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Not all consume engine oil - some with mega mileage still don't burn a drop of oil between changes. Even ones that do consume some oil between changes, their reliability, good fuel economy, and relatively easy/cheap maintenance is why their value still holds.
If you like the car, get it checked out by a garage familiar with Toyotas and especially the 8th gen Corolla and the 1ZZ-FE.
Great first time driver's car - easy to drive, cheap to maintain. Enough power to get along with traffic but not enough to get a young driver into trouble.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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