Probably the closest is a C5 Corvette. For all it's shortcomings, it's still capable of turning great lap times. One need only use good tires, have a good alignment and the right brake pads. Making a fox body Mustang beat that is more expensive than an old C5's purchase price. However, they are rather numb, not really lively, and don't have the super fun on the street "feel" of a well tuned BMW E36.
The newer Ecoboost Mustangs can be found for reasonable prices too, and they "tune" very well and will run 12's with very little work.
However, after all is said and done, a turbocharged Miata, done correctly, is amazingly hard to beat. High 11's in the 1/4, 165mph, and more fun than anything short of a dedicated track car.
My old turbo Miata's engine bay.