I don't know if these are available in the US, but I just spent similar money on a '96 Nissan Almera. It only has 68,000 miles on the clock, so it was a little more expensive than a higher, but still acceptable, mileage car of that age would be.
1.4 engine is pretty tiddly, but it is 16v so there is some pep and 70mph+ speeds are comfortable for it (I'll not admit to going higher). It should return 40mpg which is ok, but I haven't done enough miles in it yet to see what it is actually getting.
Around 2000 a survey of motorists found it to be one of the most reliable and cheap to service cars on the road at the time. It looks dull, and it pretty much is dull, but I paid £1200 for it. In the UK there are 20 insurance groups (group 20 being the most expensive to insure) My Almera is a group 5, if I didn't have the fancy GX (electric windows and sunroof!) it would be group 4.