Can i just add here that as a first car the peugeot 307 is probably NOT the best choice that one can make, especially an 8 year old one! In addition to the issues that harshan mentioned, The car is prone to random failures of electrics (windows, mirrors etc) and also the suspension isn't as robust and well suited to SL roads as that of older peugeots (like the 406 for example). I knw this because a friend of the family bought a 2005 (or was it 2006) model brand new and had a fair amount of trouble from it. That was their first peugeot and needless to say they wont be buying another!
For 1.6 million you will be definitely able to get a good 406, if you get one in good shape it will be a MUCH nicer car!
I feel I must add again though as your first car, if your major priorities are hassle free transportation from A to B and as little maintainence requirement as possible, then a Peugeot is definitely not the best choice.