I have never really understood the appeal of the Yaris but just saw one fresh off the lot with temporary tags and was surprised to see Toyota had spent some cash applying some chrome trim to the thing. Seems misdirected given the functional items that are missing from this model. However I guess they are clearly going after the segment that still believes that if it has a Toyota badge on it then it must be the best in class.
About 6 years ago I owned a 1998 Toyota Tercel (3rd owner), car was 10 years when I bought it. I was going back to college in Hamilton, after getting laid off, and wanted an affordable vehicle, that was reliable, and cheap on gas. It had over 180k when I bought it for around $2500. Sounds like quite a bit for a 10 year old vehicle, with 93 hp, and 180k. But I remembering averaging 6.5L/100km. Something very few cars could do, especially under $3000. I used it in the city during the week, and commuted to Toronto to visit my girlfriend. The saving grace was that it was stick, passing cars on the highway was fine, somewhat loud, only when passing. Sold the car 2 years later for $1800 with over 220k, only thing I had to do was oil changes, brake adjustment, and buy some used 14" tires for $200.
My point is, these vehicles have a purpose. At that time, there was no domestic vehicle that even came close to the relability or fuel economy of that car. I used my moms Ford Escort a few times at the time, that thing was felt unsafe going over 115km/h, and in a snowstorm, forget it! Also, resale value sucked. Only thing that was close was maybe a Honda Civic, which was still more money, and bigger, and more to insure.
Nowadays, there is more subcompact competition, and larger vehicles are using more efficient vehicles. But cars like the accent, the fiesta, the sonic, versa, yaris, fit, and mazda2 are good as a second vehicle in a family, or for someone who is single, who doesn't want a car with a big footprint.
If they didn't serve a purpose, why would other manufacturers bring more subcompacts, like the fiesta, mazda2, the sonic. Still missing something from Chrysler, I don't count the Fiat, little more premium like Mini, and VW Beetle.