The only mod i'll be doing to the Corolla is to put some rims and larger tires on it. I'm not excessivey happy with the way the stock tires handle (they are pretty small at 185/65/15r). My logic for buying it was this: either I could put a couple grand into the contour over the next year (new clutch, struts, various other parts), or i could cut my losses, sell it and buy something new. Considering I was able to drive off the lot with a brand new Corolla CE (yah, i know it's the base model with no options) for under $13k. I love my Contour, have grown attached to it (owned it since day 1), but it's not the most reliable thing on the road, and I knew that it was only a matter of time before I was going to have to pay some serious cash to keep it up.
The corolla may not be the most exciting thing on the road, but now I have a car that I won't have to worrry about for quite some time... and that's what I was looking for.
Everyone's got their own reasons I guess. Of course, until I sell my contour, I'm still having my fun