Yep, you are right, the old corollas are cheap on fuel (on average drive, the 50-60L tank can get you about 650KM, but you could pull it to 700-800KM with a little "hypermiling")...
surprising amount of cargo space in the boot, seats are comfortable enough to take it for 2 hours straight driving, upgrade the stereo some, you'll have a decent sound system...
the other notable parts is back seats, if you are a tall person, there is no real room for someone behind the driver.
the worst about it is, it is front wheel drive, so when things do go belly-up, parts are harder to replace (IMO I think it's the labor costs, the whole drive-train is squashed in the front, harder to get to the areas), but, likely you can fine some old wrecks for parts laying around the farm towns (or ebay, or online corolla owner clubs) for cheap parts; but its Toyota, it can take some flogging..
at this time I can't think of any more, just make sure you can get it mechanically checked over before you buy it (if you can though that site), and it has spare wheel and jack kit, and it should last you for years to come.
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