Let's say you have up to $20,000 to spend on a new (new for you, not new-new) car. However, you want something fast — and that is a little more enjoyable to drive than your average A-to-B city econobox. With that criteria in mind, we've rounded up 5 of the fastest cars that you can find in decent condition in Australia for under $20,000.

1. Toyota 86 GTS

We admit, you might be lucky to find a Toyota 86 under $20k, and that the Toyota 86 may not be the fastest in terms of straight-line speed. However, it is a wonderful handler and difficult to beat when it comes to pure fun. Go for a slightly older model, perhaps something like a 2012 model and you should sneak under that $20k mark.

The Toyota 86 GTS is known for being one of the best and thrilling coupes available, and because it is a Toyota, it is as tough as nails and you know it's built to last. It has a sister-car in the Subaru BRZ which is also a wonderful-value option.

2. Holden Commodore SS

A list of Australia's favourite fast and affordable cars would not be complete without a mention of the Holden Commodore SS. Like the V8 Falcon, the V8 Commodore is one of the classic Australian speed kings.

While a standard Commodore is certainly no slouch, for Holden fans there is only one SS. Shop around and you could find a well equipped used model for less than $20k.

3. Late 90's BMW M3

Brand new BMW M3s retail for in excess of $100k. If you want one for below $20k you are looking at older models from the late 1990s or early 2000s.

Be sure to do your research as a lot can happen to a car over the years, so examine your prospective Beamer, inside and out. You may well be able to secure your very own, super-quick BMW M Series for under $20k.

4. Volkswagen Golf GTI

A list of cheap fast cars should always include at least one hot hatch. There is no hot hatch quite like the iconic Volkswagen Golf GTI.

Shop around and you should find a 5 year old GTI for under $20k. Not only will it be fast, but because it's a VW it will also be practical, easy to park, and excellent when it comes to saving money at the fuel pump.

5. Pre-2010 Nissan 350Z

Nissan 350Z's retailed for around $70k when new, Older Nissan 350Z's can now regularly be found for below $20K. They lack nothing in terms of power or performance whilst neither lacking the refinement of Nissan's European rivals. For pure grunt, strut ability and value for money, it's hard to deny that the 350Z is a seriously good bargain speed machine.

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