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I know a few people who co-own airplanes as well. It works out great for them because each person only uses the plane for leisure once every month or two. You'll both probably be wanting to use a car more often though, so keep that in mind.
Now when you say "mod", do you mean actual performance upgrades? If so, you could get an 80s-early 90s V8 Mustang or F-body in that price range with money to spare.
But if you mean installing a coffee can tailpipe and covering it with decals, just get any random econobox that's cheap, they're all the same.
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