I bought this car new in January 2007.
I liked it a lot, especially when gas was $5 a gallon in 2008 and within a week all the dealer lots were full of huge SUV's and no compacts were to be seen.
Now it has 63000 miles on it and it's needed some work, especially the front-end (most of which is discussed in the "improvements" section).
It was a very sensible car, and still is...but if you're not a DIY'ing shade-tree mechanic you'll be very disappointed with the early repair costs.
The gas mileage, especially on the highway.
When new it got 44mpg, but even at 63000+ it gets 42 or so when few electronics are on (I think the alternator shuts off to save on gas).
On local roads it get 35mpg so not bad.
It has a very quiet interior and a very good stereo, even in the LS.
It looks like an expensive and stylish car, but was extremely affordable.
After incentives and extended warranty I paid roughly $13,000.
At that price It also came with a spoiler, side airbags and anti-lock brakes.
Buying the stick is what increased mileage the most, plus it took $1000 off the list price.
Not sure if Chevy rebuilt the entire front-end for their newer Cruze, but nearly all my Cobalt's front parts have trouble.
The only good parts are the knuckle, wheel bearings, axle and control arm.
A lot of Cobalt owners complain about warped front rotors causing a "pulsing" downhill.
There's also a "clunk" that happens when the stabilizer bar hits the firewall (partly because of the warped rotors).
Everything from loose links to loose bar-bushings have been discussed as the culprit.
The struts and rear shocks leaked at 40k, but that's understandable and IMO is considered routine maintenance.
The steering is also extremely loose and caused the car to wobble at highway speeds.
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