My girlfriend bought her Rio brand new, and put on 88,000 miles on it in eight years. She is a very light footed driver and rarely put the car under stress. Unfortunately she never did any maintenance on it. I'm surprised the car made it 88,000 miles on the original timing belt, as the owner's manual recommends replacement at 60,000.
After the car stalled on the freeway and towing it home, I took the head off and the motor, and found that it completely destroyed itself, holes in the top of two pistons, valves rammed into the top of the other pistons; they all look like they were beat to death with a hammer and chisel. The cost to get a used engine and swap it out is more than the car is worth. We dumped the car for steel recycling.
If you own one of these, be sure to get the timing belt replaced probably every 50,000 miles. I see several people on here where it broke in less than the recommended 60,000 replacement interval. I also learned of a coworker whose broke at about 54,000 miles.
If you are considering buying... ask for proof of a new timing belt within the last 50,000 miles. If none, steer clear.
Other than that, the car was very reliable for her. I drove it a lot, but it is so gutless and has no power; you are on the throttle all the time. That doesn't help the timing belt either... so if you drive your Rio hard, maybe it's safe to change the belt every 35,000 to 40,000 miles if you want to keep the engine.