Recently, my Tercel has been burning fuel (since about 170,000 miles). This never was a problem before. I'm losing about 1 quart every 3 months. I replaced the original timing belt at 111,000, nothing was wrong with it. I had the belts on the alternator get loose, but the replacement was inexpensive. I've had to replace sparkplugs twice since about 140,000 miles. I've had to periodically replace the calipers and rotors. Not sure if that was the car or less than scrupulous mechanics... Otherwise no major problems.
I get amazing gas mileage... from 37 to 44 miles per gallon depending on the driving conditions. It handles well. the engine is quiet. Have not had any transmission issues in 178,000 miles. I've driven the car from NY to California and back 3 times, and many other long distance trips around the eastern US. Car has ample power. I wish Toyota hadn't discontinued this model!
Oil consumption is not unusual for Toyotas, as stated in the owner's manual of my 1991 Camry (the second such car I've owned). A quart every 3 months is not a problem at all, especially at 170,000 miles. When you get to a quart every 1000 miles, you might seek out a qualified mechanic.
Just keep a check on the dipstick every 10 days or so, just to be on the safe side.