I'll echo some of the other sentiments here...you're talking about a 15 year old car, and any vehicle at that age is going to have it's own "personality" lol. I love cheap cars, but can only afford to drive them because I do all my own wrenching (and have been for 20 years). Cheap and or older cars are going to need work, some more than others. I think the Contour is a pretty good DD from a fundamental standpoint, but yea...it's really going to vary from car to car. I had a '96 Contour that was my DD back in the early 2000s...I put 40 miles a day on it commuting. Great car...got 30MPG pretty consistently. Water pump blew up at 130K, and it was parked for 5 years. Got it going again, and sold it a few years ago.
My '98 SVT I have now I traded my '98 CVPI for...I figure I got the SVT for around $1300. It looked ok, but I suspect it had been run pretty hard and kind of neglected. So far I've had to:
Replace passenger side window (busted out in a break in)
Polish headlights
Replace left side tail light
Full machine polish paint
Interior detail (PO was a smoker...it was kind of gross) Still no way to get the cigarette burns out unfortunately.
Replace dash bezel, rear defrost switch, e-brake boot
Engine:
Upper and lower intake removal/cleaning
New IAC
New DPFE
Throttle body cleaning
Spark plugs
water pump assembly
T-stat
Serp belt
New (old) IMRC
New coolant
Replace short ram thingie with stock airbox
Other stuff I'm probably forgetting.
Anyway, car looks great, runs awesome, and is fun to drive. Needed a few hundred bucks worth of work, but it's now my DD and will be until the snow comes and I have to drive the truck. Would I recommend the car as I got it for a DD? No. After I was done? Absolutely

. I guess if you find one in decent shape and just expect to spend some money getting it set up, you'll be ok. Trick is finding one that hasn't been flogged too hard. I used to be into F-Body cars too, and finding one that hasn't had the p** run out of it is really tough. Having the right expectations is always important in being happy with a car purchase. If you want something really reliable with good gas mileage that doesn't need any work, you're probably not going to be happy with any 15 year old car...