The PPC sub £1000 car challange was won last year by a Gtir. It did high 12s 1/4s, bought and sorted for under £1000.

These days you should be able to get one with 300bhp for around £2K. It won't be as ropey as you'd expect.

300bhp in a Gtir with a good driver can do sub 4s 0-60 and mid-high 12s on standard weight. My sig shows what a lightweight one can do.

PS what year 996 as there's a fair difference? (gitr should still do them both tho)
http://www.letstorquebhp.com/4wd.asp