I have a 94 Prizm that I got about a year ago with 135,000 on it. It has 156,000 now. It still runs great.
About the rust you had fixed: did you have a local bodyshop do it? What was the amount of rust it had? Wheel well rust? Rocker panels? The hood? I am just curious as I also have some rust I would like to get fixed up.
September 2011, Original Poster - Now at 211K miles, still going strong, 29-31 mpg. Still leaks/burns about the same amount of oil. Just got a front wheel bearing fixed, $441! Still a great commuter car. As to the second comment, rust was along the bottom of the car on the side right in front of the rear tires. They are rusting out again. Also, right aft of the rear tires where the top and bottom quarter panels meet, the top rear quarter panels are rusting from the inside. I got the original rust repair/metal replacement done by a local shop. Good luck out there!
February 2014. Original poster. Still have the car, now at 230K miles, still use as a commuter. It still runs well, with few repairs needed, but rust is increasing, especially at the front of the left rear wheel well. That tire went flat (a nail) and I was worried the frame rail wouldn't support the jack, but it did (the rim was rusted onto the car, so I had to tow it to the shop for the change, but that wasn't the fault of the car).
The left rear door is hard to open and close, and I'm worried it's the car flexing, although it could just be I never open and close it. I admit I have been looking at newer cars. Hard to beat this one - it kept me going through some lean times.