Don't get me wrong I think the 306 is a pile of sh*te on a regular basis, but I like old cars and for me my 6' is still an alright balance between every day driver and something a bit old school especially given I'm a tight Yorkshire man with a motorbike habit to fund and a determination to fix things my self.
Other lumps of metal for £1.2k or lower that have tempted me but i've resisted (I'm bias as i can't stand cars that rust):
Alfa GTV - Good looks (minus that minging boot spoiler on the e bayer below), don't seem to rust - pity about the slow and weak engine:
http://www.ebay.co.uk/itm/1999-Alfa-Romeo-GTV-2-0-LUSSO-FULL-BLACK-LEATHER-/390397316718?pt=Automobiles_UK&hash=item5ae57e4e6e
Fiat Coupe Turbo - Very fast but as much as the 6 has a chav reputation I'd say these are the same if not worse:
http://www.ebay.co.uk/itm/Superb-condition-Fiat-Coupe-20V-Turbo-metallic-red-12-months-MOT-/270954343652?pt=Automobiles_UK&hash=item3f16232ce4
I have also always wanted a Porsche 944, there is just something about them (especially the later cars). But they DO rust, spares are expensive, mpg insurance and running costs will be far worse than a 6 and anything below say £2.5k is likely to neither drive as fast or as well as a 6.