Build a track car for cheap?

There are a lot of good old FWD and RWD cars to use. Though considerably narrower on the RWD side.

240sx
Mustang
F-body

Though the last two can be tough to be competitive in, but it’s done and done well by some. Plus a fucillo huge aftermarket. Despite the stigma they can be made to handle good even with a live axle.

Yes I know, I know you said RWD. If you broaden to FWD you have a ton more choices

Civic
Older Integras
Focus
Nissan Sentra (The older SE-Rs are an excellent choice)
Dodge Neons (Mainly the first gen)

And don’t forget AWD.

Older Impreza RS models depending on your budget.

Probably a few others I’m leaving out.