Faults:

Connectors for the starter got impacted at 110K miles so it wouldn't start for a few days until I had a mechanic look at it and replace them. About $80 for repairs.

The driver's side seat belt has a bad retractor, so I need to fight with it to come out. Sometimes. It would cost about $200 for parts and labor, but since it still works mostly fine, why bother?

General Comments:

This was been a very safe and reliable car through my college career, and has since become a good commuting car. It gets great gas mileage and is extremely reliable.

It doesn't handle like a sports car, obviously, because it's an economy car. I've had very, very few problems. I've probably put $500 into it and that's for the one problem and basic maintenance. Including oil changes.

Speaking of oil changes, the oil is very easy to change on your own with this car, though I'd recommend a hydraulic jack. It's a bit tough to get underneath. The filter is in a convenient and obvious place, unlike on my girlfriend's Saturn.

Performance will net you 0-60 in just under 10s and a top speed of 110. 115 going down hill. Not that you'll want to maintain that for long. On a mostly straight road, I feel perfectly safe and comfortable going 85+.

There is flaw in this car that I should be very clear about. It's got a low recommended weight limit. By low limit, I mean that the manual lists max load at 850 pounds. Now, that's not a problem in most cases. However, don't expect to carry 4 adult males in the car at once and have any sort of luggage in the trunk. If you're taking a trip you'll have to limit it to 3 people or 4 small people. If not, then the mud flaps can scrape against the ground when you're on on-ramps/off-ramps on the interstate. It's a horrifying noise.

That's the only thing I could say bad about the car though. It's treated me very well and held it's value for the last 2 years, too.

Faults:

A good little car, but with baffling check engine light problems. Diagnostics on mine show an EGR problem, although the valve and sensors have been replaced.

In a state (Missouri) where emissions are tested every two years, I wouldn't recommend owning any Toyota products.

Faults:

I had to replace the rear speakers due to static noise.

I had to replace the starter motor at about 135,000 miles; it took longer and longer to start as time passed.

The backseat is very small. I've gotten several complaints from passengers.

The driver's seat is very uncomfortable when used for over an hour at a time.

I've noticed the paint chipping very easily, despite a fresh coat of wax.

Very slow acceleration. Doesn't really bother me, though.

General Comments:

I've gotten up to 42 miles per gallon (highway)!

The Corolla is not a very complicated car. With routine maintenance, it will last a long time.