We bought a a Corolla with 120,000 miles on it and now have it up to 136,000. So far, we have only done routine maintenance, although I recommend watching the brakes closely. It burns a little oil but nothing major. Combined gas mileage is around 28 in the winter and 35 in the summer. The car's size is its best feature for living in the city: it drives well for such a tiny car and it is easy to parallel park into tiny spots. You just have to watch out because sometimes big SUVs don't see it.
I like the small size and fuel economy (I am 6'1" and still drive it comfortably). There are also thousands of these cars on the road, so spare parts are cheap and abundant.
The headlights could be brighter and the brakes are not very responsive, even with freshly replaced ones.