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Gulp, where do you want to start - sorry but my advice would be to avoid Polo/Ibiza or Fabia as they are all Skodas where it counts most, ie the running gear - this does not include the engines or gearbox though. If you are still intent in wasting your money then some of the known faults are:- ARB plastic collars (or stops) break and the complete ARB needs replacing with newer design with metal collars (or stops) - this work needs the front subframe dropping - really a VW specialist job. Next, the TCA rear bushes are voided and fail frequently - another VW specialist job followed by full four wheel realignment - well at least setting up the front wheels up camber and tracking wrt the (fixed) rear beam and chassis. Next, I've just had the front section of exhaust repaired - VW want £550 for that section as it contains the second catalyst. Ignition coils are also prone to failure but they are not too expensive. Next, if you are fussy about shock absorber performance then they also seem to have short lives. If the previous owner has borne the cost of all these problems then you might be looking at a few years without emptying your wallet. I moved from Ford Fiesta (bits of tin and bits of board etc) to VW Polo and I certainly expected a lot better than what I have experienced in nearly 5 years and 46,000 miles of ownership - all VW's bumf said so and so did the motoring press. In my experience, these cars are sub standard for their market sector and VW are living on their previously worked for good name - try to avoid if possible, if you can't then at least you have been warned. On the other hand, my 2000MY Passat seems okay - but it's make up of old Audi bits. One more thing, quite a lot of people seem to have had trouble with the electro-hydraulic steering system - it too if faulty will seriously hurt youre wallet - sorry. Me - I am just keeping my 1.4SE until it was worked long enough to earn its £1300 that it has cost me over the previous few months - rust is now showing near the rear wheel arches (underneath) - very little or no protection and also rust showing on the tailgate clinched joints and the tailgate handle looks crummy due to the aluminium corroding - another known problem!
I'm not wanting to cause dismay, but when I first started to sense that I was not alone with needing to spend lots of time and money on my wife's Polo, I searched the net for Skoda Fabia forums as the Polo 9N was first launched as a Skoda Fabia - so most problems should have turned up as Fabia problems first, also there was more forum technical activity as more Skoda forum members seemed likely to try to solve their own problems. Hint, try punching in BRISKODA to get a better feel for how these car are faring. This suggestion should not be seen as a reason to jump forums - just a useful extension to your Polo site - there was also a useful Seat one but someone "broke" it!
One thing I always try to do is buy a newer version of the car I want as they iron out many faults over the years.
Like the Fabia thing, although it seems they didn't quite do that. I haven't heard as many problems with 2004 onwards cars.... but that might just be me....
I own a early 2003 (on a 52 plate) 1.4 16v model, and personally I've only had one coilpack go, but to reduce the chances of it happening again, I've changed all four coils to the latest 2006/2007 ones which VW had modifed to rectify the fault. My ARB and all suspension related bushes are the same as when the car was manufactered and have never been replaced and I still have no issues with them!
However, I know someone with a early 2002 9N and they had problems such as excessive oil consumption, suspension squeaks and banging noises/rattles, and coilpacks going. The oil consumption was sorted after the piston rings were replaced which was quite costly. The suspension noises are usually down to the ARB's fitted on early models and wishbone bushes are also common as already mentioned, alongside the coilpacks.
Also in general and regardless of early or late model, I'd say the standard suspension components are quite poor. Top mounts get shot easily and the standard shocks have been known not to last very long either!
Chances are though that you may not have a problem with any of these - even if buying a early 2002 model. This is because the previous owner may have already had these issues sorted if they looked after it! As long as these suspension and things are sorted its a pretty reliable car.