You've got quite a chunk of money there. But you need to think about other things than power if its a college car. How important is gas mileage? How much cargo room do you need for your stuff and your buddies? How long do you want the car to last? Where do you live/school and what type of weather conditions do you get?
I would probably say though, that you will want to go used. New is nice, but for a college car i would reccommend certified used. You can easily get a 12k car that is relatively new, low miles, and often the certified used cars have a better waranty than the new ones.
There are a lot of options in that range. We need more of an idea of what you want out of the car though. You can mod anything to give you some power. You could get an older olds and pimp it out. you could get a 2nd gen rx7 in perfect condition, swap a new turbo motor in it, and still have money to spare. You could get a 2000yr subaru impreza for that price. Probably get that certified used too since its relatively new.
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