The 4A9 engine fitted to your Colt has a timing chain rather than a toothed, rubber timing belt. As such, the timing chain should be fine for the life of the car, provided the necessary servicing has been carried out.

Interestingly, the Colt Plus was never officially sold in Australia by Mitsubishi, so your car must be a private import from, say, Japan or even New Zealand.

Yes you can. According to the Federal Chamber of Automotive Industry’s guide, all Australian-delivered Mitsubishis with fuel-injected petrol engines built after 1986 can use either E5 (five per cent ethanol) or E10 (10 per cent) safely. By using this fuel, you stand to reduce your tailpipe emissions a little, use a percentage of renewable fuel (ethanol is largely made from farmed crops) and you may even save a few dollars over a year as E10 ULP is often a little cheaper at the pump.

Do not buy a Cruze, or buy a European brand. They will prove costly. It's best to go for the cars that are well proven over many years. The Lancer is a good one, but so too is the Toyota Yaris or Corolla, Suzuki Swift, Mazda2 or 3, or Mitsubishi Colt.