If you can get the price a lot lower and if it runs ok, just don't pay too much.

For what? Yeah if properly maintained they can still run decently, but I don't care what logo is on the grill, 25-30 years will take its toll on a car. If you find one that's in good mechanical shape, and you only plan on doing local trips, then sure. But seriously don't pay much. 

If you're looking for cheap 30 year old cars, sure - these tend to hold up the best.

A lot of what will determine the future dependability of such a car is it's current condition (was it maintained, was it repaired properly, does it come with a laundry list of issues, etc.)

Generally, it's better to go with a non-ancient car, Toyota reached peak reliability around 2012-2013 on the Corollas (and those are much larger cars than the old ones, offer good safety, a torquey nice engine and are generally good all-around) - and you can still find more refined nicer later model year model with dependable automatics.

But note that there are certain model years in which Toyota has torque convector issues on 4cyl Camrys, and some years in which the Corolla consumed oil, and some where the Camry consumed oil too - other then these, they're reasonably solid.