55mpg rating? I wish. For your 89, autos are rated 26/29, 4sp are 32/36, and 5sp is 33/39. You should be able to average 45 pretty easy assuming you are either 4 or 5sp.
And compared to other cars in its class, festivas are pretty peppy.
And if your car is loud, first off make sure the exhaust is whole, mine is stock except the cat is gone, and its still almost inaudible at idle. If its noisy inside, its because we have no insulation under our carpet. A belly pan should help this, along with some insulation under the carpet.
As for the handling, stock festivas do have a lot of body roll. Go to fordfestiva.com and look up "aspire swap". It gives you aspire brakes all around (MUCH bigger/better) and also the aspire rear axle (which has a swaybar). Greatly improves handling.
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'05 Outback XT, 19 mpg
BP-turbo 93 Festiva (long gone)
1/4 mile - 12.50@111.5
Best MPG - 36.8
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