Hi Caveat,
Coming from a very biased MX5 owner - BUY AN MX5
Excellent motor, looks brilliant and puts a smile on your face everytime you get behind the wheel.
A few thoughts when buying. The MX5 is not a performance car as such, it is more a tourer. I rarely break speed limits, having too much fun chilling along with the wind in what little hair I have
The engine sizes up to about 2006 were 1.6 ( 110bhp ) and 1.8 ( 140bhp ). I have had both, currently I have the 1.6 and to be honest do not find a huge amount of general driving difference in "performance" up hills or on the motorway. Personally i would plump for the 1.6 - cheaper to run fuel wise, Insurance wise and tax wise.
About Insurance - I would be careful at the moment about buying any JAP IMPORT car. Alot of insurance companies / underwriters have STOPPED insuring them OR are pricing with crazy figures, regardless of age ( I am north of 40 ). THIS IS NEW POLICIES NOW. The jap version of the MX5 is the EUNOS. You would generally know this by the square number plates at the back.
UK / Euro imports are fine insurance wise.
If you are talking about €5000 then you might be in and around the year 2001 or before:
http://www.carzone.ie/used-cars/Mazda/MX-5?searchsource=browse
These are Mark 2's ( NB ). After 2006 the whole car changed to the Mark 3 ( NC ). Two new engines - 1.8, 2.0. The Mark 1 ( NA ) went up to 1997 or so, this was notable with its popup lights.
Being 2010 and if you could pick up a good 1990 or even a good 1989 ( first MX5 to market ) you would then have a CLASSIC, so tax and insurance would be silly money ( Classic costs ).
One thing to look out for on models between 2001 and 2004 - these models had an unofficial recall with a CLUTCH JUDDER. This typically happened in 1st and reverse. The whole car shakes on reverse or 1st on take off. Most of the MX5's with this were repaired - new ( non ford ) clutch plate and flywheel. BUT some got through the net where some dealers are saying "Ah shur thats the character of the car" - it isnt!
Do not let that put you off - its not so major as to wreck the experience of the car, just annoying.
Check the soft top when up, look down the sides behind the seats for the drain holes, make sure they are clear.
Reliability is great, they do not go wrong generally, rust under arches main thing for older models.
As a taster, heres mine:
This is my 2003 MX5 Limited edition Nevada 1.6. Came with the hardtop. Bought from main dealer with full 1 year warranty ..
For further advice and the like their is a great Irish MX5 Forum here:
http://www.mx5ireland.com/forum/
By the way the MX5 is the european name, the EUNOS is the jap name and the MIATA is the USA Name ..
Cheers
Bobalong