The Toyota Corolla is a legendary vehicle from the Japanese automaker for many reasons. It has long been a reliable nameplate known for making comfortable and fuel-efficient cars. However, the Corolla has even more going for it these days. You might not realize that the used Toyota Corolla tends to be worth more than many other vehicles–both for resale and trade-in. If you can afford to do it, now would be a good time to sell your Corolla.
The Used Toyota Corolla Is Reliable and Balanced
Toyota’s long-lived sedan may not be the most exciting vehicle on the road, but what it lacks in thrills, it makes up for in stellar reliability and the kind of useful balance that many consumers want. For example, the Corolla gets competitive fuel economy across the board without giving up too much in terms of power or size. There’s also a Corolla hybrid out there with even better gas mileage. The Corolla also offers a lot of variety in terms of different models that appeal to different needs.
Which Model Year of Corolla Should You Choose?
The last few model years are the hardest to beat in terms of value for trade-in and resale. The 2018 through 2021 model years of Corolla are bringing in the most money in the current market. According to Cars.com, owners of these Toyota Corolla models can expect around 8% extra in resale value than they would have gotten in 2019. For buyers, Consumer Reports specifically recommends the 2018 through 2020 model years due to better-predicted reliability scores. Since reliability is one of the Corolla’s main selling points, consumers should look first at the 2018 through 2020 models before checking out anything older or newer.
Should You Sell Or Trade Your Corolla Now?
If your Toyota Corolla is your only vehicle, you probably won’t want to sell it. However, many Americans tend to own an extra vehicle over the number of people in a household. If your extra vehicle is a Toyota Corolla, you can potentially capitalize on a strong market for this particular vehicle. You might also be able to capitalize if you’re trying to upsize your main vehicle from the Corolla to a crossover or something similar. Of course, it’s important to keep in mind that both the used and new markets are having a hard time right now with inventory, so if you’ll need another vehicle to replace your Corolla, it could take some time.
Finally, if you’re a Corolla shopper and you just can’t find one to fit your needs, you might consider some other small sedan options like the Subaru Impreza or the Mazda 3. The Toyota Camry is also a great alternative, albeit a slightly larger one.
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