What is the best "engine" for a power tool drag racer?

My engineering class’s project this year is to create a power tool drag racer from scratch and we have to go get our own tools as well. A drill won’t have enough speed, but a Dremel tool won’t have enough power, either. I don’t know of much else we could use since I’m no power tool expert, so is there anything that can give out a fair balance of speed and torque?

There isn’t really a budget here, but be sensible; I won’t pay $500 for something I’ll use once. It also has to be a corded device because of how the “race” works.