I’ve never owned a Corolla, but I drive a 2000 Camry that is up to over 280,000 miles now, and to all appearances shows no signs of quitting anytime soon, at least according to the people who know more about cars than I do who have looked at it. No idea exactly how much more life it has left in it, but I’m confident it’ll make it well beyond 300,000 and I plan to drive it into the ground. I’ve heard the newer Toyotas aren’t quite as good, but the older ones will last forever, and my Camry has lived up to that expectation. I got the car when it had a little over 200k on it, but it was a hand-me-down from family who bought it when it was not quite new but less than a year old, so I knew it was well maintained, and I have continued to take care of it. I dread the day I do finally have to get rid of it because whatever I end up with next I strongly suspect it won’t be as good of a deal.
And while all kinds of things do break in a car that old (even the plastic handle to open the driver’s door from the inside recently broke off after being used one too many times), it’s tended to be minor and inexpensive things like hoses wearing out discovered during routine maintenance, and infrequently at that, nowhere near the point where I’d begin to consider whether my total cost of ownership might be lower if I got rid of it and bought something else. Of course, I’ve had to put some money into it from time to time, but nothing majorly expensive, and most of it was for the sorts of routine maintenance jobs that need to be done many times over the course of 280k miles, new tires, brake jobs, oil changes, etc. Recently got a new timing belt and water pump at around 275k because it was due for them. I have yet to have something break and cost me over $800 to fix, though I do have a stick shift, so needing a new automatic transmission has never been a possibility. It’s not like the $800 repairs are frequent either. I’ve only had a few reach $500. Just as importantly, the few times I’ve had a problem not discovered during maintenance, it arose gracefully, not with a sudden breakdown in the middle of traffic, requiring a tow truck, or with the car just not starting one morning. When something goes wrong it’s more like the check engine light comes on while I’m out shopping and I finish my trip and drive it to the mechanic the next day. That makes the car feel quite reliable and I’d never hesitate to rely on its ability to get me where I need to go. To me, that is critical, and a factor that is overlooked if one focuses purely on monetary cost of repairs/maintenance and the price the car can be purchased at, and sold at when one is done with it after having driven X miles.
As other posters have described there are also other issues with the car, beyond the mechanical soundness, which I choose to live with rather than fix, which have accumulated as the car has aged. The power windows have been mostly broken (they sometimes work, but have fun getting them back up) for longer than I’ve been driving the car, so I just don’t roll the windows down. That’s not enough of an inconvenience to me to be worth the steep cost to fix it, since the AC and heat work fine and since I’m sure if I did fork over the money for a new window motor, it’d just break again sooner or later, probably sooner. The electrical system was modified at one point before I had the car to avoid an issue with the battery draining more quickly while the engine was off (wouldn’t crank after returning from a 2 week vacation), in such a way that when the car is turned off many things which ordinarily keep running off the battery do not. The clock is set to 1:00 every time you start the engine, and it’s impossible to leave the headlights on by mistake and drain the battery because power to the headlights is cut as soon as you turn off the engine no matter what. There are a few other things like that which might be minor inconveniences to some or more serious problems to others.
By comparison, the older Ford I owned before I got this Camry didn’t even make it to 150,000 and during the time that I owned it (about 50-60k miles total) the maintenance expenses were substantially higher both per unit time and per mile. In retrospect I should have gotten rid of it sooner. Not only did I spend a lot more money keeping it running than I do on my Camry, I had multiple instances of it breaking down in the middle of traffic or suddenly not cranking one day, so it failed both criteria. It got worse during the time I owned it, but even when I first got it, with the mileage around 70,000, it was less reliable than my Camry is now at four times that. The one advantage it did have over my Camry: the windows were controlled by crank handles. No power windows means the motor that controls them can’t burn out.