Our 10th Toyota, 3rd Corolla. Reliability in 31000 miles: 0 problems. Economy with automatic: 27-30 mpg city, 36-42 hwy. Great seats for local or long distance. Steering position a little awkward on long drives-- telescoping wheel would be a plus. Popping noise some have mentioned in other reviews may be ABS self-test when you are starting forward from stop (owner's manual mentions this). Gripes? Upholstery poorly sewn (wrinkles from the git-go) on US-assembled model (never had this problem on Japan- assembled Toyotas). Roof- and rocker- panel trim strips came loose in normal driving. Power adequate, auto-shifting is smoother than my Subie, quiet on road, comfort, cost of ownership.
Reliability, MILEAGE, comfort, top value for the money. AFFORDABLE service (less than $50 for 30k service, vs. almost $600 for my Impreza!!!) Steel timing chain. Regular gas. Best options: ABS, curtain/side airbags.
Disappointing American workmanship! Do you hear us, Toyota management? That's why we started buying Japanese in the 70s. Don't blow your strong suit...competition is too strong for you to become indifferent to quality control issues. Minor gripe: too many markings on Optitron gauges--hard to read.