I have owned a couple of 16v's and 1 8v. I would agree with most of the above and think the 8v was better for normal driving as it seemed to have more torque at lower revs, however the 16v do pull very well and do have the extra 1000 revs.
Put it this way, I had a 89 16v with zorst and drilled airbox. I kept up with a R5 turbo
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Personally I would get a 16v, but they do drink more petrol and at the end of the day if you cant afford to insure it, then thats the end of the discussion really