Faults:
Have only owned the car three weeks, these are the things I know are wrong with it:
Valve cover gasket causing a bad oil leak... fixed this on my last Celica so no problem.
Dent in rear right quarter panel. Not the end of the world.
Chip in windshield, could happen to any car.
Crack in air filter hose. Duct tape holding up well until pick up a replacement hose from junker.
General Comments:
There was no question when my first Celica, a 93, was a write off that I would be buying another of the same generation. None at all.
This car can be beaten down and take a beating like no other. Reliability flat out.
Comfortable for me at 5'7", not so much for my boyfriend at 6'4" unfortunately. Bucket seats are supportive and cushioning.
Having owned both automatic and manual transmission cars, they are both reliable transmissions. Both propel the car decently, although the manual is superior due to having two more gears. The ECT button on the automatic is great when you need a little extra from the car.
The engine is quick, but I'd like to dispel the notion that people have that the 5SFE engine is going to be fast. The car is heavy, and the engine is built for economy. You're not going to go like a rocket, but the car is pretty quick considering. My boss compared it to his 2003 Protege 5 and believes the Celica has a bit of an edge on his car, to give you an example.
The body is ahead of its time. I get compliments all the time, though I have recently had it repainted and new rims put on it, that only enhances things. The car is great looking by itself, and the body stands the test of time. Some people don't believe me when I say this car is 17 years old.
All in all, excellent car. I owned my 93 for 9 months and this 92 for three weeks. Both cars have served well, and it says something when the 92 has 70000 more kms and still runs as well as the 93.