I may be arriving a little late to the discussion - but I bought my first car (1966 MGB) before going off to college/university this past Fall and I'm absolutely in love with it. As a college kid it's about as cheap a car as any of my friends Honda Civic's or Toyota Corolla's (American market econoboxes).
I've had none of the reliability issues people rant about...but that's also because I'm a firm believer in getting what you put into a car, and how you take care of it. I spent a half day going through the wiring and getting it sorted, but it runs like a top and is a dream to drive every day of the week.

I figure if the majority of guys here own Mog's - just drive them!