The first generation Toyota Paseo was sold from 1991 until 1995. It had an I4 engine that made 100 horsepower, except those sold in California which were rated at 93 horsepower due to emissions restrictions.
There were very few changes in the second generation Paseo that was introduced in 1996. The engine electronics were updated a little bit, and the exterior sheetmetal was redesigned to give the car a new look. A Paseo convertible was sold for the first and only time in the United States in 1997. That would be the final year of the car in the US.
The Toyota Paseo was replaced in the United States by the Echo, which was also a compact car, albeit it had a lower price point. The Echo has since been replaced by the Prius, which is aimed more at the environmental crowd and comes with a heftier price.
The Paseo is not the most common car on the road today, but they are not too hard to find on the used car market. Before considering whether or not to buy one, make sure you have a CarFax report of its history. Also, make sure the price you are paying is in line with the value similar cars are selling for. I check this by looking at the auction listings on eBay. I find it is a way more accurate way to get a value on a car than KBB.