I bought my 2003 Corolla new in June 2002, and it has been plagued with quality issues from the start - a major surprise as I thought Toyota was known for its reliability. Some of these issues are minor but annoying (my center console door broke after a few months and won't close, and my dashboard fuses have blown twice). However, the engine started leaking at 40,000 miles, a $400 fix. Most disappointingly, I had to completely replace the power steering rack at 80,000 miles for $1100. Also, the serpentine belt needed replacing at 50,000 miles ($200) and now, at 90,000 miles, I'm told it needs replacing again. I won't buy another Toyota
Good gas mileage, decent power for a small car. Roomy enough, and fairly stylish compared to the Civic and Sentra when it came out. Now both of those cars blow it out of the water in terms of styling, though.
Quality issues need to be addressed, especially under the hood. There's no way power steering should go on a small car after 5 years. The paint also chips very easily on the front, and engine drones loudly during acceleration. A disappointing car overall.