Ok which petrol BMW's fit the criteria?
BMWs aren't going to be 'below the insurance radar. You're asking the impossible - a high performance car with great mpg that's reliable that costs little buy and run and is cheap to insure. Doesn't exist. If it did, it would be selling like hotcakes.
As has been said, mid-sized saloons and hatchbacks with the later belt-driven VAG 1.4 TSI 140/150 PS petrol engine are quite nippy (0-60 in 8-9 sec and 40-45mpg ave, depending on the make/model chosen, smaller car = quicker and higher mpg). The 2.0 petrol is more powerful and quicker but is a less reliable chain-driven engine, but you can get 35-40mpg out of them.
You will pay more for the insurance unless you're a low risk to start with (I got a quote for a 1yo Scirocco GT 2.0 petrol for £300, though I'm in my mid 40s, live in a low risk area and have 15+ years no claims). In the end I didn't buy that car for other reasons (though the chain issues contributed to my decision).
If you want a truly pacy car like the Octavia vRS or equivalent Audi A3 saloon/A4 or BMW, you'll likely pay a hefty premium in purchase and running costs (much less so for the Octavia), and far more than for very good cars with the 1.4 TSI engine (not the chain driven one or the twin charger).
Do you really need a huge boot? The Octavia is nippy, reasonable handling, but the Leon is just as cheap and you can get a very nice to look at and handling Seat Leon 1.4 TSi 140/150 FR with lots of kit (more than in the equivalent Golf and much cheaper) with a 380 ltr boot. If it weren't for the DSG gearbox, I'd have bought one by now in auto form.
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