Shopping For A Used Toyota Corolla? Here's What To Look For
Even though new car prices are finally beginning to stabilize as supply catches up with demand, the average buyer is still paying more than $48,000 for something fresh off the lot. The situation isn't much brighter in the used car market, where prices are stuck at a level 35% higher than the pre-Covid average, according to Cox Automotive. However, one way to game the system and score a great deal is by purchasing older vehicles, particularly sedans which have fallen out of favor with the popularity of crossovers and SUVs.
Normally, buying an older car might seem intimidating because nobody wants to get stuck with a vehicle that's unreliable or requires frequent repairs, but those concerns can often be put aside if the vehicle in question is a Toyota, in particular its highly successful Corolla. Since it was launched in 1966, a whopping 50 million Corollas have been sold worldwide — more than any other car on Earth — so a good selection is always available in the secondary market.
Like any other used car, buyers will still want to investigate the car's vehicle history report to assess the service history and check for accidents or other possible blemishes on the vehicle's title. Savvy buyers might also opt for a pre-purchase inspection by a knowledgeable mechanic before any money changes hands. With that out of the way, here are the particular years and generations that smart Corolla shoppers will want to target — old enough to represent a good value but modern enough in styling, technology, and driving characteristics to make a great daily commuter.
2003 to 2008 models are the most affordable
Shortly after the turn of the 21st century, Toyota dropped its ninth-generation Corolla in the United States as a 2003 model, a car with styling that still looks fresh and contemporary even today. The 2003 to 2008 Corolla has a spacious, comfortable interior, and while it may be lacking some of the features of newer cars, at least the factory stereo can be replaced with an aftermarket infotainment system for just a few hundred dollars — or, alternatively, an Android tablet can be fitted to the dashboard.
According to Kelley Blue Book, current owners give this generation Corolla a rating of 4.8 out of 5 for reliability, with a full 96% recommending it. In the event that something does go wrong, these vehicles have the reputation of being inexpensive to repair. Additionally, the 2003 to 2008 Corolla delivers an impressive 30 miles per gallon fuel economy in combined city and highway driving.
So how much should you expect to pay? Approximately $3,000 to $5,500 depending on age, mileage, and trim level. If you like a side helping of sportiness with your economical used car and can stomach a slightly higher cash outlay, look for the XRS package that was introduced mid-cycle. It featured a 170 horsepower 2.4-liter engine and six-speed manual transmission, both lifted directly from the Celica. XRS buyers also received a performance suspension system with lowered ride height and unique alloy wheels.
2009 to 2013 models experienced a growth spurt
For 2009, Toyota gave the Corolla another thorough redesign. With each generation, the Corolla seemed to grow larger, bridging the gap with its Camry sibling, and this era was no exception. Not only larger than the outgoing model, an improved 1.8-liter four-cylinder engine is also standard equipment. While the reliability rating remains high at 4.7 out of 5 according to Kelley Blue Book, owners seem to prefer it slightly less than the prior generation, with only 85% recommending the 2009 to 2013 model years.
If safety is a primary concern, this era Corolla is worth pursuing because side curtain airbags became a standard feature, as well as stability control in years 2010 and up. Higher trim levels also come with such niceties as traction control, connectivity options like USB ports and Bluetooth, and steering-wheel-mounted stereo controls. This newer, quieter, and more substantial Corolla starts at slightly less than $7,000 on the secondary market with an average amount of miles accumulated and tops out over $10,000 for the final iterations which also received subtle styling updates.
2014 to 2019 delivers the most variety and modern features
The year 2014 marked another big redesign for the venerable Corolla. Like its older siblings, this next generation-spanning 2014 to 2019 received strong ratings for reliability, with 4.5 out of 5 from Kelley Blue Book. About 80% of owners recommend these particular model years, although some critics lament that an all-wheel drive option was never made available for drivers living in inclement weather.
Buyers have their choice of six different trim levels –L, LE, LE Eco, XLE, SE, and XSE — that run the gamut from econobox to luxury to near-sports car performance. All trims except the LE Eco come standard with a 1.8-liter four-cylinder that makes 132 horsepower, coupled to an automatic transmission (technically a continuously variable transmission) that together, achieves 32 mpg in combined city and highway driving. The LE Eco pushes that fuel economy figure up to 30 mpg in the city and 40 mpg on the highway, which is especially impressive when you consider that it also boasts an additional eight horsepower over the other trim levels.
Certain models include a modern touchscreen infotainment system, although those not equipped can certainly be retrofitted via the aftermarket. For the safety-conscious, 2017 and up models have both automatic emergency braking and standard forward collision warning. Not surprisingly, this generation represents the most expensive used Corolla on this list, with prices starting around $10,000 for lower trims levels and quickly climbing to over $25,000 for the sporty XSE model. When new, the 2014 to 2019 Corolla retailed for approximately $23,000 to $30,500, so there is still some value to be had here.