Depends what you mean by "old" Toledo. Mk.1 or Mk.2? I've got a Mk.2 20V SE, so this is for that model. If you are looking at a Mk.1, then don't read any of this(!)
Very good car mechanically, solid and well put together. The only problems seem to be the odd electrical fault.
Watch out for the brake light switch. It's not a very good design and it's common for them to go without warning. It's the same unit as on all the equivalent VW's, Audi's and Skoda's, so pretty easy to get a hold of. Not so much of a
problem if you've got a manual, but if like me, you've got an automatic, it's a right pain. Essentially you'll be stuck in 'park' until you replace it. I speak from experience.....
My advice if you do get a Mk.2 Tolly is, get a spare switch from the dealer, only about £10. Keep it in the car then if it goes when you're out and about, get the AA or RAC guy to fit it. You'll save yourself a packet in dealer labour costs.
The other potential
problem I would mention is the electric window regulator. Funnily enough, mine went yesterday, resulting in the drivers window disappearing into the door. Again, not hard to put right- a new regulator is around £43 (without the door membrane) and £73 (with the door membrane- MUCH easier to fit) from my local dealer.
Oh, make sure you check the timing belt has been changed if it's done over 60-70k miles. If the belt sheds it will total the engine, so check that's been done. The period between service intervals are not sparkling I'm afraid. Every 10,000 miles but as with all VW stuff, if you keep these up to date you should be okay.
The MAF sensor can go on these as well. Another fairly common fault. That's it for electricals, but there may be others I'm not aware of.
One other thing that may or may not become a pain, is the boot opening....remember this is for a Mk.2 not a Mk.1 (which is a hatchback). Although the boot is cavernous, (the back seats fold as well); the opening is pretty 'letter-boxy' and fairly low so it can be a bit of a squeeze.
Other than that, if you make sure the service history is sound, it should give you good service. I love mine, despite the little problems. Something a little different from the more common Leon. Anyway, if you do get one, best of luck. Two years of ownership, and I'd still happily buy another one hands down.
HTH