Figure an average $400 car payment these days, right? Now, for what it's worth, I bought, had shipped, ported the head of, replaced all seals of, and bought cams for, my 1jz, for about $4000. This also came with an r154 too. So, for less than a years worth of payments I could have been making, I bought an engine that doesn't burn oil, gets 20-25 mpg, makes around 400hp, and sounds absolutely beautiful. Been using it as a daily driver for nearly 2.5 years now, the only times it has NOT been there for me to use is the one day I missed out because the battery called it quits (-35° ambient temps and 15w-40 Rotella will test your battery for sure...), and when we took a couple days to replace the clutch. Oh, and a coolant line off the front turbo decided to pop a hole in it because I neglected to replace them while we were doing the seals. 5 minutes in the parking lot of Home Depot fixed that.
Not like I drive like a grandma either, I do get to enjoy it at least a couple times a day, unless there's too much snow to get traction. She's been good to me, by all means.
New car alternative? No thanks. I just never understood buying "new". New-ish, sure, but not "new". Especially not new and boring, which 99.995% of reasonably affordable cars fall into that category anymore. I mean, if you can swing a newer car, go for it, but if you're looking for reliable, affordable, and reasonably efficient, you can't go wrong with a used car that's been decently maintained, or a cheap used car that you plan to sink a bit of cash into it to start with.