They hold their value well cos they are the most fun to drive IMO 8v GTI is where its at.
I reckon $4.5k for one with decent ks should be achieveable, cheapies will have big ks and have had a hard life, but will still go well. Should be paying $3k for one of these.
There are not that many out there, they only sold 1000 Ibizas in Australia and lots were not GTIs.
I reckon if you are patient one will pop up, probably as soon as you give up, there will be 3 for sale.
Cordobas are cheaper and not as fast, but are more easily attainable in good nick at decent prices.
I curently have a late model manual cordoba for sale for $3300 in VGC.
I may have an Ibiza GTI For Sale in a couple of weeks, nothing at the moment.
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