I'd like to tell you now, consider a 08 or newer elise because of the supercharger, or an Exige. Cause one day you will get a ride along in such car and you won't care for the non supercharged version. Since you are in nazi Germany, excuse me Cali. You won't be able to add an aftermarket on..
I sorta disagree and think this is incorrect - that said I don't live in Cali so I'll have to defer but don't plenty of people run the Katana and Rev300 kits and pass CARB? I think there is no reason to start with an SC car - especially given the added cost - if your'e coming from a Corolla. Yes, Ked is right the additional power is great but a SC Elise is only 220hp vs 190hp. Yes, you can tune it but that's additional cost too.
If your budget can't stomach an SC car go for a '05 car now and see how you like it and how long you keep it. These cars aren't for everyone, most people own them about a year until they find their forever owner. You may fall in love and own it forever. You mean realize it's a rattley, noisey, hot, uncomfortable little box that no one can see. Then again you might just realize it's the best driving street car that's possibly the best ever built.
Do your homework, there is a ton of great information here. Ask specific questions and you'll get very specific answers. First up - what's your budget, $20k, $30k, $40k? There is a big difference in the cars you'll be looking at based on that answer.
-Ross