I purchased my Corolla in 2005 and am extremely pleased. Gas mileage is its strongest suit, a consistent 37-40 mpg (41 when I first bought it, and I'd probably still be getting that if I changed the air filter more frequently and didn't drive 70-75 mph). I've had no mechanical problems at all, just the occasional oil change, fluid fill-up. 5sp manual makes it fairly fun to drive and allows me to compensate for the moderately low horsepower (126) when accelerating so I can beat out a lot of 'faster' cars if I need to. Stability does suffer around 75 mph, especially on a windy day. When I change tires, I'll put larger ones on. The interior is extremely roomy and well-designed.
Gas mileage. Cheap to maintain. Low price. Reliable. Roomy trunk and interior. Cell phone connector in armrest turns on and off automatically.
Tires could be better- wheels really spin on even slightly wet pavement, but lateral stability doesn't seem to suffer. Driver's seat could accommodate taller people- guys over 6' say they don't fit. At least that's what they tell their wives as an argument for why they need a Porsche, Lexus, etc.
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