erm.... 1st or second version of what..... toyota has a gazilion models and trims to select from...
there is no way to answer this... depends on the condition of the car i guess.... if its basically brand new with less than 10km, yeah go ahead, if its been in 20 accidents and had no roof, i think its a bad idea......

anyway, the newer generation of 08 (iirc it was upddated in 08) can be found for around 40k+? otr.... the last of its batch models are easily available for lower than that

few notes,
1)vios 1/2 gen basically the same thing, just wearing a diferent dress. Assuming conditions are the same, its basically down to aesthetics.
2)older car = 'usually' more wear and tear

i guess you know of the general consciences of buying an older car now. So yeah, to me its the same thing, no real obvious option here. its down to what condition said car is in, price of said car and which you prefer.
edit: oh yeah.... why vios... why everyone wants a piece of vios?? this confuses me to no end........