Ah, tax time. What better way to lift your dreary winter spirits than a handsome sum of money suddenly occupying your bank account.

If you’re anticipating a favourable return from the tax man, the Drive team has assembled a top 10 list of cheap performance toys.

The formula behind our picks is simple: each car must be available for about $10,000 and have some kind of sporty flavour to it. To save any fuss, we’ve steered clear of grey imports.

In no particular order:

1. Subaru Impreza WRX

Nothing screams weekend special quite like the iconic Subaru WRX. The very first models are now available for less than $5000, packing a formidable 155kW and 270Nm. And there’s a lot more power waiting to be extracted from that two-litre boxer engine, too.

There are strict caveats though. Second-hand cars have often been subjected to abuse, overly ambitious engine modifications and serious crashes.

Read our used car review of the Impreza WRX here.

2. Mitsubishi Lancer Evolution

Mention the Subaru WRX and the Mitsubishi Lancer Evolution equivalent usually springs up in the same sentence.

The Lancer Evo closely mirrors its Subaru rival with a raucous 2.0-litre engine and all-wheel drive traction. They’re an absolutely manic road car, with ferocious acceleration and a bone-jarring ride.

Second-hand examples of the Evo VI are now floating around for a touch over $10,000. But, again, buyer beware.

Read our used car review of the Lancer Evo VI here.

3. Holden SS Ute

If you subscribe to the theory that there’s no replacement for displacement, the Holden SS Ute will likely strike a chord.

Modern day examples of the SS Ute are fitted with large capacity V8 engines sourced from Holden’s sister company in the US, Chevrolet.

Second-hand VY and VZ models of the SS ute are now available from less than $10,000. If you can pony up a few extra dollars, the later model VE (from about $15,000) is a better car to drive, safer and more thoughtfully packaged. Like the very last VZ models, it also gets the 6.0-litre V8 that resides under the bonnet of the new VF Commodore.

Again, it pays to be vigilant about wear and tear on used examples. Many have been used as daily haulers or have been regularly flogged.

Reach our used car review of the SS Ute here.

4. Ford XR8 ute

Holden versus Ford. SS Ute versus XR8 ute.

There’s nothing like a good bit of rivalry, and this Aussie-flavoured stoush has been the subject of many pub conversations over the years.

With Ford’s V8 ute now culled from its Broadmeadows factory floor, there is a strong sentimental argument for buying a used XR8.

The 5.4 litre V8 FG model was essentially retired from the Ford stable in 2011 and then replaced with the FPV-plated GS ute, fitted with a 5.0-litre supercharged V8.

Used examples of the earlier BA (2002-2005) XR8 ute are now available from less than $10,000.

Another worthy second-hand option is the fiery XR6 Turbo ute, which lobs at a similar price point.

Read our review of the Ford XR8 ute here.

5. Mazda MX-5

It might not be as fast as other vehicles here in a straight line, but on a twisty road, few cars deliver the same thrills as an early Mazda MX-5.

Second-hand examples are now available from a paltry $5000. Fitted with an 85kW 1.6-litre engine, the earliest examples of the MX-5 were arguably the best.

While it might have lacked real low-speed muscle, the rear-drive convertible was a real gem through corners, happy to rev and never seemed to give up.

Read our used car review of the MX-5 here.

6. Audi S3

The company synonymous with executive brawlers also made a name for itself in potent four-cylinder engines during the noughties. The S3 was Audi’s major four-pot proponent.

Used prices have dipped significantly in recent years. Today, there are plenty of worthy second-hand examples on the used car market priced from $10,000.

The earliest versions of the S3 were powered by a 1.8-litre turbocharged engine delivering 154kW and 270Nm. There was a lot to like about the S3; its standard equipment levels were good, as was the suite of safety gear, and it still remains a blast to drive.

However, the all-wheel drive system brought a significant weight disadvantage, a factor felt under acceleration and through the corners.

When released, the three-door hatch brought a new level of subtlety to the hot hatch brigade, with a design like a lodge handshake: recognisable to those people who belong.  

Read our review of the S3 here.

7. Volkswagen Golf GTI

The Audi S3’s sister car, the Volkswagen Golf GTI, is another worthy option.

Based on the same (more or less) underpinnings, the GTI really hit its straps from the fifth generation onwards.

Today, used examples are available from about $10,000.

The Golf V was an overnight hit for the Volkswagen brand in Australia, with 147kW on tap from its punchy 2.0-litre turbocharged four-pot.

Its big redeeming feature is ride and handling, which is extremely competent through fast corners yet compliant enough in daily driving.

Like all of the cars mentioned here, there is a strict buyer beware clause in buying a second-hand GTI.

Read our comprehensive used review here.

8. Mazda RX-8

Rotary enthusiasts rejoice.

The Mazda RX-8 is likely to be savoured as one of the sweetest Mazda Wankel engines ever produced - and good enough to be a top 10 pick.

Today, second-hand versions of the venerable RX-8 are available from less than $10,000 – a reasonable entry point considering the first examples emerged in 2003.

The two-rotor engine produces a respectable 177kW of power and 211Nm of torque, and is capable of notching 0-100km/h in 6.2 seconds.

The Achilles heel is fuel consumption; expect to use about 15L/100km during hard driving.

The RX-8 was a much more competent performer when matched with a six-speed manual transmission. The equivalent automatic felt off the pace by comparison.

Read our used review of the RX-8 here.

9. Nissan 200SX

At the turn of the century, few everyday cars could clinch the rear-drive coupe formula quite like the Nissan 200SX.

A machine offering a high-revving, highly strung, turbocharged four-cylinder with sweet driving dynamics, the 200SX is today a sought-after proposition in used car land.

The last generation S15 200SX was undoubtedly the pick of the bunch, with a potent 147kW and 265Nm at the right foot.

As well as feeling frisky thanks to the punchy engine, the Nissan was also light on its feet and gave good feedback through the steering wheel.

The six-speed manual shifted smoothly and quickly, and the handling was supple yet allowed the car to be chucked around on a racetrack.

Buying a used 200SX can be a bit of a lottery. Frankly, a lot of 200SXs have been modified and potentially crashed by previous owners with more ambition than ability.

Some of this stems from the fact that the Nissan wasn’t sold with traction or stability control functions.

Read our used review of the 200SX here.

10. Ford Focus XR5

Ford has built a reputation for producing some of the best hot hatches around, and the Focus XR5 nailed the brief.

Fitted standard with a Volvo-sourced five-cylinder engine, the XR5 is still savoured as a punchy package that is also compliant enough for daily driving.

The engine's turbocharger boosts power to 166kW with a thumping 320Nm of torque kicking in at quite low revs. Thanks to that spread of usable power, the XR5 is not only fast, it's also flexible and can be lazily driven in higher gears all day if that's your thing.

The only transmission offered was a slick-shifting six-speed manual, which suits the Focus nicely.

While it is compliant, the XR5 isn’t as tied down to the road as much as other hot hatches, if track days are your thing.

Read our used review of the Focus XR5 here.

Honourable mentions

Mini Cooper S

Renault Sport Megane

Audi TT

Nissan 350Z

Mazda3 MPS