Your profile lists a VF Evoke wagon, which I would rate as an ideal firstie. What is the attraction of a decade-old car before this?
I won't explicitly tell you to avoid either the Alloytec or earlier Ecotec, but I will run you through the alternatives.
If you have 2 more years before you purchase your first car, then consider the later SiDi engine cars (the Evoke you presently have??) to see how big the step in refinement is over the earlier generation models. There are many iterations to chose from and a few of the earlier VEs did have timing chain issues, but by 2011 this was fully resolved. It should not bankrupt you to make this leap, but I bet it will impress you (again, the Evoke is a good indicator).
No ECU problems with the VZ I owned for a thoroughly adventurous 9 years. Not subject to Garage Queen treatment (nor mods), but run 'right around the block', on premium unleaded. Don't modify anything to do with electrics or the electronics in the VZ. That will have sequelae for the ECU and BCM (e.g. the immobiliser). Once interference has been caused, it can be impossible to roll back and spurious faults will turn up, particularly those relating to the immobiliser*. The complexity of inter-relative systems is the major block: easy to tap into and make a specific modification, but much harder to reverse it.
Alternatives to the VX, VY and VZ
The big and still enormously popular and very active VE, proceeding the VZ, with a spacious, modern take on the interior, along with the VF (which will not be cheap on the used car market now or in 2 years' time), have loads and loads of refinement for not much more than what you would be paying for a reasonably well kept (and hopefully well-serviced!) VZ. You'll need to keep foremost in mind that pretty much all VEs (from 2009) and the earlier VYs, VZs (2003 onward) will have very high mileage on them, upwards of 200,000km+ and require some serious work at some stage: things like the fuel pump, coolant pump, inlet/outlet casings, shock absorbers, power steering, front springs, radiator, O2 sensor (1) the battery. If you come across a car that has been literally preened, pampered, polished and overhauled by a devoted owner, it's worth looking at. Otherwise, any older car presenting with even the slightest niggle will be a financial liability going forward. Can you afford that?
FYI a few points about the cars after the VZ.
The SiDi engines (VE to current) are impossibly smooth and economical (they have power too!), but a little sooty compared to the clean-burning Alloytecs and the earlier but less-refined Ecotecs, by way of their direct injection, as opposed to multipoint ported injection of the earlier engines. The difference of injection is not a deal-breaker. The VE and later cars do need a good run at freeway/highway speeds to keep the engines clean — and they'll reward you with that, something you will actually feel rather than imagine. Tootles around suburbia or to Confession on Sunday won't cut it.
Alloytec fuel economy
Fuel economy (my own figures) on PULP98 over 9 year period, were stable at between 6.8 and 7.4L/100km (with a touring load for camping). The present VF settles on 3.9 to 4.2L/100km (that is not a typo!)
All cars onward from and including the VZ also have anti-abuse technology controlling the transmission, diff and engine output. Interference with these will defect the car.
About something else. The VZ has ample power to scoot you around, and safetey features too (4 airbags, including those in the sides of the seats). Power should not be your first consideration with your first car: you can certainly have a V6 as a firstie — a very nice, efficient and comfortable V6. Your time with your first car should be learning to drive well, safely and responsibly and avoiding adverse peer influence that could put your driving record, and the safety of other road users, at risk.
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* (source: auto electric specialists responsible for fitting outelectrics and electronics
for CFA, Victoria Police and Ambulance Victoria).
