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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 The older the car is, the more rusty it is likely to be. Avoid the gutless Mk II 1.6.

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