I have been in Cobalts (2) since Aug 2005. I have nothing but praise for the reliability of mine (both 2.4L models) and the build quality. However the driving dynamics are another story--I just hate driving it the last year. My wife, my son and my mother in law hate it too LOL.
Also decided to cut back on expenses and pay down some debt. Found a nice 2004 Grand Am SE1--it has the upgraded 16" wheels and the Monsoon audio system (not far off the Pionner system in the Cobalt) It has 97K Kms.
I like the 03+ SE versions--they got rid of that hideous body cladding!
Not as perfect as the pictures say but good shape. ( some rocks chips a bit of paint AWOL of the bumpers, few scatches) Runs well and has better driving dynamics the the Cobalt. Steering feel is way better and the ride quality is huge step forward. It tries to absorb the bump and road imperfections instead of just crashing over them in the Cobalt. (way too stiff unforgiving suspension!)
The 3400 V6 provides thrust with less effort and doesn't sound strained (currently have the 2.4L Cobalt with the auto)
I love the extra room inside too. I don't think I can ever go back to a small car again.
(Maybe G8 or new Malibu...?)