While last month we shone a spotlight on the new Tesla 3, this month we’re taking a look at the new iteration of a true, tried and tested Australian favourite - the 2023 Toyota Corolla.
Currently Australia’s best-selling passenger car, the Toyota Corolla was introduced to the world way back in 1966 and was the world’s favourite car by 1974. By 2021, more than 15 million Corolla’s had been sold across 12 generations.
Available as either a hatchback or sedan, petrol and hybrid engines are available for this well-loved vehicle. With a current wait time of 3-12+ months depending on your desired model, we’ve decided that it’s time to explore how much it costs to buy, finance or subscribe to one of these awesome cars - as well as how you can get into one much sooner than you think.
Reasons to drive a Toyota Corolla
Zippy, sporty and intuitive, this iconic hatch promises reliability, low running costs and a great ride. Now with more tech, safety and entertainment features, the Toyota Corolla can offer the ultimate peace of mind.
There are sedan and hatchback models on offer, each available in three variants - the Ascent Sport, SX and ZR. All are available with either a 1.8L hybrid or 2.0L petrol drivetrain option. The hybrid now produces 103kW of power mated to a lithium-ion battery pack - producing more energy compared to the previous model while reducing its weight by 14 per cent. Meanwhile, the 2.0L petrol engine produces 126kW/202Nm in the hatch and 126kW/203Nm in the sedan, and all variants are automatic only.
Included safety features include Active Cruise Control (ACC), Pre-Collision Safety System (PCS) with pedestrian and cyclist protection, Lane Departure Alert (LDA), Road Sign Assist (RSA) and Auto High Beam (AHB) - on all models. With Apple Carplay and Android Auto, as well as 6 speakers (with JBL audio and 9 speakers in the ZR), you’ll always be entertained.
How Much Does It Cost to Buy a Toyota Corolla?
With some pretty extensive worldwide delays on most cars, getting into a new Toyota Corolla right now involves a bit of a wait - from 3 to upwards of 12 months, depending on the model. If you’re still keen to buy your Corolla fresh out of the showroom, you’ll be up for anywhere between $31,652 (driveaway) for the base model Toyota Corolla Ascent Sport with a 2.0L petrol engine, right up to $41,427 (driveaway) for the top-of-the-range Toyota Corolla ZR with a 1.8L hybrid engine.
Used models are more readily available, however, this can be risky so be sure to do your homework. Do your research, know the car’s history, get a full mechanical check and take the car for a test drive if you’re looking to get into a Toyota Corolla in the next few months.
How Much Does It Cost to Finance a Toyota Corolla?
Many of us prefer to lease or finance a vehicle rather than buying outright. This helps break down the overall cost that investing in a new vehicle can present. It’s all about making the right choice for you, right now, so make sure you assess your options fully before diving in.
With finance, you can expect to pay the price of the vehicle plus interest (usually ranging between 6% and 20%, depending on your individual circumstances). This means that the top-of-the-range Toyota Corolla ZR priced at $41,427 today, financed over 5 years at 9.5% interest (with no ‘balloon’ or residual payment), will set you back approximately $220 a week (plus fees), or $52,200 over the course of your loan (ex. government fees and charges). See how it can add up?
With most banks and lending institutions, you’ll also need to consider added monthly, lender, broker and ‘break’ fees if you’re wanting to pay off your loan early. These can add up to thousands of dollars extra, depending on your lender and finance term.
That’s why when it comes to finance, it’s a great idea to consider all your options. Online car loan comparison platforms like CarClarity can help you find the finance arrangement that works best for you.
Just remember – when financing or buying a car outright, you’ll need to factor in additional running costs including insurance, registration, servicing and other maintenance costs. Depending on your vehicle and frequency of use, these will range from approximately $150 to $600 per week. Thankfully, with a Toyota Corolla, you’re looking at the lower end of this range.
Another alternative is a vehicle lease. You won’t own the car, but the cost of use, maintenance, insurance and registration is rolled into one easy regular payment, and you’ll need less money upfront to get into a new vehicle. There are many pros and cons to both leasing and finance, so take some time to consider whether these options are right for you.
How Much Does It Cost to Subscribe to a Toyota Corolla?
We’ve covered the usual options, but we have some good news - there’s another.
A carbar car subscription offers the best of both worlds. Similar to a lease, you can get into a new fully maintained and comprehensively insured Toyota Corolla for a simple weekly subscription cost. This is one of the most convenient and flexible ways to get into a Toyota Corolla today - from as little as $190 per week.
There are minimum costs, but no minimum terms - unlike a lease - just give us two weeks’ notice and you can swap or stop your subscription at any time.
If you love your Toyota Corolla car subscription and want to own it, carbar customers can seamlessly switch their carbar subscription to a loan arrangement thanks to our latest partnership with car loan comparison platform, CarClarity.
The best part? You don’t even need to decide straight away. A car is a big purchase, so we allow our subscribers to switch to finance once they’re ready. Taking some time to try before you buy could save you a lot of money, time and hassle in the long run.
We’re adding new cars to our fleet every week, with a number of vehicles in the Toyota Corolla range to choose from (and hundreds more) – whether you choose to subscribe, finance or buy.
The choice is always yours.
