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Probably pick up a decent mk2 ph1 for that money, though tbh theres gonna be little between a late mk1 ph3 and an early mk2 ph1, so buy which ever you can find the best example of.
Mk1 is a lighter, more fun car, but if it were my first car I'd go for the Mk2 to start with as it is safer as mentioned already, plus less prone to fault due to age etc.
Try a Mk1 one though, and when you get more experienced and fed up of everyone overtaking you think about a good nic Mk1 1.8 16v Insurance is a lot higher though!
I think the mk1 is a better looking car, but I'd assume the mk2 ph1 is safer and in 3yrs, I barely had an issue with mine, which is probably more important in a first car. I didn't have my mk1 long enough to experience any probs. Got both when I was 18 btw.
Also, you may appreciate the extra space in the mk2 if you like having passengers in the back, and I think it's a nicer place to sit.
I'd love another mk1 but would have to be a valver or williams. My 1.4 mk1 was a hoot so would love more power handling in that little shell.
Just to give you an idea i've had my mk2 ph1 for just short of 2 years now and the only things i've had to change due to faults are 1 coil pack and the tdc sensor, total cost of about £40