First off, don't believe the TMV that edmunds shows for this car. A well kept example of any Corrado will bring close to $6k. Deals can be found, but be prepared to dump lots of money into maintenance. Look for leaking head gasket, timing chains, sunroof operation, cracked fog lights, leaking plastic coolant components, automatic seat belt operation, heater core leaking, and countless other little issues but these cars are 14 years old. Note that I do all my own maintenance and intend to keep this car until I die!! There is nothing like the "poor man's Porsche"!! You will get lots looks while driving and people asking what year it is!
Speed activated rear spoiler is very cool. 2.8 L VR6 has tons of power (174 hp 178 ft/lbs) and still gets me 28 mpg on the highway! And there is NOTHING like the sound of the V-Yarr!! Overall just a unique, somewhat rare (only 500 1994 models sold in the US), sexy piece of German automotive history!!
Too late for factory improvements, but I've modified the suspension (coil overs, sway, & stress bars), poly engine and suspension mounts, lsd in the tranny, short shifter kit, 268 cams and chip, 2.9 L clone intake manifold, b4 passat moon roof, and lots of little things that are personal.