Why Are Toyota Corollas So Cheap? Let's Find Out

Why Are Toyota Corollas So Cheap – When it comes to the world of automobiles, few names carry as much weight as Toyota. Known for their reliability, longevity, and exceptional engineering, Toyota vehicles have earned a well-deserved reputation for quality.

The Toyota Corolla is an iconic model in the automotive industry, renowned for its practicality and efficiency.

It has become a staple in the lives of millions of drivers around the globe. But what factors contribute to its affordability compared to other cars in its class?

With over 50 million units sold through 12 generations, Corolla remains one of the most sought-after car models ever. Some automobiles are distinctive due to their design.

Others make an impression with their driving prowess.

Some cars have amazing technological features. Others are dependable, secure, and enjoyable to drive.

The best part is when one of these amazing cars is even available at a reasonable price. However, let’s face it—quality costs money.

Reason Why Are Toyota Corollas So Cheap?

With the Corolla, Toyota defied the price convention and produced a dependable, durable, and fun-to-drive car, which came at a competitive price.

Naturally, customers rewarded Toyota with astronomical sales and steadfast devotion.

Consumers weren’t the only ones who adored the Corolla, though. The Corolla has received numerous prizes and plaudits from industry professionals and specialized publications because they have also grown to love it.

Since 1966, when Toyota debuted the Corolla, this vehicle has little by little conquered the entire globe.

Unsurprisingly, Toyota sold over 50 million units of the Corolla through twelve generations. In its long history, the Corolla has won several awards for safety, value, and reliability.

So, this is why the Toyota Corolla is one of the best-selling cars of all time.

However, one question that often arises among automotive enthusiasts is, “Why are Toyota Corollas so cheap?”

1. The Reliability Factor

The Toyota Corolla is rated extremely well by RepairPal with a score of 4.5/5, placing it first out of 36 compact cars. The average compact car, in contrast, has a rating of 4.0/5. Also, the average annual repair cost is very reasonable at $362.

Just for context, the average repair cost for compact cars is $526, while the cost for all vehicle models surged to $652.

RepairPal also notes that the likelihood of a major repair is only 7 percent, compared to 12 percent for all vehicle models and 11 percent for compact automobiles.

Meanwhile, Classic Toyota Tyler emphasizes the reliability of Corolla when it says: “If we were to put the phrase Toyota Corolla in a dictionary, we may just list a one-word definition: reliable.”

2. Resale Value and Longevity

Luxury cars should have a higher resale value, whilst more economical cars should be on the other end of the spectrum. This isn’t always the case, though. The BMW-7 Series, for instance, lost 56.9 percent of its value in 5 years, according to iSeeCars.

Meanwhile, the Maserati Ghibli lost 56.3 percent in 5 years and Jaguar XF lost 54.0 percent during the same period. By contrast, iSeeCars ranked the Toyota Corolla in the top 10 cars with the lowest 5-year depreciation.

The Corolla lost only 19.8 percent of its value or $4,617 in five years. Basically, consumers can rest assured that their investment is safe when they decide to buy a Corolla.

This situation makes it understandable why Toyota sold a Corolla every 37 seconds from 1966 to 2013.

“The rate of purchase has been even higher since 2013, with a new Corolla driving off the lot somewhere in the world every 27 seconds. In 2016 alone, nearly 300,000 Corollas were sold worldwide,” says Scott’s Fort Collins Auto.

3. Top-notch Safety Features

Most gearheads and auto enthusiasts recognize the Corolla as a pioneer in the field of safety. The 2022 model, for example, received the highest safety rating from the Insurance Institute for Highway Safety (IIHS) and 5/5 ratings from NHTSA for passenger protection.

Evidently, it’s not just the 2022 model that impressed experts and the audience. The 2019 model, for instance, also received a 5-star overall safety rating from the NHTSA and a 2019 Top Safety Pick from the IIHS.

The Corolla’s interesting technology and safety features have led numerous magazines to rank it as one of the top vehicles for teenagers.

The good news is that Toyota doesn’t seem interested in skimping on Corolla’s amenities and technology, so its best-selling car will continue to be outfitted with the most advanced safety features and gadgetry.

4. Affordability: A Legacy Continues

The Corolla has maintained its affordability over the course of its history, despite its commercial success. Right from the get-go, the Japanese car manufacturer wanted to keep costs down and sell an affordable vehicle because it designed the Corolla as a daily vehicle for the middle class.

The 2023 Corolla sedan has an MSRP of $21,550 for the LE trim, $23,950 for the SE trim, and $26,700 for the top XSE model. The Corolla, however, is a wise long-term investment for reasons more than just its reasonably low MSRP.

