I picked up my friend's E39 540i 6-speed for under $6k (~110k miles) for precisely this reason.

The V-8 is still strong and after it's done, I'm swapping in a fun turbo I-4. Oh, and I currently get almost 30MPG on the highway.

Yeah, I'm thinking that may be the way to go. Now I just need to figure out what I'd actually want for a daily. Too many options, not enough driveway space. Guess once I'm ready to buy I'll just need my budget and see what's available.

Yes, that was my point.

I re-read the OP post again and it seems to me his main reason for looking at the 86 *IS* the consumables. He does mention that he's might be worried about balling up the Z and in that case, yes, the cost of balling up an 86 vs the Z would be cheaper!

As an owner of multiple cars that I like to track that range greatly in value, I can say that indeed, the 86 is the only one that I push to and past the limits and it is a blast! I agree, that Miata is the better choice if pushing hard enough to accept balling up the car as "okay" is a goal. But, at some point, one should probably consider moving into racing rather than HPDE. Also, add in the cost of safety equipment if wanting to run at the limit. I've got a half cage, 6 point harnesses and use a HANS...

Yes we just interpreted the OP a bit differently, and given that he's not moving very quickly as first year models tumble in price it won't be long until they're $10k-$12k for a zero-issue car with lots of life left in it.
But in the mean time: Karts or Spec Miata!
:cheers:
:burnrubber:

@Cole Pretty much the above, if I have space and ability to have a dedicated 'fun' car for closed course action it'll be wheel to wheel racing and trailered to tracks/autox's.

If I'm not trailering a car it's still going to be relatively streetable given that a 3+ hour drive is not out of the question to get to an event of interest, I certainly wouldn't be excited to do that in a gutted/caged shitbox.

Entirely understandable. That's why getting a cheap, 2wd truck appeals to me. It's been a while since I've looked into them, but I'm fairly certain I can get an ooooooold truck on the cheap. Miata's are hovering around 9k in my area for clean, unmolested models. That's a bit much for me to buy and entirely gut. Maybe I can find an auto for a bit cheaper and swap the trans, though.

Don't get a nice one if you plan on banging fenders, :D

I always forget rustbelt problems mean used car prices skyrocket :(