handling as much as you can and then put in like a 500hp dodge viper supercharged engine that would be hell awsome! But it would cost heaps

A toyota sprinter cheap as and has alot of potential

the 2 words ''cheap''& ''racing''does not even fit in the same conversation together,
and yes there is one form of racing that is a lot cheaper to get into
its called ''slot car'' racing and they are rear wheel driven

As just mentioned, there really is no such thing as ''cheap racing.'' While it is certainly easy to spend alot on a car, the cost of sorting any car out & keeping fresh rubber & other details will make up the majority of ur cost. & ultimately, u may find it cheaper staying away from a cheap car in favor of one that is already sorted out ( l know of a major amateur team that recently justified spending $400k for a new factory car rather than spend the time & money to rebuild their existing car. otherwise identical to the new one, as it was ''cheaper'').

The other thing to consider is what class u intend to race in (ie, the earlier suggesting of building up a junkyard chasis & sticking in a Viper motor would mean you'd probably be running against modern, purpose built racers that would be dramatically faster than you, & require some pretty vast annual operating budgets as well in order to come in last). This is probably the most important consideration, & one to look at in relation to ur skill as well.

All of that said, the two likely places to look would be:

Spec-Miata. older Miatas r inexpensive & available. They r also RWD imports, & excellent track cars. Also, as this is such a popular series, there r lots of racing options, & prepping an older Miata is easy as there r many packages offered that include all the needed parts, & much documentation on good setups (additionally, buying a car already outfitted is not overly expensive & there r also many rental options).

Formula Vee is another good candidate. Also RWD & built mainly around old Bug parts & using purpose built chasis' - like the Miata, the low power means u must be a good & economical driver, but if u are, u can get some very good lap times out of these cars.

Both of these cars have large supplies of cheap parts, & the tires used in either series should last for a number of races. but still, annual operating budgets of each will probably be a few times the cost of the cars themselves (and do not skimp on ur safety gear purchases. a good multilayer suit & helmet is essential, & the extra money for a HANS is something you'd never regret in the event u actually should need it!).