In the US, the Yaris replaced the Echo, so the Yaris is more updated and current. They both have similar drive trains.
The decision might come down to how new of a car you are interested in. The Yaris appeared in 2005 in the US. The Echo debuted in 1999. The current selection of Echos is likely to have higher mileages and lower purchase prices than Yarii.
The first generation of Yaris (2005-2011) has the gauge pod in the center of the dash. It's a little unconventional and takes some getting used it. The re-design for 2012 moved the gauges back in front of the steering wheel where you'd expect to see them. If you are opposed to the center gauges, choose an Echo or a 2012 Yaris.
The Yaris has different configurations than the Echo. The Echo was only available in 2 or 4-door sedans. The 1st generation of Yaris was available in a 4-door sedan or 2-door lift-back. In the last year or so, a 5-door lift-back added. For the 2012 lineup, the sedan has been dropped. It will only be available in 3 or 5-door lift-backs.
The Yaris is likely to have a more solid, composed ride with a tighter and quieter interior finish. The Echo is a bit more primitive. You may want to test-drive one of each and see which you prefer and best fits your needs and budget.
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