The Contour is now over ten years old, with the newest models five years old. They are by no means an unreliable car. There are problem areas, like any car, and they are sensitive to maintainence, like any car. A well-maintained Contour should last for a very long time with no problems. Without preventative maintainence, bigger problems can come up.
Good points:
A great bargain - prices are very low
Great handling - there aren't many cars in it's class that are this good
Sporty - the V-6 5 speed models are not crazy fast, but certainly grin-inducing
Some other nice things: 3.0L swaps, CEG has all the weak spots hit, and there's a small aftermarket. You can buy a car with no engine, beef up the transaxle (incl. LSD), rebuild the suspension, put in a 3.0L, and have a darn fast 4-door sedan for $5k with zero miles on the engine/transaxle. A couple thousand more and some elbow grease and it can look and drive like new.
Bad points:
Working on them is a pain. The engine bay is very cramped. Simple things like LCA bushing replacement is a big deal.
If you buy a running car you take a gamble on how long it'll run. Between oil starvation and water pump failure, there are some low, but serious odds it's seen damage (V-6 only).
