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My opinion probably doesn't have much weight since I just bought my 2009 cobalt xfe, and have just started trying hypermiling out........but...
I drove a 2009 corolla rental for a few weeks (my '98 tacoma was recalled, which is how I basically got a free cobalt, while it was processed they gave me the corolla as a loaner), and it just didn't have the same feel as the cobalt...the base model was much more expensive than a loaded cobalt LT (I got mine for $13k OTD used with 3k miles), and honestly the corolla just feels like a rental....something you'd get from enterprise.
I think the cobalt is a fantastic car in terms of comfort; my wife/kid aren't riding in some kind of spartan metal drum...the shift feels awesome - short and easy, the readouts are pretty cool too.
I think it's a nice balance between potential fuel efficiency and value.
Then again, this is the newest car I've ever bought....I usually buy deathtraps that are 8-10 years old, so I'm easily pleased.
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