It is not the sound insulation that is very bad, but the engine of the mitsubishi are wild 5500rpm till redlined, it is a normal behavior of the engine to roar loud enough...
And if you want to go fast in going 140kph, buy a 1.6 liter, then try again...
I brought this car, the 2 door CE GLXi with a 1.8L SOHC 4G93, which puts out 88kW. It's had some custom work and looks GREAT.
In regards to the road noise, mine has a sports exhaust, which is rather loud, but the road noise isn't bad considering what the car IS; it's Japanese, not European.
As for sliding on water on the road; it's called aquaplaning. If you don't like it, buy a heavier car with narrower wheels, or don't drive in rain. Nothing wrong with this on my car, and my wheels are a bit worn. This is normal.
Now I'm not sure what model you have that's got a 1.3L engine, you may have a GLX or GLi. The GLXi's have 4G93 SOHC or 4G92 SOHC engines, which I don't think come in a 1.3L :-/
As for my car, its in good condition, drives well, the controls feel tight (not loose or sloppy), the usual plastics quality from cheapish Japanese cars (to be expected). Bit of body roll in the back, but nothing that too bad (sway bar shall completely fix that). Acceleration for me is more than adequate for the car, MORE than enough to be satisfactory, MORE than enough to get yourself in trouble with and have some fun. Speed is fine, handling is fine.
Overall a good car if you get a good one, and make SURE it's the right model with the extra horsepower from the 4G93/4G92 engines, compared to the 4G13/4G15 engines in the lesser models.
Also, on fuel consumption, I'm getting around 100kms per 1/4 tank in city driving. NOTE: I AM NOT DRIVING ECONOMICALLY AT ALL! So take this as the worst fuel consumption for this car.
And I strongly agree with the comment regarding 5500rpm, anything over that limit will be crazy. If I rev over 5000rpm, my engine just GOES. Redline is at 6500rpm and it will jump there VERY fast after 5000rpm. Shift at 5000rpm at the very latest unless you're being crazy.
This car is pretty good overall, but it does not compete with the Honda Odyessey.. The Honda is a better car for family and a lot of room for people. The Mitsubishi Lancer does not have much space.
I bought this car, and it's an 1.8 wagon, and she flies, tires hold well, and back doesn't swing out at all unless you touch the handbrake, but I guess that's normal with all front wheel drives. But it's a beautiful car that I can take out camping and just have fun with, and it's only 30 dollars (aus - 1.20 a litre) a tank, I don't drive a lot, so it lasts me a good 5 days.