My 16v has been my favourite car I've owned, and it will take a lot to get me to buy something else. Here's a few observations...
An older car will not necessarily break down more, but more "things" will go wrong than on a newer car if you know what I mean. In other words, it will nearly always get you to work in the morning, but you'll find something to add to the fix-it list on the way.
You will almost never encounter electrical gremlins, as often happens with a modern car. So say goodbye to having to pay for "laptop diagnostics".
You'll loads of comments and conversations as a result of driving a Mk2, more so than many, many cars.