I would also probably recommend sticking with something less powerful for a first car, you're going to get some damage whether it be by yourself or others. That's a given. Another thing, if money is an issue is insurance. Maybe your parents can help you out by putting it under their policy or something but that's just something to think of before looking around at higher end performance.

To be honest, I've never actually done a skid pan day or anything like that, probably could learn a thing or two and I hear they are highly recommended so I would suggest checking them out.

I had a '97 Mitsubishi Magna as my first car. Was lowered to all hell, 18" rims, chipped, exhaust. I thought I was the shit. Looking back now it was pretty funny. But I did as I (and others) have suggested and waited it out before moving into a 5.7L V8, that was fun and many fonds memories were had.

As the other guys have said look into track days and events, not too sure about the age limit/what level of licensing you need to be on but I would presume the minimum would be your P's.

Good luck with it all man, drive safe and don't fall for peer pressure!