If you are looking to run a vehicle until it’s ready to go to get wrecked in the junkyard, its potential price is an important factor when you decide on buying a vehicle. All cars will eventually lose value, but keeping the value of your car as low as possible means that you’ll get a better trade-in deal when it comes time to upgrade.
When a car falls in value, it is determined by many factors. But the Toyota Corolla is the model that holds its value the best. The price of a Toyota Corolla will decline by only 38% over five years. Its retail value after five years is expected to be at $13,937.
The Toyota Corolla is doing amazingly well in terms of value. And it is surprising that it is beating its bigger relative, the Toyota Camry, by quite a bit. By that same token, the Corolla offers great value to anyone, whether you buy new or used. For those who are budgeting, it is a great economical vehicle that will not hurt your wallet or purse, regardless of how old the Corolla is.
To Buy the Toyota Corolla New or Used?
When you purchase a used Toyota Corolla that is two years old, you can save an average of $6,048 when compared to purchasing a new car. Also, you will still have a relatively new model with lots of useful life left. If you are attempting to keep this vehicle for 3 years, you would likely end up with a depreciation cost of $2,415.
Which Model Year to Buy the Toyota Corolla
What we are particularly into is the 2020 Toyota Corolla. It is our favorite model year to buy a Corolla. On average, when you buy the 2020, you will pay only 75% of the price of the vehicle when it is new. In addition, you can expect over 90% of the car’s life to be left.
The Corolla’s Good Competitive Price
It would be expected that cars that are priced competitively when new would still have some value over the years. Although it is very powerful and comfortable, the Corolla is priced much below its competitors, and the low price of the Corolla drives the purchase and makes it enticing to buy on the used market.
Why the Corolla is Reliable
When purchasing a used car, you are always placing a risk, and by making a bad choice, you are risking years of repair bills and high maintenance costs. The Corolla has proven to be a very reliable vehicle, with older models clocking up more than 400,000 km without needing major repairs. You can expect that the Corolla will be reliable, with the result that people no longer worry about buying a pre-owned vehicle. And they can command prices to match.
In addition, the Toyota Corolla makes its presence felt in the safety stakes because it is perfectly rated five stars in the National Highway Traffic Safety Administration crash tests. This model also received very good marks from the Insurance Institute for Highway Safety in virtually every area.