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Apart from rust - is there anything to look out for on the older Mazda MX5 models?

I'm looking to buy a Mazda MX5 and don't want to spend more than £4000. I'm aware some early models are prone to rusty sills, are there any other things to look out for? I'm also torn between a Mk1 with pop up headlights (appeals to the 6 year old in me) and a mid 2000's version - what would you recommend? Will an older car hold its value and potentially appreciate slightly?

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Rust is the main enemy particularly in the area between the seats and the rear wheelarches because the drains get blocked. See the entries in www.honestjohn.co.uk/carbycar/ The older the car is, the more rusty it is likely to be. Avoid the gutless Mk II 1.6.

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