After driving a Safari van for 11 years, my wife got tired of 16 mpg and problem after problem that kept me busy with one repair after another. Plus, kids were grown so she was more than ready to downsize.
So we bought a new '08 Civic EX 4 dr. sedan. She absolutely loved it. In 2012, we needed a car for my son, so he got the '08. She got a '12 Civic EX-L. There was limited selection at the time (tsunami) and she debated it vs. the Elantra. Nothing wrong with it really, she just never fell in love with it, especially the color which I talked her into. She still likes the '08 better.
My son has the '08 in Boston. My wife cringes to think how "her" car is taking a beating up north. It didn't help when somebody punctured the front bumper with a hitch or whatever while he was parked on the street. No note, no sorry about that. Just a hit and run.
I would encourage you to try and boost your budget.
I've never had a Toyota so I would cast a vote for the 8th gen Civic ('06 thru '11 I believe).
Keep in mind, if you bought an '08 Civic for $8000 this year (what I valued mine at on my financial statement last summer) from an original owner private seller, next year it would still be worth about $7200. If you buy from a Dealer, it'll cost you more. When buying used cars, I have always tried to cut out the middleman, and buy direct from the owner to save money.
A $4000 car is not an easy sell, so it is a tempting purchase. But it not an easy sell because it will be typically nearly 15 years old, most people don't need the aggravation. All sorts of things will start to break if they haven't already. How happy will your wife be when it stops making heat. Or it dies on the side of the road with a failed fuel pump? That is the norm for old cars and why they sell cheap.
Sure they can be fixed. But there is something to be said for reliability.
Before you buy used, take a look at new too. Consider the cost of tires, maybe a battery, and realize that you can use that money to help pay for new. And the warranty means no surprise expenses.
When I bought my first new car in '80, the fuel economy savings vs. my old car helped offset about 25% of the payments, helped make it affordable.
And always remember, your payments aren't pure cost. Much of it is your equity. Your real cost is depreciation. If you can swing the payments, there is a lot to like with new.
The '08 hasn't had any real hiccups but it is now over 5 years old. It is just a matter of time before it will need some expensive repairs, maybe brakes too. It has been nice to avoid repairs to this point. Had battery post corrosion issues, caused a no start from time to time. When I replaced the battery, installed felt washers and seemed to cure that problem.
You might find the proverbial creampuff in a $4000 used car. But most $4000 used cars will be nightmares as Old Blue points out. Those cars go on the Si Habla used car lots. Sold to people who can't get credit anywhere else for prices way higher than their value. And the poor get poorer.
I don't know about high cost of parts, only thing I've had to buy from Honda are wiper refills for both Civics and they are very reasonable.
BTW, not sure since when, but the Civic no longer uses a timing belt, even in '08 that was not a service issue.
The '08 gets 35 mpg at a steady 78 mph on the highway, always more than 30 mpg around suburbia. The '12 gets a tick better on the highway. It'll do better than 40 mpg but I can't drive that slow on the highway.
I drive a '04 GP GTP, 3.8 SC since new. It gets 24 mpg on the highway. 100K on the odo. I'm a Pontiac guy but I would not recommend my car to somebody looking for a reliable, economical used car.
Last thought, I HATE the headrests on the Civic. But the fuel economy makes me forget how much I detest them.
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