I own two for my daughters, and just had an '08 Elantra nose out another
Spectra for a third one.  Paid a SERIOUSLY good price for each of them (in
your ballpark).

Right now, Kia is loading the Spectra with incentives to try to move the
last of them.  The 2010 Kia Forte is coming shortly, and that will replace
the Spectra.  While the Spectra is a very competent small car (probably
nothing more, nothing less), the Forte looks to be one SERIOUSLY good new
small car - among the best that will be out there.

But my girls are perfectly happy with their cars - economical, and
apparently a good car to add all the froofy little touches they like to add
to cars. VERY reliable as well. So if you like them, get them, because the
prices are unbelievable right now.