Why are you choosing between the Mk2 8v and the Mk3 16v ? They'll be very different values and cost different amounts to insure.
My old Mk3 16v was loads of trouble, in 9months it cost me over a grand in repairs, new dizzy, new cat. converter, electric faults, kept stalling, and would have needed a new clutch, if I'd kept it.
That said it was 150bhp of fun, and more luxorious.
But the Mk2 16v I had after that was much more fun to drive, no electrical problems, very quick, needed a new clutch, but after 155k, that's not bad.
So, if you want luxury and fun, I'd go for a late Mk2 16v.