In fact, maintenance and repair expenses are also minimal.

Furthermore, the vehicle has good fuel efficiency.

Given that the national average gas price has climbed to $3.267 for Regular and $3.686 for Mid-Grade, having a fuel-efficient vehicle is a pleasant improvement.

Are Corollas Reliable Cars?

When it comes to car reliability, the Toyota Corolla stands out as a shining example. Repair Pal ranks it as the most reliable car in its class, beating out other compact cars. The reason behind this stellar reputation is not just its rock-solid performance but also its incredibly low repair costs.

On average, Corolla owners spend a mere $362 per year to keep their vehicles roadworthy. This reliability has made the Corolla a trusted choice for millions of drivers.

Are Corollas Good for Long-Distance Driving?

If you’re planning long-distance journeys, the Toyota Corolla has you covered. The latest models come equipped with an array of safety features designed to keep you and your passengers safe.

Moreover, the 2022 Toyota Corolla Hybrid sedan boasts an impressive MPG of 53 in the city and 52 on the highway. That translates to nearly 700 miles per gallon between fill-ups, making it an excellent choice for road trips.

Toyota takes safety seriously, and all Corollas come standard with Toyota Safety Sense 2.0.

This suite includes features like Pre-Collision with Pedestrian Detection, Dynamic Radar Cruise Control, Lane Departure Alert with Steering Assist, Automatic high beams, Lane Tracing Assist, and Road Sign Assist.

With additional features like Blind Spot Monitoring and Rear Cross-Traffic Alert, you can embark on your road trip with confidence, knowing you’re in a safe vehicle.

Is Buying a Toyota Corolla Worth It?

Without a doubt, buying a Toyota Corolla is a smart choice. Its affordability is not just limited to the initial purchase price; it extends to maintenance and repair costs as well. Even on the used car market, Corollas shine with unbeatable repair and maintenance costs, reinforcing their reputation for reliability.

These cars are known for their longevity, with some exceeding 200,000 miles, a testament to their durability.

With gas prices on the rise, the Corolla’s good fuel efficiency is another reason why it’s worth the investment.

Is a Toyota Corolla Cheap to Buy?

In an era where the average car price in America exceeds $40,000, the Toyota Corolla offers a refreshing change. A new base model L Corolla starts at just $20,075, which is right in line with the compact car class average. Even a top-tier Corolla XSE Apex Edition won’t break the bank at $28,360.

These prices make Corollas a genuinely cost-effective choice for those seeking a dependable and affordable vehicle.

What Major Issues Do Toyota Corollas Have?

No car is without its issues, and the Corolla is no exception. However, these problems are relatively minor compared to the vehicle’s overall reliability. Some common issues reported include a creaking front suspension in the eleventh generation, excessive oil consumption in specific trim levels, blown head gaskets in older models, radio problems, and occasional airbag deployment issues.

These are worth noting, they are not deal-breakers given the Corolla’s strong track record for dependability.

What Are Some of the Best Years for Corollas?

When it comes to choosing the best year for a used Corolla, you have a variety of options. According to Consumer Reports, Corollas from 2003 to 2008 are considered good buys, with the 2005-2008 models earning a perfect 5 out of 5 reliability rating.

The 2010 to 2013 models are also recommended, though owner satisfaction varies.

The 2014 to 2019 Corollas consistently received a 5 out of 5 reliability rating, making them excellent choices for those in search of a dependable used vehicle.

Is Maintaining a Corolla Expensive?

Maintaining a Toyota Corolla is far from expensive. In fact, it’s one of the most cost-effective options in the compact car segment, explaining its remarkable longevity. The average annual maintenance cost for compact cars is around $526, but with a Corolla, you’ll only spend about $362 per year.

This affordability extends to the long-term, with Corollas rarely requiring major repairs even after reaching the 100,000-mile mark.

Proper maintenance is key to any car’s reliability and lifespan, and Corollas makes it easy on your wallet.

Conclusion

The Toyota Corolla’s affordability and reputation for reliability make it a standout choice in the automotive world. With low repair costs, excellent fuel efficiency, and a focus on safety, it’s no wonder that Corollas have earned their place as one of the most trusted and popular cars on the road today.

These elements work together to make the Toyota Corolla an exceptional value in the automotive market.

It’s no wonder that the Corolla has become a beloved and trusted choice for millions of drivers around the world.

So, when you ask, “Why are Toyota Corollas so cheap?” the answer lies in a combination of factors that make them an outstanding value for consumers.

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