emarsh - The Corolla is not a hybrid vehicle. You're thinking of the Prius (it gets around 50 mpg at around 70 mph cruising, and is about $6,000 more expensive than a comparable Corolla, not worth it IMO. ) I've driven it quite a bit, due to my current employer.
The Corolla is 130 h. p. (not 140, my mistake), and is 2,500 - 2,600 lb. Cruising at 55 to 60 mph, with a manual, it might get 50 mpg. But I still think the diesel Jetta is about 7 - 10 mpg better than the 1. 8L gas Corolla. The '03 Corolla is a heck of a lot better looking than previous generation Corollas.
I won't tell you guys what I'll get the Corolla for, but just to say that at 10 mpg better with a diesel Jetta, I'd never (ever) make up the cost difference. I think the average bloke on the street could get a nice Corolla for about $14k or so. I'm not sure how much a Jetta is, but I think its in the low $20k range (correct me if I'm wrong). And that price difference buys a lot of guys, less so though if the cost of fuel goes out the window. To each his own. The (diesel) Jetta is a heck of a vehicle.
- JyRO