Is it a bad idea to daily a car from 1989?

I have a coworker who's looking to sell his car, a 1989 Toyota Corolla. I know the basics of looking after a car, but a car that old is almost foreign to me, because I'm from a state where cars rust out.

I figure Toyotas are pretty reliable and so is the 4AG engine, but I don't want to end up with another money pit. What should I look out for, or should I just avoid it altogether?