What do you mean "Latest model"? well the last ones were manufactured in 2000/2001 after which they were replaced by the corolla 121. A 1500 engine is the most common option in SL and that motor is pretty bulletproof, so its a good deal. From what I know fuel economy is around 10 to the liter in town and 13-14 outstation for the 1.5 liter.
As others have mentioned, the Nissan Fb15/N16 is also a good choice, all of them will be newer models than the above mentioned corolla, as theher corollas have a higher market value in SL, and the N16 specially is more modern looking than the boxy corolla. Maintenance and parts will not be an issue for either cars, everybody knows them and most/all parts are freely available.
The honda civic is also an oft mentioned choice in this bracket, and as has been pointed out you can get a good one for well within your price range. The Ek3 is the version most often seen in that range, they were made from 1995-2000 and the 2000 model year ones are rare-ish so if the whole year of manufacture thing is important to you, that would be a slight issue. Otherwise its a good car, ride comfort is marginally less than the toyotas but it makes up for this by being marginally more interesting to drive. Parts availability is good but perhaps not quite as good as the Toyota or Nissan, and parts prices tend to be a little bit higher for hondas, perhaps because there are fewer suppliers than for the other two.
Also, If you'd like to be a bit different to the herd, you could go for a late model Mazda 323/Familia. You'll be able to get plenty of these within your price range and they are also superb cars, the best to drive out of all of the above and to my eyes the nicest looking as well. The Mazda brand tends to be misunderstood in Sri Lanka now because the agents are terrible, but there is a good independent specialist now and also a very supportive and active owners club (active here on Autolanka as well) that can help you out. So do consider the Mazda option seriously as well.