Nothing has really failed on the car since I've had it. I simply have added and fixed parts that were in disrepair. Nothing has outright failed though, and it's been great to me.
Changed spark plugs at 130500 miles.
Changed air and fuel filter at 130000 miles.
Rebuilt entire drum brake system at 141500 miles.
Fixed exhaust pipe rattling at 130500 miles.
Front left CV joint was ripped when the car was bought, so replaced at 133080 miles.
Front left strut was damaged on purchase, so replaced both front struts at 133080 miles.
Changed alternator belt, checked valve clearances at 137400 miles.
There was a hole in both rear wheel wells that was allowing water to enter the car. I filled them in with water proof expanding foam, sanded it down then laid a layer of silicone over the foam and then painted it. It is a temporary fix, but is working perfectly.
Bought the car for $300.
Including insurance gas and all parts etc... the car has cost me a total of $2519.71 to date (6/2/09).
Its averaging 34.12 MPG. I'm sure it could be even better if the carb was rebuilt, vacuum lines replaced and cylinder compression replaced to spec.
The car is cheap and never fails on me. I wish it wasn't getting eaten alive by rust. When this one goes, I will try and find another one from Arizona or elsewhere where it has no rust damage.
They are excellent cars, and I suggest them to everyone.