As we know Ford Classic is available with two different engine options that gives different level of power and engine performance. Out of seven, its four variants are powered by a 1.6L, 1596cc, Duratec petrol engine that produces 101bhp power, offering high engine performance that results excellent acceleration with smooth driving. The rest three variants of Ford Classic which is powered by a 1.4L, 1399cc, Duratorq TDCi diesel engine that produces maximum power of 68PS at 4000rpm. Ford's Dura technology offers high engine performance DuraVroom acceleration, DuraSmooth drive experience and DuraSave fuel efficiency. Ford Classic is available with both petrol and diesel engine option. The petrol variants of Ford Fiesta are equipped with the 1.6L Duratec petrol engine with a five speed manual gearbox giving high engine performance with better fuel efficiency - it provides 10.5kmpl mileage in city road conditions while on highway it provides 15.3kmpl mileage on the other hand the diesel variants of Ford Classic are powered by a 1.4L, Duratorq TDCi diesel engine with two-stage fuel injection system with APC (Accelerometer Pilot Control) giving smooth riding with increased fuel efficiency and offers mileage 21.37kmpl in city and 32.38kmpl mileage on highway roads.
Ford Classic is a good car and even if the car is discontinued Ford will keep its parts for at least the next decade. In comparison to Etios it may be an old car but it can easily match Etios performance and comfort. Though, if you are planning to buy any one of these we will suggest you to wait until Ford launches its next car, the Figo Aspire. Know more about Ford Aspire: http://www.cardekho.com/carmodels/Ford/Ford_Figo_Aspire
The has been no such announcements from Ford motors on this. So the model is not being phased out in near future. But, yes eventually the model would certainly be phased out, but when is that going to happen is not certain.
No matter a car discontinue or not, the manufacturer makes the parts available for a good 8-10 years after it is being discontinued and as manufacturer uses the same engine in multiple models, there is a higher probability that you can get engine parts easily.