What's worse, the ride in the 2009 Corolla was soft and useless for any sort of fun driving. On the contrary, the 1992 Corolla was forgiving and poised on the road, absorbing bumps while not upsetting the handling of the car.
This brings me to handling. It seems, in recent years, that nearly every auto manufacturer is tuning their cars for understeer, ostensibly because understeer is much easier to correct than oversteer. This was abundantly evident in the 2009 Corolla: when pushed around a corner, the front was quick to slide. Even with prodigious application of the handbrake, this driver found it difficult to modulate a smooth drift.
As one would expect at this point, the 1992 Corolla was a joy to take through the bends. When pushed in a corner, a mild let-off of throttle would induce a perfectly manageable drift that was easily controllable with throttle and handbrake inputs.
So, back to the question: Are new cars more fun to drive than their older counterparts? Simply...no - not in this case.