Cheapest transport is...
I did 4 years of uni traveling 14miles a day on a mountain bike, had to buy about 4 tyres and 2 sprockets and a set of pedals (all wore out!)
Insurance is an issue with you 1st car:
My 1st car was an Astra 1.6 but after the insurance quotes near £2000($4000) it was sold 1 week later and i got a Fiat Panda about £800($1600) to insure!
When buying an original mini remember it's gona be like very old, unsafe and rusty. I resprayed my brothers in Hammerite to try to stop it rusting!
My two favoirite cheap sporty cars are:
Best = Daihatsu Coure(Mira) Avanzato TRXX-R4 660cc Turbo Twin-cam 16v 4x4
as the above is a rare find try..
2nd = Fiat Seicento Sporting Arbarth Kit (Probably £1000-1500 to buy and as it's body kitted up you wont need to waste money on it, cheap to fuel/insure 1100cc)
3rd = If your parent want to buy something new the Toyota Aygo Sport is nice and does 65mpg so only £50 tax!
If you do your own body kit insurers will punish you because they will say the car is modified! If you don't tell them then your driving without insurance as they won't honor it!
Biggest mistake I ever made was selling my mini Turbo car
Jap Kie class rocks!
DinoHunter (still no nVidia compo voucher!), CPU/GPU Benchmark, DarkFish Encryption DLL, War MMOG (WIP), 3D Model Viewer