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Cobalt isn't a bad car, but with the exception of the SS model it is just basic transportation. Unless you can get one substantially cheaper than it's more accomplished rivals it isn't the best choice, as the primary virtue of the Cobalt is value for the dollar.
Of the new models available the standouts in the class are the Mazda 3 (sadly the new one does have a goofy grin on it's face), the Honda Civic (Oddly, interior room isn't as good in some respects as smaller rivals), and the VW Golf (great at everything except reliability....say it with me, 100k mile extended warranty...and she is a pricey little mynx)
Focus, Cobalt, Accent, Versa, and other represent the basic, no frills portion of the segment. Were I looking in this segment I would decide what matters most to me and then pick,
If price is your hot button the standout here is the Hyundai Accent. The South Koreans have come a long way and Accent is a decent driving little car that represents better value than do Versa, Cobalt, or Ford Focus (and I'm a Ford guy) With AC, tilt steering, and CD/MP3 the Accent stickers for just over 14k. Hyundai is advertising 1500 in rebates right now, which means you can get one for 12,805 or less....there are likely more rebates besides the one Hyundai is advertising.
If you want the best car for your money while staying in the mid to high teens price wise, which is the sweet spot for these vehicles, the best car overall is probably the Mazda 3, silly grin and all. The Mazda 3 shares a platform and most other items with the European market C1 Ford Focus, a car which isn't sold here in the US. The C1 platform is the best small car platform in existence, and it shows in the Mazda 3.
My opinion? If I were buying something in new this price range I would skip the car altogether and go for a relatively basic Ford Ranger. Sitcker price seems high, but rebates are literally huge....with A/C and an auto transmission you should be able to get into one for 12-13k relatively easily, and pickups obviously have a cool factor all, their own. Benefits? Dead nuts reliable, super simple and cheap to work on compared to anything listed above, tough as nails, and a bigger trunk than any car. Better yet, the epa rates the little truck at 24mph highway and real world fuel economy is going to get within sniffing distance of 27-28mpg highway, which ain't bad for a truck.
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